Under our current liabilities, the current portion of long-term debt is our $300 million 2.25% Notes maturing next month. We continue to be opportunistic and will use either commercial paper or tap the capital markets to refinance that maturity.
On slide 12, you will see a $400 million increase year-to-year in our short-term debt. This increase is primarily attributable to funding our seasonal working capital needs, and we expect that our debt levels at year end will in line with 2016.
In summary, on slide 13, we are confident that the quality of our talent, along with our focused investment and cost disciplines, mean that we are well-positioned for continued value creation, and our balance sheet remains an important source of strength.
With that, let me turn it back over to Michael.
Thank you, Frank.
Our results in the quarter reflect the broader trends that we’re seeing across the industry.
As mentioned in my earlier remarks, there are a number of discrete items that are negatively impacting our performance. Last quarter, we called out the impact of macro uncertainty and political gridlock, both domestic and international. These continue to contribute to client caution. Like our peers, we also have some clients who are having to adapt to disruptive technologies and business models, and others who are responding to the wave of activist shareholders and private equity. The first line of defense in such situations is always to address costs. But the focus will ultimately have to return to growing the top line, which is where our capabilities and expertise add significant value.
Our people remain among the best in their respective disciplines. We have some of the industry’s most-respected agency brands, whether in media, advertising, public relations, healthcare, experiential, sports or other marketing services. And, as you know, we long ago embedded digital expertise into every one of our agencies, which is what has made our offerings so relevant and successful in recent years.
We are also proud of our longstanding commitment to promoting diversity and individuality. That’s always been front-and-center for us. In an idea-driven business, it will remain absolutely vital to our success going forward. We can all see in the news these days the degree to which getting the culture right, and respecting diversity and inclusivity, are areas in which many creative companies still have a very long way to go.
In gauging the tone of business for the balance of the year, it’s fair to say that although performance with our existing client base has been negatively impacted due to the factors I just enumerated, we do continue to see a strong flow of new business opportunities.
In terms of margin, the quarter demonstrated that we have the discipline and the tools to enhance profitability, even in a challenged topline environment. We’ve proven this in the past, and we enter the fourth quarter fully focused on protecting and enhancing margin.
Highlights in the quarter were led by Mediabrands, which once again posted a very strong quarter. UM won the highly competitive Spotify account, a very progressive marketer that will allow us to do some exciting digital and data-driven work globally. Initiative’s new positioning, which like UM draws heavily on our very strong assets and capabilities in data, and combines them with deep cultural insights, resulted in the global win of the Carlsberg business. As I’ve mentioned previously, the range of digital capabilities at Mediabrands, notably Cadreon and