Debt

The Company’s outstanding debt is as follows:



December 31,
(In millions of dollars)	2014		2013
Short-term:
Current portion of long-term debt	$	11	$	334
Long-term:
Senior notes – 5.875% due 2033	297		297
Senior notes – 5.375% due 2014	—		323
Senior notes – 5.75% due 2015	—		230
Senior notes – 2.30% due 2017	249		249
Senior notes – 9.25% due 2019	—		399
Senior notes – 4.80% due 2021	497		497
Senior notes – 2.55% due 2018	249		248
Senior notes – 4.05% due 2023	248		247
Senior notes – 3.50% due 2024	595		—
Senior notes – 2.35% due 2019	300		—
Senior notes – 3.50% due 2025	498		—
Mortgage – 5.70% due 2035	403		413
Term Loan Facility – due 2016	50		50
Other	1		2
	3,387		2,955
Less current portion	11		334
	$	3,376	$	2,621

The senior notes in the table above are publically registered by the Company with no guarantees attached.

In September 2014, the Company issued $300 million of 2.35% five-year senior notes and $500 million of 3.50% 10.5-year senior notes. In October 2014, a significant portion of the net proceeds of this offering were used to redeem $630 million of debt, including $230 million of 5.75% senior notes due in September 2015 and $400 million of 9.25% senior notes due in 2019. Total cash outflow related to this transaction was approximately $765 million, including a $137 million cost for early redemption, which is reflected as a charge in the consolidated statements of income in the fourth quarter of 2014.

In May 2014, the Company issued $600 million of 3.50% ten-year senior notes. The net proceeds of this offering were used for general corporate purposes, which included the repayment of $320 million of the existing 5.375% senior notes, which matured on July 15, 2014.

In September 2013, the Company issued $250 million of 2.55% five-year senior notes and $250 million of 4.05% ten-year senior notes. The net proceeds of this offering were used for general corporate purposes, which included a partial redemption of $250 million of the outstanding principal amount of the existing 5.75% senior notes due 2015. The redemption settled in October 2013 with a total cash outflow of approximately $275 million, including a $24 million cost for early redemption.

In February 2013, the Company repaid its 4.850% $250 million senior notes.

On March 27, 2014, the Company and certain of its foreign subsidiaries amended its $1.0 billion facility, as discussed below, into a $1.2 billion multi-currency five-year unsecured revolving credit facility. The interest rate on this facility is based on LIBOR plus a fixed margin which varies with the Company's credit ratings. This facility expires in March 2019 and requires the Company to maintain certain coverage and leverage ratios which are tested quarterly. There were no borrowings outstanding under this facility at December 31, 2014.

The Company and certain of its foreign subsidiaries previously maintained a $1.0 billion multi-currency five-year revolving credit facility. The facility was previously due to expire in October 2016 and was in effect until March 2014. There were no borrowings outstanding under this facility at the time it was amended.

In December 2012, the Company closed on a $50 million, three-year term loan facility. The interest rate on this facility at December 31, 2014 was 1.17%, which is based on LIBOR plus a fixed margin which varies with the Company's credit ratings. The facility requires the Company to maintain coverage ratios and leverage ratios consistent with the revolving credit facility discussed above. The Company had $50 million of borrowings under this facility at December 31, 2014.

Additional credit facilities, guarantees and letters of credit are maintained with various banks, primarily related to operations located outside the United States, aggregating $260 million at December 31, 2014 and $282 million at December 31, 2013. There was $0.6 million outstanding borrowings under these facilities at December 31, 2014 and $1 million outstanding borrowings under these facilities at December 31, 2013.

Scheduled repayments of long-term debt in 2015 and in the four succeeding years are $10 million, $61 million, $262 million, $262 million and $313 million, respectively.

Fair value of Short-term and Long-term Debt

The estimated fair value of the Company’s short-term and long-term debt is provided below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown below are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or need to dispose of the financial instrument.



	December 31, 2014				December 31, 2013
(In millions of dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Short-term debt	$	11	$	11	$	334	$	334
Long-term debt	$	3,376	$	3,493	$	2,621	$	2,819

The fair value of the Company’s short-term debt consists primarily of term debt maturing within the next year and its fair value approximates its carrying value. The estimated fair value of a primary portion of the Company's long-term debt is based on discounted future cash flows using current interest rates available for debt with similar terms and remaining maturities. Short- and long-term debt would be classified as Level 2 in the fair value hierarchy.