Debt



		December 31,
	Interest rate	2017		2016
Notes due September 2017	5.75%	$	—	$	385,109
Notes due March 2018	5.60%	250,000		250,000
Notes due May 2018	4.75%	—		350,000
Notes due March 2019	6.25%	300,000		300,000
Notes due September 2020	3.625%	300,000		—
Notes due October 2021	3.625%	600,000		600,000
Notes due May 2022	4.125%	400,000		—
Notes due April 2023	4.70%	400,000		—
Notes due March 2024	4.625%	500,000		500,000
Notes due January 2037	5.25%	35,841		115,041
Notes due March 2043	6.70%	425,000		425,000
Term loans	Variable	650,000		450,000
Other debt		5,476		5,677
Principal amount		3,866,317		3,380,827
Less: unamortized costs, net		35,982		15,937
Total debt		3,830,335		3,364,890
Less: current portion long-term debt		271,057		614,485
Long-term debt		$	3,559,278	$	2,750,405

In September 2017, we issued $300 million of 3.625% Notes due September 2020 and $400 million of 4.70% Notes due April 2023. Interest is payable semi-annually and is subject to adjustment from time to time based on changes in our credit ratings. Both of these notes may be redeemed, at our option, in whole or in part, at any time at par plus accrued, unpaid interest and a make-whole amount, if any.

In September 2017, we also borrowed $350 million under term loan agreements. The new term loans consist of a $200 million term loan that bears interest at the applicable Eurodollar Rate plus 1.5% and matures in September 2020 and a $150 million term loan that bears interest at the applicable Eurodollar Rate plus 1.125% and matures in August 2018, but includes an option to extend the maturity by one year. For the fourth quarter of 2017, the effective interest rate for the $200 million term loan was 2.78% and the effective interest rate for the $150 million term loan was 2.49%. The interest rates on these term loans are subject to adjustment from time to time based on changes in our credit ratings.

In May 2017, we issued $400 million of 3.875% Notes. Interest is payable semi-annually and is subject to adjustment based on changes in our credit ratings. As a result of a change in our credit ratings, the fixed rate on these notes subsequently increased 0.25% to 4.125%.

The notes mature in May 2022, but may be redeemed, at our option, in whole or in part, at any time at par plus accrued, unpaid interest and a make-whole amount, if any. In addition, the fixed rate on the $600 million notes due October 2021 also increased by 0.25% to 3.625% due to the change in our credit rating.

In 2017, we repaid a $150 million term loan, the $385 million of 5.75% Notes due in September 2017 and we early redeemed the $350 million 4.75% Notes, that were due May 2018. As a result of the early redemption of these Notes, we incurred a $4 million loss, which is recorded in Other expense. Additionally, bondholders of the 5.25% Notes due 2037 caused us to redeem $79 million of the outstanding notes.

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, 2017 and 2016. The credit facility expires in January 2021.

Annual maturities of outstanding debt at December 31, 2017 are as follows:



2018	$	270,000
2019	500,000
2020	730,476
2021	600,000
2022	400,000
Thereafter	1,365,841
Total	$	3,866,317