Debt



		December 31,
	Interest rate	2016		2015
Commercial paper	variable	$	—	$	90,000
Notes due January 2016	4.75%	—		370,914
Notes due September 2017	5.75%	385,109		385,109
Notes due March 2018	5.6%	250,000		250,000
Notes due May 2018	4.75%	350,000		350,000
Notes due March 2019	6.25%	300,000		300,000
Notes due October 2021	3.375%	600,000		—
Notes due March 2024	4.625%	500,000		500,000
Notes due January 2037	5.25%	115,041		115,041
Notes due March 2043	6.7%	425,000		425,000
Term loans	Variable	450,000		150,000
Other debt		5,677		15,758
Principal amount		3,380,827		2,951,822
Less: unamortized discount and issuance costs		28,796		23,617
Plus: unamortized interest rate swap proceeds		12,859		22,463
Total debt		3,364,890		2,950,668
Less: current portion long-term debt		614,485		461,085
Long-term debt		$	2,750,405	$	2,489,583

In January 2016, we borrowed $300 million under a term loan agreement and applied the proceeds to the repayment of the $371 million 4.75% notes due January 2016. The new term loans bear interest at the applicable Eurodollar Rate plus 1.5% (1.25% at issuance) and mature in December 2020. The effective interest rate of these loans at December 31, 2016 were 2.2%. In September 2016, we entered into an interest rate swap with a notional amount of $300 million to mitigate the interest rate risk associated with these variable rate term loans. Under the terms of the swap agreement, we pay fixed rate interest of 0.8826% and receive variable rate interest based on one-month LIBOR. The variable rate resets monthly.

In March 2016, we satisfied certain employment obligations stipulated in the State of Connecticut Department of Economic and Community Development loan (issued in 2014), and under the terms of the loan, $10 million was forgiven. We recorded loan forgiveness income in selling, general and administrative expenses.

In September 2016, we issued $600 million of 3.375% fixed-rate notes due in October 2021. Interest is payable semi-annually and is subject to adjustment from time to time if either Moody's or S&P (or a substitute ratings agency) downgrades (or downgrades and subsequently upgrades) the credit rating assigned to the notes. The notes mature in October 2021, but may be redeemed, at our option, in whole or in part, at any time or from time to time, at par plus accrued and unpaid interest. The proceeds were used to repay approximately $300 million of outstanding commercial paper and redeem noncontrolling interests for $300 million (see Note 14).

The 4.625% Notes due March 2024 may be redeemed, at any time, at our option, in whole or in part, at par plus accrued interest and a make-whole payment.

The 6.7% Notes due March 2043 may be redeemed, at our option, in whole or in part, at par plus accrued interest any time on or after March 2018, respectively.

The 5.25% Notes due 2037 provided bondholders the ability to redeem, in whole or in part, at par plus accrued interest, the notes in January 2017. In December 2016, we were notified that $79 million of these notes would be redeemed by bondholders.

We have a commercial paper program and a committed credit facility of $1 billion to support commercial paper issuances. There were no outstanding commercial paper borrowings as of December 31, 2016. There were $90 million of commercial paper borrowings at December 31, 2015. The credit facility expires in January 2020.

Annual maturities of outstanding debt at December 31, 2016 are as follows:



2017	$	614,485
2018	600,177
2019	300,177
2020	300,147
2021	600,000
Thereafter	965,841
Total	$	3,380,827