Note F: Net debt

Long-term-borrowings

For the fair value of the bonds issued, refer to Note 24 of the Consolidated financial statements.

We estimated the fair value of the bonds issued based on the quoted market prices (level 1) for the same or similar issues or on the current rates offered to us for debt with similar maturities. The fair value of the bonds included in long-term and short-term borrowings was €2.366 million. For information on valuation methods, see Note 24 of the Consolidated financial statements.

We have a €1.8 billion multi-currency revolving credit facility, which was extended in 2017 by one additional year to 2022. This facility does not contain financial covenants or acceleration provisions that are based on adverse changes in ratings or material adverse change. At year-end 2017 and 2016, this facility has not been drawn.

At year-end 2017 and 2016, none of the borrowings was secured by collateral.

Short-term borrowings

In December 2018, a bond of €800 million will mature. This bond is classified as a short-term borrowing.

We have US dollar and euro commercial paper programs in place, which can be used to the extent that the equivalent portion of the €1.8 billion multi-currency revolving credit facility is not used.

We had €112 million commercial paper outstanding at year-end 2017, at year-end 2016 we had no commercial paper outstanding.

Cash and cash equivalents