Borrowings

Debt at December 31 consisted of the following:



	2017			2016
Short-term commercial paper borrowings	$	2,696.8		$	1,299.3
0.00 to 7.13 percent long-term notes (due 2018-2047)	10,756.7			8,776.5
Other long-term debt, including capitalized leases	13.6			14.4
Unamortized debt issuance costs	(49.0		)	(37.5		)
Fair value adjustment on hedged long-term notes	229.0			252.5
Total debt	13,647.1			10,305.2
Less current portion	(3,706.6		)	(1,937.4		)
Long-term debt	$	9,940.5		$	8,367.8

The weighted-average effective borrowing rate on outstanding commercial paper at December 31, 2017 was 1.34 percent.

At December 31, 2017, we had a total of $5.57 billion of unused committed bank credit facilities, which consisted primarily of a $1.20 billion credit facility that expires in August 2019 and a $3.80 billion 364-day facility that expires in December 2018, both of which are available to support our commercial paper program. There was $6.0 million outstanding under the revolving credit facilities as of December 31, 2017, and no amount was outstanding under these facilities as of December 31, 2016. Compensating balances and commitment fees are not material, and there are no conditions that are probable of occurring under which the lines may be withdrawn.

In May 2017, we issued $750.0 million of 2.35 percent fixed-rate notes due in May 2022, $750.0 million of 3.10 percent fixed-rate notes due in May 2027, and $750.0 million of 3.95 percent fixed-rate notes due in May 2047, with interest to be paid semi-annually. We are using the net proceeds of $2.23 billion from the sale of these notes for general corporate purposes, which may include the repayment of notes due in 2018 and 2019. Prior to such uses, we may temporarily invest the net proceeds in investment securities.

In May 2016, we issued Swiss franc-denominated notes consisting of Fr.200.0 million of 0.00 percent fixed-rate notes due in May 2018, Fr.600.0 million of 0.15 percent fixed-rate notes due in May 2024, and Fr.400.0 million of 0.45 percent fixed-rate notes due in May 2028, with interest to be paid annually. We used the net cash proceeds of the offering of $1.21 billion for general corporate purposes, which included the repayment at maturity of certain of our U.S. dollar denominated fixed-rate notes due March 2017.

In June 2015, we issued euro-denominated notes consisting of €600.0 million of 1.00 percent fixed-rate notes due in June 2022, €750.0 million of 1.63 percent fixed-rate notes due in June 2026, and €750.0 million of 2.13 percent fixed-rate notes due in June 2030 with interest to be paid annually. The net cash proceeds of the offering of $2.27 billion were used primarily to purchase and redeem certain higher interest rate U.S. dollar-denominated notes and to repay outstanding commercial paper. We paid $1.95 billion to purchase and redeem notes with an aggregate principal amount of $1.65 billion and a net carrying value of $1.78 billion in June 2015, resulting in a pretax debt extinguishment loss of $166.7 million, which was included in other–net, (income) expense in our consolidated statement of operations during the year ended December 31, 2015.

In March 2015, we issued $600.0 million of 1.25 percent fixed-rate notes due in March 2018, $800.0 million of 2.75 percent fixed-rate notes due in June 2025, and $800.0 million of 3.70 percent fixed-rate notes due in March 2045 with interest to be paid semi-annually. The proceeds from the issuance of the notes were used primarily to repay outstanding commercial paper issued in connection with our January 2015 acquisition of Novartis AH.

The aggregate amounts of maturities on long-term debt for the next five years are as follows:



	2018		2019		2020		2021		2022
Maturities on long-term debt	$	1,008.8	$	604.0	$	2.7	$	1.4	$	1,467.4

We have converted approximately 28 percent of our long-term fixed-rate notes to floating rates through the use of interest rate swaps. The weighted-average effective borrowing rates based on long-term debt obligations and interest rates at December 31, 2017 and 2016, including the effects of interest rate swaps for hedged debt obligations, were 2.65 percent and 2.51 percent, respectively.

The aggregate amount of cash payments for interest on borrowings, net of capitalized interest, are as follows:



	2017		2016		2015
Cash payments for interest on borrowings	$	192.7	$	146.4	$	129.6

In accordance with the requirements of derivatives and hedging guidance, the portion of our fixed-rate debt obligations that is hedged as a fair value hedge, is reflected in the consolidated balance sheets as an amount equal to the sum of the debt’s carrying value plus the fair value adjustment representing changes in fair value of the hedged debt attributable to movements in market interest rates subsequent to the inception of the hedge.