XML 97 R19.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Debt Financing | 12 Months Ended
--- | ---
Dec. 31, 2019
Debt Disclosure [Abstract] |
Debt Financing |
Debt Financing
LINE OF CREDIT AGREEMENTS At December 31, 2019, the Company had a line of credit agreement, of which $3.5 billion expires in December 2023. The Company incurs fees of 0.080% per annum on the total commitment, which remained unused. Fees and interest rates on this line are primarily based on the Company’s long-term credit rating assigned by Moody’s and Standard & Poor’s. In addition, the Company's subsidiaries had unused lines of credit that were primarily uncommitted, short-term and denominated in various currencies at local market rates of interest. The weighted-average interest rate of short-term borrowings was 1.9% at December 31, 2019 (based on $242.4 million of foreign currency bank line borrowings and $899.3 million of commercial paper outstanding) and 2.6% at December 31, 2018 (based on $253.5 million of foreign currency bank line borrowings and $99.9 million of commercial paper outstanding). DEBT OBLIGATIONS The Company has incurred debt obligations principally through public and private offerings and bank loans. There are no provisions in the Company’s debt obligations that would accelerate repayment of debt as a result of a change in credit ratings or a material adverse change in the Company’s business. Certain of the Company’s debt obligations contain cross-acceleration provisions, and restrictions on Company and subsidiary mortgages and the long-term debt of certain subsidiaries. Under certain agreements, the Company has the option to retire debt prior to maturity, either at par or at a premium over par. The Company has no current plans to retire a significant amount of its debt prior to maturity. The following table summarizes the Company’s debt obligations (interest rates and debt amounts reflected in the table include the effects of interest rate swaps used to hedge debt).
|  |  | Interest rates(1) December 31 |  |  |  | Amounts outstanding December 31 |
In millions of U.S. Dollars | Maturity dates |  | 2019 |  |  | 2018 |  |  |  | 2019 |  |  | 2018 |
Fixed |  |  | 4.0 | % |  | 4.0 | % |  |  | $ | 19,340.2 |  |  | $ | 18,075.8 |
Floating |  |  | 2.2 |  |  | 3.4 |  |  |  | 2,049.3 |  |  | 1,349.9 |
Total U.S. Dollar | 2020-2049 |  |  |  |  |  |  | 21,389.5 |  |  | 19,425.7 |
Fixed |  |  | 1.5 |  |  | 1.6 |  |  |  | 8,671.8 |  |  | 8,069.1 |
Floating |  |  | 2.3 |  |  | — |  |  |  | 337.0 |  |  | 1,264.1 |
Total Euro | 2020-2031 |  |  |  |  |  |  | 9,008.8 |  |  | 9,333.2 |
Fixed |  |  | 3.4 |  |  | — |  |  |  | 771.0 |  |  | — |
Floating |  |  | 2.0 |  |  | — |  |  |  | 210.6 |  |  | — |
Total Australian Dollar | 2024-2029 |  |  |  |  |  |  | 981.6 |  |  | — |
Total British Pounds Sterling - Fixed | 2020-2054 |  | 4.6 |  |  | 5.3 |  |  |  | 1,386.3 |  |  | 952.3 |
Total Canadian Dollar - Fixed | 2021-2025 |  | 3.1 |  |  | 3.1 |  |  |  | 768.6 |  |  | 732.0 |
Total Japanese Yen - Fixed | 2030 |  | 2.9 |  |  | 2.9 |  |  |  | 115.1 |  |  | 114.0 |
Fixed |  |  | 0.2 |  |  | 0.3 |  |  |  | 413.8 |  |  | 414.9 |
Floating |  |  | 2.2 |  |  | 2.6 |  |  |  | 241.8 |  |  | 244.2 |
Total other currencies(2) | 2020-2024 |  |  |  |  |  |  | 655.6 |  |  | 659.1 |
Debt obligations before fair value adjustments and deferred debt costs(3) |  |  |  |  |  |  |  | 34,305.5 |  |  | 31,216.3 |
Fair value adjustments(4) |  |  |  |  |  |  |  | 12.1 |  |  | (12.0 | )
Deferred debt costs |  |  |  |  |  |  |  | (140.4 | ) |  | (129.0 | )
Total debt obligations |  |  |  |  |  |  |  | $ | 34,177.2 |  |  | $ | 31,075.3 |
(1) | Weighted-average effective rate, computed on a semi-annual basis.
(2) | Consists of Swiss Francs and Korean Won.
(3) | Aggregate maturities for 2019 debt balances, before fair value adjustments and deferred debt costs, are as follows (in millions): 2020–$59.1; 2021–$2,132.2; 2022–$2,250.1; 2023–$6,007.0; 2024–$2,819.0; Thereafter–$21,038.1. These amounts include a reclassification of short-term obligations totaling $3.5 billion to long-term obligations as they are supported by a long-term line of credit agreement expiring in December 2023.
(4) The carrying value of underlying items in fair value hedges, in this case debt obligations, are adjusted for fair value changes to the extent they are attributable to the risk designated as being hedged. The related hedging instruments are also recorded at fair value on the Consolidated Balance Sheet.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration