Long-Term Debt and Financing Arrangements

Long-term debt and financing arrangements at June 28, 2014 and December 28, 2013 are as follows:



(Millions of Dollars)	Interest Rate	2014			2013
Notes payable due 2018 (junior subordinated)	2.25%	$	345.0		$	345.0
Notes payable due 2018 (junior subordinated)	4.25%	632.5			632.5
Notes payable due 2021	3.40%	395.7			382.2
Notes payable due 2022	2.90%	799.4			799.4
Notes payable due 2028	7.05%	156.8			147.7
Notes payable due 2040	5.20%	342.9			317.4
Notes payable due 2052 (junior subordinated)	5.75%	750.0			750.0
Notes payable due 2053 (junior subordinated)	5.75%	401.1			400.0
Other, payable in varying amounts through 2021	0.00% – 6.62%	34.6			35.1
Total long-term debt, including current maturities		$	3,858.0		$	3,809.3
Less: Current maturities of long-term debt		(8.7		)	(9.9		)
Long-term debt		$	3,849.3		$	3,799.4

At June 28, 2014, the Company had fixed-to-floating interest rate swaps on its $400.0 million notes payable due 2021. The carrying value of the notes payable due 2021 includes a loss of $17.6 million pertaining to fair value adjustments of the swaps, $13.6 million pertaining to the unamortized gain on previously terminated swaps and $0.3 million of unamortized discount on the notes.

At June 28, 2014, the Company's carrying value on its $800.0 million notes payable due 2022 includes $0.6 million of unamortized discount on the notes.

At June 28, 2014, the Company had fixed-to-floating interest rate swaps on its $150.0 million notes payable due 2028. The carrying value of the notes payable due 2028 includes a gain of $14.8 million pertaining to fair value adjustments made in purchase accounting offset by a loss of $8.0 million pertaining to fair value adjustments of the swaps.

At June 28, 2014, the Company had fixed-to-floating interest rate swaps on a portion of its $400.0 million notes payable due 2040. The carrying value of the notes payable due 2040 includes a loss of $22.6 million pertaining to the fair value adjustments of the swaps, $34.2 million pertaining to the unamortized loss on previously terminated swaps and $0.3 million of unamortized discount on the notes.

At June 28, 2014, the Company had fixed-to-floating interest rate swaps on its $400.0 million notes payable due 2053. The carrying value of the notes payable due 2053 includes a gain of $1.1 million pertaining to fair value adjustments of the swaps.

Unamortized gains and fair value adjustments associated with interest rate swaps and the impact of terminated swaps are more fully discussed in Note I, Derivative Financial Instruments.

In June 2014, the Company’s $500.0 million 364 day committed credit facility (the “Facility”) expired. The Facility was designated to be part of a liquidity back-stop for the Company’s commercial paper program. Following an evaluation of the Company’s liquidity position, the Company elected not to negotiate a new 364 day committed credit facility. The Company’s $2.0 billion commercial paper program is still backed by a $1.5 billion committed credit facility (the "Credit Agreement), executed in June 2013 for a five year term. As of June 28, 2014, the Company has not drawn on the Credit Agreement.

As of June 28, 2014 and December 28, 2013, the Company had $474.2 million and $368.0 million of borrowings outstanding against the Company’s $2.0 billion commercial paper program, respectively.