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Debt
 12 Months Ended
Dec. 31, 2017
Debt [Abstract]  
Debt Disclosure

8  Debt

In November 2017, the Company entered into a new credit agreement (the “2017 Credit Agreement”) that provides for a $1.5 billion revolving facility and a $300 million term loan. The revolving facility and term loan both mature on November 30, 2022 and require no scheduled prepayments before that date. The Company used $1.3 billion of the proceeds from the 2017 Credit Agreement to repay the outstanding amounts under the Company’s existing multi-borrower credit agreement dated June 2013 (the “2013 Credit Agreement”), which was terminated early without penalty. The Company plans to use future proceeds from the revolving facility for general corporate purposes.

The interest rates applicable to the 2017 Credit Agreement are, at the Company’s option, equal to either the alternate base rate (which is a rate per annum equal to the greatest of (a) the prime rate in effect on such day, (b) the Federal Reserve Bank of New York Rate on such day plus 1/2 of 1% per annum and (c) the adjusted LIBO rate on such day (or if such day is not a business day, the immediately preceding business day) for a deposit in U.S. dollars with a maturity of one month plus 1% per annum) or the applicable 1, 2, 3 or 6 month adjusted LIBO rate or EURIBO rate for Euro-denominated loans, in each case, plus an interest rate margin based upon the Company’s leverage ratio, which can range between 0 and 12.5 basis points for alternate base rate loans and between 80 and 112.5 basis points for LIBO rate or EURIBO rate loans. The facility fee on the 2017 Credit Agreement ranges between 7.5 and 25 basis points per annum, based on the leverage ratio, of the amount of the revolving facility commitments and the outstanding term loan. The 2017 Credit Agreement requires that the Company comply with an interest coverage ratio test of not less than 3.50:1 as of the end of any fiscal quarter for any period of four consecutive fiscal quarters and a leverage ratio test of not more than 3.50:1 as of the end of any fiscal quarter. In addition, the 2017 Credit Agreement includes negative covenants, affirmative covenants, representations and warranties and events of default that are customary for investment grade credit facilities.

As of both December 31, 2017 and 2016, the Company had a total of $700 million of outstanding senior unsecured notes. Interest on the fixed rate senior unsecured notes is payable semi-annually each year. Interest on the floating rate senior unsecured notes is payable quarterly. The Company may prepay all or some of the senior unsecured notes at any time in an amount not less than 10% of the aggregate principal amount outstanding, plus the applicable make-whole amount or prepayment premium for Series H and J senior unsecured notes. In the event of a change in control of the Company (as defined in the note purchase agreement), the Company may be required to prepay the senior unsecured notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest. These senior unsecured notes require that the Company comply with an interest coverage ratio test of not less than 3.50:1 for any period of four consecutive fiscal quarters and a leverage ratio test of not more than 3.50:1 as of the end of any fiscal quarter. In addition, these senior unsecured notes include customary negative covenants, affirmative covenants, representations and warranties and events of default.

The Company had the following outstanding debt at December 31, 2017 and 2016 (in thousands):

December 31,
20172016
Foreign subsidiary lines of credit$273$297
Senior unsecured notes - Series D - 3.22%, due March 2018100,000-
Credit agreement-125,000
Total notes payable and debt, current100,273125,297
Senior unsecured notes - Series B - 5.00%, due February 2020100,000100,000
Senior unsecured notes - Series D - 3.22%, due March 2018-100,000
Senior unsecured notes - Series E - 3.97%, due March 202150,00050,000
Senior unsecured notes - Series F - 3.40%, due June 2021100,000100,000
Senior unsecured notes - Series G - 3.92%, due June 202450,00050,000
Senior unsecured notes - Series H - floating rate*, due June 202450,00050,000
Senior unsecured notes - Series I - 3.13%, due May 202350,00050,000
Senior unsecured notes - Series J - floating rate**, due May 202440,00040,000
Senior unsecured notes - Series K - 3.44%, due May 2026160,000160,000
Credit agreement1,300,0001,005,000
Unamortized debt issuance costs(2,499)(3,034)
Total long-term debt1,897,5011,701,966
Total debt$1,997,774$1,827,263
* Series H senior unsecured notes bear interest at a 3-month LIBOR for that floating rate interest period plus 1.25%.
** Series J senior unsecured notes bear interest at a 3-month LIBOR for that floating rate interest period plus 1.45%.

As of December 31, 2017 and 2016, the Company had a total amount available to borrow under existing credit agreements of $498 million and $468 million, respectively, after outstanding letters of credit. The weighted-average interest rates applicable to the senior unsecured notes and credit agreement borrowings collectively were 2.98% and 2.55% at December 31, 2017 and 2016, respectively. As of December 31, 2017, the Company was in compliance with all debt covenants.

The Company and its foreign subsidiaries also had available short-term lines of credit totaling $91 million and $79 million at December 31, 2017 and 2016, respectively, for the purpose of short-term borrowing and issuance of commercial guarantees. At December 31, 2017 and 2016, the weighted-average interest rates applicable to these short-term borrowings were 1.48% and 1.49%, respectively.

Annual maturities of debt outstanding at December 31, 2017 are as follows (in thousands):

Total
2018$100,273
2019-
2020100,000
2021150,000
20221,300,000
Thereafter350,000
Total$2,000,273