Debt

The Company’s outstanding debt is as follows:



(In millions of dollars)	June 30, 2015		December 31, 2014
Short-term:
Commercial paper	$	50	$	—
Current portion of long-term debt	61		11
	111		11
Long-term:
Senior notes – 2.30% due 2017	249		249
Senior notes – 2.55% due 2018	249		249
Senior notes – 2.35% due 2019	300		300
Senior notes – 2.35% due 2020	500		—
Senior notes – 4.80% due 2021	497		497
Senior notes – 4.05% due 2023	248		248
Senior notes – 3.50% due 2024	599		595
Senior notes – 3.50% due 2025	498		498
Senior notes – 5.875% due 2033	297		297
Mortgage – 5.70% due 2035	398		403
Term Loan Facility – due 2016	50		50
Other	1		1
	3,886		3,387
Less current portion	61		11
	$	3,825	$	3,376

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

The Company had $50 million of commercial paper outstanding at June 30, 2015 with a weighted average interest rate of 0.54%.

In March 2015, the Company issued $500 million of 2.35% five-year senior notes. The Company used the net proceeds for general corporate purposes.

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 was 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.

The Company and certain of its foreign subsidiaries maintain 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 June 30, 2015.

In December 2012, the Company closed on a $50 million, three-year term loan facility. The interest rate on this facility at June 30, 2015 was 1.19%, 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 outstanding under this facility at June 30, 2015.

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.



	June 30, 2015				December 31, 2014
(In millions of dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Short-term debt	$	111	$	111	$	11	$	11
Long-term debt	$	3,825	$	3,919	$	3,376	$	3,493

The fair value of the Company’s short-term debt, which consists primarily of commercial paper and term debt maturing in the next year, 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.