Debt

The Company’s outstanding debt is as follows:



December 31,
(In millions of dollars)	2015		2014 *
Short-term:
Current portion of long-term debt	$	12	$	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	298		298
Senior notes – 2.35% due 2020	496		—
Senior notes – 4.80% due 2021	497		497
Senior notes – 4.05% due 2023	248		247
Senior notes – 3.50% due 2024	595		594
Senior notes – 3.50% due 2025	495		494
Senior notes – 3.75% due 2026	595		—
Senior notes – 5.875% due 2033	297		297
Mortgage – 5.70% due 2035	393		403
Term Loan Facility	—		50
Other	2		1
	4,414		3,379
Less current portion	12		11
	$	4,402	$	3,368

* Amended to reflect the adoption in 2015 of new Financial Accounting Standards Board guidance related to the presentation of debt issuance costs.

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

In September 2015, the Company issued $600 million of 3.75% 10.5-year senior notes. The Company used the net proceeds for general corporate purposes.

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.

On November 24, 2015, the Company and certain of its foreign subsidiaries amended a $1.2 billion multi-currency five-year revolving credit facility, that was due to expire in March 2019, into a new $1.5 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 November 2020 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, 2015.

The Company and certain of its foreign subsidiaries previously maintained a $1.2 billion multi-currency five-year revolving credit facility. The facility was previously due to expire in March 2019 and was in effect until November 2015. There were no borrowings outstanding under this facility at the time it was amended.

The Company has a $150 million uncommitted bank credit line. There were no borrowings under this facility at December 31, 2015.

In December 2012, the Company closed on a $50 million, three-year term loan facility, which was terminated on October 30, 2015.

Additional credit facilities, guarantees and letters of credit are maintained with various banks, primarily related to operations located outside the United States, aggregating $229 million at December 31, 2015 and $260 million at December 31, 2014. There was $0.4 million outstanding borrowings under these facilities at December 31, 2015 and $0.6 million outstanding borrowings under these facilities at December 31, 2014.

Scheduled repayments of long-term debt in 2016 and in the four succeeding years are $12 million, $263 million, $262 million, $313 million and $514 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, 2015				December 31, 2014
(In millions of dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Short-term debt	$	12	$	12	$	11	$	11
Long-term debt	$	4,402	$	4,513	$	3,376	$	3,493

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.