Debt

At December 31, 2015 and 2014, short-term borrowings of $44,024 and $13,454, respectively, were primarily utilized to support the working capital requirements of certain international operations. The weighted-average interest rates on these borrowings at December 31, 2015 and 2014 were 3.3% and 3.8%, respectively.

Long-term debt consists of the following at December 31:



	2015		2014
Revolving credit facility	$	72,000	$	—
Asset securitization program	75,000		275,000
3.375% notes, due 2015	—		251,955
6.875% senior debentures, due 2018	198,886		198,424
3.00% notes, due 2018	298,197		297,408
6.00% notes, due 2020	298,932		298,680
5.125% notes, due 2021	248,566		248,287
3.50% notes, due 2022	345,061		—
4.50% notes, due 2023	296,194		295,765
4.00% notes, due 2025	344,092		—
7.50% senior debentures, due 2027	198,366		198,219
Interest rate swaps designated as fair value hedges	710		378
Other obligations with various interest rates and due dates	4,571		3,782
	$	2,380,575	$	2,067,898

The 7.50% senior debentures are not redeemable prior to their maturity. The 6.875% senior debentures, 3.00% notes, 6.00% notes, 5.125% notes, 3.50% notes, 4.50% notes, and 4.00% notes may be called at the option of the company subject to "make whole" clauses.

The estimated fair market value at December 31, using quoted market prices, is as follows:



	2015		2014
3.375% notes, due 2015	$	—	$	255,000
6.875% senior debentures, due 2018	218,000		232,000
3.00% notes, due 2018	303,000		309,000
6.00% notes, due 2020	330,000		339,000
5.125% notes, due 2021	267,500		277,500
3.50% notes, due 2022	343,000		—
4.50% notes, due 2023	309,000		321,000
4.00% notes, due 2025	336,000		—
7.50% senior debentures, due 2027	238,000		254,000

The carrying amount of the company's short-term borrowings in various countries, revolving credit facility, asset securitization program, and other obligations approximate their fair value.

The company has a $1,500,000 revolving credit facility, maturing in December 2018. This facility may be used by the company for general corporate purposes including working capital in the ordinary course of business, letters of credit, repayment, prepayment or purchase of long-term indebtedness and acquisitions, and as support for the company's commercial paper program, as applicable. Interest on borrowings under the revolving credit facility is calculated using a base rate or a euro currency rate plus a spread (1.30% at December 31, 2015), which is based on the company's credit ratings, for an effective interest rate of 1.58% at December 31, 2015. The facility fee, which is based on the company's credit ratings, was .20% at December 31, 2015. The company had $72,000 in outstanding borrowings under the revolving credit facility at December 31, 2015. There were no outstanding borrowings under the revolving credit facility at December 31, 2014.

The company has an asset securitization program collateralized by accounts receivable of certain of its subsidiaries. The company may borrow up to $900,000 under the asset securitization program, which matures in March 2017. The asset securitization program is conducted through Arrow Electronics Funding Corporation ("AFC"), a wholly-owned, bankruptcy remote subsidiary. The asset securitization program does not qualify for sale treatment. Accordingly, the accounts receivable and related debt obligation remain on the company's consolidated balance sheets. Interest on borrowings is calculated using a base rate or a commercial paper rate plus a spread (.40% at December 31, 2015), which is based on the company's credit ratings, for an effective interest rate of .86% at December 31, 2015. The facility fee is .40%.

At December 31, 2015 and 2014, the company had $75,000 and $275,000, respectively, in outstanding borrowings under the asset securitization program, which was included in "Long-term debt" in the company's consolidated balance sheets, and total collateralized accounts receivable of approximately $1,871,831 and $2,060,589, respectively, were held by AFC and were included in "Accounts receivable, net" in the company's consolidated balance sheets. Any accounts receivable held by AFC would likely not be available to other creditors of the company in the event of bankruptcy or insolvency proceedings before repayment of any outstanding borrowings under the asset securitization program.

Both the revolving credit facility and asset securitization program include terms and conditions that limit the incurrence of additional borrowings and require that certain financial ratios be maintained at designated levels. The company was in compliance with all covenants as of December 31, 2015 and is currently not aware of any events that would cause non-compliance with any covenants in the future.

Annual payments of borrowings during each of the years 2016 through 2020 are $44,024, $78,284, $569,834, $530, and $299,588, respectively, and $1,432,279 for all years thereafter.

During 2015, the company completed the sale of $350,000 principal amount of 3.50% notes due in 2022 and $350,000 principal amount of 4.00% notes due in 2025. The net proceeds of the offering of $688,162 were used to refinance the company's 3.375% notes due November 2015 and for general corporate purposes.

During 2015, the company redeemed $250,000 principal amount of its 3.375% notes due November 2015. The related loss on the redemption for 2015 was $2,943 ($1,808 net of related taxes or $.02 per share on both a basic and diluted basis) and was recognized as a loss on prepayment of debt in the company's consolidated statements of operations.

During 2014, the company entered into an agreement for an uncommitted line of credit. Under this agreement, the company may borrow up to a total of $100,000. There were no outstanding borrowings under the uncommitted line of credit at December 31, 2015 and 2014.

During 2013, the company completed the sale of $300,000 principal amount of its 3.00% notes due in 2018 and $300,000 principal amount of its 4.50% notes due in 2023. The net proceeds of the offering of $591,156 were used to refinance the company's 6.875% senior notes due July 2013 and for general corporate purposes.

During 2013, the company redeemed $332,107 principal amount of its 6.875% senior notes due July 2013. The related loss on the redemption aggregated $4,277 ($2,627 net of related taxes or $.03 per share on both a basic and diluted basis) and was recognized as a loss on prepayment of debt in the company's consolidated statements of operations.

Interest and other financing expense, net, includes interest and dividend income of $6,301, $5,552, and $5,632 in 2015, 2014, and 2013, respectively. Interest paid, net of interest and dividend income, amounted to $133,390, $120,477, and $116,663 in 2015, 2014, and 2013, respectively.