Debt

Credit Facilities

At March 31, 2017, our short-term liquidity sources include a $2.5 billion revolving credit facility (“Credit Facility”) that expires July 31, 2021, domestic and international uncommitted credit lines, and the ability to issue up to $2 billion of commercial paper. The uncommitted credit lines aggregated $1.1 billion at both March 31, 2017 and December 31, 2016. There were no outstanding commercial paper issuances or borrowings under the Credit Facility or the uncommitted credit lines at March 31, 2017 and December 31, 2016.

Available and unused credit lines at March 31, 2017 and December 31, 2016 were (in millions):



	2017		2016
Credit Facility	$	2,500.0	$	2,500.0
Uncommitted credit lines	1,140.0		1,132.0
Available and unused credit lines	$	3,640.0	$	3,632.0

The Credit Facility contains financial covenants that require us to maintain a Leverage Ratio of consolidated indebtedness to consolidated EBITDA of no more than 3 times for the most recently ended 12-month period (EBITDA is defined as earnings before interest, taxes, depreciation and amortization) and an Interest Coverage Ratio of consolidated EBITDA to interest expense of at least 5 times for the most recently ended 12-month period. At March 31, 2017 we were in compliance with these covenants as our Leverage Ratio was 2.2 times and our Interest Coverage Ratio was 10.9 times. The Credit Facility does not limit our ability to declare or pay dividends or repurchase our common stock.

Short-Term Debt

Short-term debt at March 31, 2017 and December 31, 2016 was $28.6 million and $28.7 million, respectively. The debt represents bank overdrafts and short-term borrowings of our international subsidiaries. Due to the short-term nature of this debt, carrying value approximates fair value.

Long-Term Debt

Long-term debt at March 31, 2017 and December 31, 2016 was (in millions):



	2017			2016
6.25% Senior Notes due 2019	$	500.0		$	500.0
4.45% Senior Notes due 2020	1,000.0			1,000.0
3.625% Senior Notes due 2022	1,250.0			1,250.0
3.65% Senior Notes due 2024	750.0			750.0
3.60% Senior Notes due 2026	1,400.0			1,400.0
Other debt	—			0.1
	4,900.0			4,900.1
Unamortized premium (discount), net	7.3			7.6
Unamortized debt issuance costs	(23.2		)	(24.2		)
Unamortized deferred gain from settlement of interest rate swaps	80.1			84.7
Fair value adjustment attributed to interest rate swaps	(49.7		)	(47.6		)
	4,914.5			4,920.6
Current portion	—			(0.1		)
Long-term debt	$	4,914.5		$	4,920.5

At March 31, 2017, we recorded a long-term liability of $18.5 million in connection with the $750 million fixed-to-floating interest rate swap on our 3.65% Senior Notes due 2024 (“2024 Notes”) and a long-term liability of $31.2 million in connection with the $500 million fixed-to-floating interest rate swap on our 3.60% Senior Notes due 2026 (“2026 Notes”). The long-term liabilities represent the fair value of the swaps on the 2024 Notes and 2026 Notes, respectively, that was substantially offset by the change in the fair value of the notes. The fixed-to-floating interest rate swaps have the economic effect of converting our debt portfolio to approximately 75% fixed rate obligations and 25% floating rate obligations.