Footnote 11 — Debt

Debt comprised of the following as of the dates indicated (in millions):


	September 30, 2018			December 31, 2017
2.15% senior notes due 2018	$	—		$	299.5
2.60% senior notes due 2019		267.2			266.7
2.875% senior notes due 2019		349.2			348.6
4.70% senior notes due 2020		304.5			304.3
3.15% senior notes due 2021		995.0			993.6
3.75% senior notes due 2021		358.2			373.2
4.00% senior notes due 2022		249.0			248.8
3.85% senior notes due 2023		1,740.3			1,738.8
5.00% senior notes due 2023		310.5			312.1
4.00% senior notes due 2024		496.3			495.8
3.90% senior notes due 2025		297.4			297.2
4.20% senior notes due 2026		1,984.0			1,982.7
5.375% senior notes due 2036		495.2			495.0
5.50% senior notes due 2046		1,726.3			1,726.0
Term loan		—			299.8
Commercial paper		—			—
Receivables facilities		—			298.3
Other debt		40.0			70.6

Total debt		9,613.1			10,551.0
Short-term debt and current portion of long-term debt		(316.3	)		(661.8	)

Long-term debt	$	9,296.8		$	9,889.2

In September 2018, the Company redeemed the entire principal amount of its 2.15% senior notes due 2018 at a price approximating par value.

The Company has designated the €300 million principal balance of the 3.75% senior notes due October 2021 as a net investment hedge of the foreign currency exposure of its net investment in certain Euro-functional currency subsidiaries with Euro-denominated net assets. At September 30, 2018, $7.7 million of deferred losses have been recorded in AOCL. See Footnote 12 for disclosures regarding the Company’s derivative financial instruments.

The fair values of the Company’s senior notes are based on quoted market prices and are as follows (in millions):


	September 30, 2018				December 31, 2017
	Fair Value		Book Value		Fair Value		Book Value
Senior notes	$	9,392.1	$	9,573.1	$	10,688.5	$	9,882.3

The carrying amounts of all other significant debt approximates fair value.

Subsequent Event

In October 2018, the Company commenced cash tender offers (the “Tender Offers”) totaling approximately $1.0 billion for any and all of its 2.875% senior notes due 2019 (the “2.875% Notes”) and up to a maximum aggregate principal amount of its 3.15% senior notes due 2021 (the “3.15% Notes”), 3.85% senior notes due 2023 (the “3.85% Notes”) and 4.20% senior notes due 2026 (the “4.20% Notes”).

In October 2018, pursuant to the Tender Offers, the Company repurchased approximately $249 million aggregate principal amount of its 2.875% Notes and approximately $650 million aggregate principal amount of its 3.15% Notes due 2021 for total consideration, excluding accrued interest, of approximately $893 million. As a result of these debt extinguishments, the Company expects to record a gain on the extinguishment of debt of $0.4 million, net of fees and write-off of deferred debt issue costs, during the fourth quarter of 2018.

In October 2018, the Company also instructed the trustee for the 2.875% Notes to deliver an irrevocable notice of redemption to the holders of the 2.875% Notes for any and all of the 2.875% Notes not tendered in the Tender Offers. Pursuant to the notice of redemption, the Company redeemed the entire aggregate principal amount of the 2.875% Notes outstanding on November 9, 2018, at the redemption price determined in accordance with the terms for redemption set forth in the 2.875% Notes and the indenture governing the 2.875% Notes.