5.Debt and Interest

The following table provides the components of the company’s short-term debt obligations as of September 30, 2015 and December 31, 2014.

	September 30		December 31
(millions)	2015		2014

Short-term debt
Commercial paper	$	686.8	$	887.8
Notes payable	35.6		62.1
Long-term debt, current maturities	286.7		754.9

Total	$	1,009.1	$	1,704.8

As of September 30, 2015, the company had in place a $2.0 billion multi-year credit facility which expires in December 2019. The credit facility has been established with a diverse syndicate of banks and supports the company’s $2.0 billion U.S. commercial paper program and the company’s $200 million European commercial paper program. The company’s U.S. commercial paper program, as shown in the previous table, had $687 million and $888 million outstanding as of September 30, 2015 and December 31, 2014, respectively.

The following table provides the components of the company’s long-term debt obligations, including current maturities, as of September 30, 2015 and December 31, 2014.

	Maturity	September 30			December 31
(millions)	by year	2015			2014
Long-term debt
Description / Third Quarter 2015 Principal Amount
Seven year 2008 senior notes ($0 million)	2015	$	—		$	250.0
Three year 2012 senior notes ($0 million)	2015	—			499.4
Term loan ($275 million)	2016	275.0			399.7
Series B private placement senior euro notes (€175 million)	2016	196.1			217.7
Five year 2011 senior notes ($1.25 billion)	2016	1,247.8			1,245.3
Five year 2012 senior notes ($500 million)	2017	501.2			495.0
Three year 2015 senior notes ($300 million)	2018	299.9			—
Series A private placement senior notes ($250 million)	2018	251.1			249.3
Five year 2015 senior notes ($300 million)	2020	298.0			—
Ten year 2011 senior notes ($1.25 billion)	2021	1,243.5			1,242.7
Series B private placement senior notes ($250 million)	2023	249.1			249.0
Ten year 2015 senior euro notes (€575 million)	2025	639.2			—
Thirty year 2011 senior notes ($750 million)	2041	738.1			737.8
Capital lease obligations		5.4			9.3
Other		96.0			3.1

Total debt		6,040.4			5,598.3
Long-term debt, current maturities		(286.7		)	(754.9		)

Total long-term debt		$	5,753.7		$	4,843.4

In January 2015, the company issued $600 million of debt securities in a public offering consisting of a three-year 1.55% fixed rate note for a par amount of $300 million and a five-year 2.25% fixed rate note for a par amount of $300 million. The proceeds were used to repay a portion of the company’s outstanding commercial paper and for general corporate purposes.

In July 2015, the company issued a ten-year 2.63% fixed rate euro note for a par amount of €575 million. The proceeds were used to repay a portion of the company’s outstanding commercial paper.

The notes issued by the company in January and July of 2015, pursuant to public debt offerings (the “Public Notes”) may be redeemed by the company at its option at redemption prices that include accrued and unpaid interest and a make-whole premium. Upon the occurrence of a change of control accompanied by a downgrade of the Public Notes below investment grade rating, within a specified time period, the company will be required to offer to repurchase the Public Notes at a price equal to 101% of the aggregate principal amount thereof, plus any accrued and unpaid interest to the date of repurchase. The Public Notes are senior unsecured and unsubordinated obligations of the company and rank equally with all other senior and unsubordinated indebtedness of the company.

During the first quarter of 2015, the company acquired the beneficial interest in the trust owning the leased Naperville facility resulting in debt assumption of $100.2 million and the addition of $135.2 million in property, plant and equipment. Certain administrative, divisional, and research and development personnel are based at the Naperville facility. Cash paid as a result of the transaction was $19.8 million. The assumed debt is reflected within the “Other” line of the table above. The assumption of debt and the majority of the property, plant and equipment addition represent non-cash financing and investing activities, respectively.

During the first nine months of 2015, the company repaid its $250 million 4.88% seven year senior notes and $500 million 1.00% three year senior notes at their respective maturities and $125 million of its term loan borrowings.

The company is in compliance with its debt covenants as of September 30, 2015.

Interest expense and interest income recognized during the third quarter and the first nine months of 2015 and 2014 were as follows:

	Third Quarter Ended						Nine Months Ended
	September 30						September 30
(millions)	2015			2014			2015			2014

Interest expense	$	61.6		$	66.1		$	190.3		$	202.0
Interest income	(4.0		)	(2.8		)	(9.0		)	(7.4		)

Interest expense, net	$	57.6		$	63.3		$	181.3		$	194.6