Debt

The Company’s outstanding debt is as follows:



December 31,
(In millions)	2016		2015
Short-term:
Commercial paper	$	50	$	—
Current portion of long-term debt	262		12
	312		12
Long-term:
Senior notes – 2.30% due 2017	250		249
Senior notes – 2.55% due 2018	249		249
Senior notes – 2.35% due 2019	299		298
Senior notes – 2.35% due 2020	497		496
Senior notes – 4.80% due 2021	498		497
Senior notes – 3.30% due 2023	347		—
Senior notes – 4.05% due 2023	248		248
Senior notes – 3.50% due 2024	596		595
Senior notes – 3.50% due 2025	495		495
Senior notes – 3.75% due 2026	596		595
Senior notes – 5.875% due 2033	297		297
Mortgage – 5.70% due 2035	382		393
Other	3		2
	4,757		4,414
Less current portion	262		12
	$	4,495	$	4,402

The senior notes in the table above are registered by the Company with the Securities and Exchange Commission, and are not guaranteed.

The Company has established a short-term debt financing program of up to $1.5 billion through the issuance of commercial paper. The proceeds from the issuance of commercial paper are used for general corporate purposes. The Company had $50 million of commercial paper outstanding at December 31, 2016 at an effective interest rate of 1%.

In March 2016, the Company issued $350 million of 3.30% seven-year senior notes. In September 2015, the Company issued $600 million of 3.75% 10.5-year senior notes and in March 2015, the Company issued $500 million of 2.35% five-year senior notes. The Company used the net proceeds from these issuances for general corporate purposes.

The Company and certain of its foreign subsidiaries maintain a $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, 2016.

Additional credit facilities, guarantees and letters of credit are maintained with various banks, primarily related to operations located outside the United States, aggregating $376 million at December 31, 2016 and $379 million at December 31, 2015. There was $1.6 million of outstanding borrowings under these facilities at December 31, 2016 and $0.4 million of outstanding borrowings under these facilities at December 31, 2015.

In January 2017, the Company issued $500 million of 2.75% senior notes due 2022 and $500 million of 4.35% senior notes due 2047. The Company intends to use the net proceeds for general corporate purposes, including the repayment of a $250 million debt maturity in April 2017.

Scheduled repayments of long-term debt in 2017 and in the four succeeding years are $262 million, $262 million, $313 million, $514 million and $515 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, 2016				December 31, 2015
(In millions of dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Short-term debt	$	312	$	313	$	12	$	12
Long-term debt	$	4,495	$	4,625	$	4,402	$	4,513

The fair value of the Company’s short-term debt consists primarily of commercial paper and 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.