SHORT-TERM AND LONG-TERM DEBT

3 Months Ended

Mar. 31, 2016

SHORT-TERM AND LONG-TERM DEBT

The following summarizes information concerning short-term debt (in thousands of dollars):



	March 31, 2016		December 31, 2015
Outstanding lines of credit	$	24,722	$	23,072
Outstanding commercial paper	544,645		330,000

As of March 31, 2016 and December 31, 2015, there was $545 million and $330 million, respectively, of commercial paper outstanding. The increase in commercial paper from December 31, 2015 was used to fund the repayment of the Company's U.S. dollar term loan, the repurchase of treasury shares, as well as general working capital needs.

Long-term debt consisted of the following (in thousands of dollars):



	March 31, 2016			December 31, 2015
Senior notes	$	1,000,000		$	1,000,000
U.S. dollar term loan	—			114,614
British pound denominated term loan	223,984			235,808
Euro denominated term loan	116,624			114,030
Yen denominated term loans	53,305			49,875
Canadian dollar revolving credit facility	115,349			108,389
Other	26,253			25,991
Debt issuance costs	(12,557		)	(12,947		)
Less current maturities	(135,834		)	(247,346		)
	1,387,124			$	1,388,414

On June 11, 2015, the Company issued $1 billion of unsecured 4.60% Senior Notes (Notes) that mature on June 15, 2045. The Notes require no principal payments until the maturity date and interest is payable semi-annually on June 15 and December 15, beginning on December 15, 2015. Prior to December 15, 2044, the Company may redeem the Notes in whole at any time or in part from time to time at a “make-whole” redemption price. This redemption price is calculated by reference to the then-current yield on a US treasury security with a maturity comparable to the remaining term of the Notes plus 25 basis points, together with accrued and unpaid interest, if any, to the redemption date. On or after December 15, 2044, the Company may redeem the Notes in whole at any time or in part from time to time at 100% of their principal amount, together with accrued and unpaid interest, if any, to the redemption date. Costs of approximately $10 million associated with the issuance of the Notes, representing underwriting fees and other expenses, have been recorded as a contra-liability within Long-term debt and will be amortized to interest expense over the term of the Notes.

The approximate fair value of the Company's Notes is $1 billion as of March 31, 2016 and December 31, 2015 and approximates the carrying amount. The estimated fair value of the Company’s Notes was based on available external pricing data and current market rates for similar debt instruments, among other factors, which are classified as level 2 inputs within the fair value hierarchy. The carrying value of other long-term debt approximates fair value due to the variable interest rates.