LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Long-term debt and financing arrangements at March 31, 2018 and December 30, 2017 are as follows:



		March 31, 2018																December 30, 2017
(Millions of Dollars)	Interest Rate	Original Notional		Unamortized Discount			Unamortized Gain/(Loss) Terminated Swaps ¹			Purchase Accounting FV Adjustment		Deferred Financing Fees			Carrying Value			Carrying Value²
Notes payable due 2018	2.45%	$	632.5	$	—		$	—		$	—	$	(1.1	)	$	631.4		$	630.9
Notes payable due 2018	1.62%	345.0		—			—			—		(0.6		)	344.4			344.1
Notes payable due 2021	3.40%	400.0		(0.1		)	12.7			—		(1.3		)	411.3			412.1
Notes payable due 2022	2.90%	754.3		(0.3		)	—			—		(2.9		)	751.1			750.9
Notes payable due 2028	7.05%	150.0		—			11.2			10.8		—			172.0			172.6
Notes payable due 2040	5.20%	400.0		(0.2		)	(33.0		)	—		(3.1		)	363.7			363.3
Notes payable due 2052 (junior subordinated)	5.75%	750.0		—			—			—		(18.8		)	731.2			731.0
Notes payable due 2053 (junior subordinated)	5.75%	400.0		—			4.7			—		(8.0		)	396.7			396.6
Other, payable in varying amounts through 2022	0.00% - 3.38%	4.0		—			—			—		—			4.0			4.2
Total long-term debt, including current maturities		$	3,835.8	$	(0.6	)	$	(4.4	)	$	10.8	$	(35.8	)	$	3,805.8		$	3,805.7
Less: Current maturities of long-term debt															(978.2		)	(977.5		)
Long-term debt															$	2,827.6		$	2,828.2

¹Unamortized gain/(loss) associated with interest rate swaps are more fully discussed in Note I, Financial Instruments.

²Certain prior year amounts have been recast as a result of the adoption of the new revenue standard. Refer to Note B, New Accounting Standards, for further discussion.

In January 2017, the Company amended its existing $2.0 billion commercial paper program to increase the maximum amount of notes authorized to be issued to $3.0 billion and to include Euro denominated borrowings in addition to U.S. Dollars. As of March 31, 2018, the Company had $392.6 million of borrowings outstanding against the Company’s $3.0 billion commercial paper program, of which approximately $307.6 million in Euro denominated commercial paper was designated as a Net Investment Hedge as described in more detail in Note I, Financial Instruments. As of December 30, 2017, the Company had no commercial paper borrowings outstanding.

The Company has a five-year $1.75 billion committed credit facility (the “Credit Agreement”). Borrowings under the Credit Agreement may include U.S. Dollars up to the $1.75 billion commitment or in Euro or Pounds Sterling subject to a foreign currency sub-limit of $400.0 million and bear interest at a floating rate dependent upon the denomination of the borrowing. Repayments must be made on December 18, 2020 or upon an earlier termination date of the Credit Agreement, at the election of the Company. The Credit Agreement is designated to be a liquidity back-stop for the Company's $3.0 billion U.S. Dollar and Euro commercial paper program. As of March 31, 2018 and December 30, 2017, the Company had not drawn on its existing five-year $1.75 billion committed credit facility.

The Company also has a 364-day $1.25 billion committed credit facility (the "2017 Credit Agreement") executed in December 2017. The 2017 Credit Agreement consists of a $1.25 billion revolving credit loan and a sub-limit of an amount equal to the Euro equivalent of $400 million for swing line advances. Borrowings under the 2017 Credit Agreement may be made in U.S. Dollars or Euros, pursuant to the terms of the agreement, and bear interest at a floating rate dependent on the denomination of the borrowing. Repayments must be made by December 19, 2018 or upon an earlier termination of the 2017 Credit Agreement at the election of the Company. The Company also has the option at the termination date to convert all advances into a term loan provided certain requirements are met. The 2017 Credit Agreement serves as a liquidity back-stop for the Company’s $3.0 billion U.S. Dollar and Euro commercial paper program. As of March 31, 2018 and December 30, 2017, the Company had not drawn on this commitment.

In January 2017, the Company executed a 364-day $1.3 billion committed credit facility which consisted of a $1.3 billion revolving credit loan and a sub-limit of an amount equal to the Euro equivalent of $400 million for swing line advances. Borrowings under this credit agreement have been made in U.S. Dollars or Euros, pursuant to the terms of the agreement, and bore interest at a floating rate dependent on the denomination of the borrowing. This credit agreement was terminated in December 2017 at the election of the Company.