BORROWINGS

Debt consists of the following:



(DOLLARS IN THOUSANDS)	Effective Interest Rate			March 31, 2018			December 31, 2017
Senior notes - 2007 ⁽¹⁾	6.40% - 6.82%			$	249,800		$	249,765
Senior notes - 2013 ⁽¹⁾	3.39	%		298,747			298,670
Euro Senior notes - 2016 ⁽¹⁾	1.99	%		611,030			589,848
Senior notes - 2017 ⁽¹⁾	4.50	%		492,880			492,819
Credit facility	LIBOR + 1.125%		(2)	24,617			—
Commercial paper	—	%	(3)	29,926			—
Bank overdrafts and other				5,973			7,993
Deferred realized gains on interest rate swaps				57			57
				1,713,030			1,639,152
Less: Short term borrowings ⁽⁴⁾				(36,819		)	(6,966		)
				$	1,676,211		$	1,632,186

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(1)	Amount is net of unamortized discount and debt issuance costs.


(2)	Represents the rate on drawn down and outstanding balances. Deferred debt issuance costs are immaterial.


(3)	The effective interest rate of commercial paper issuances fluctuate as short term interest rates and demand fluctuate, and deferred debt issuance costs are immaterial. Additionally, the effective interest rate of commercial paper is not meaningful as issuances do not materially differ from short term interest rates.


(4)	Includes bank borrowings, commercial paper, overdrafts and current portion of long-term debt.

Commercial Paper

Commercial paper issued by the Company generally has terms of 90 days or less. As of March 31, 2018, there was $29.9 million of commercial paper outstanding and no commercial paper outstanding as of December 31, 2017. The revolving credit facility is used as a backstop for the Company's commercial paper program. The maximum amount of commercial paper outstanding for the three months ended March 31, 2018 and 2017 was $40.0 million and $107.5 million, respectively.