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Debt | 9 Months Ended
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Sep. 30, 2014
Debt |
Debt | Note 12—Debt The Company’s debt consists of the following:
|  | September 30, 2014 |  | December 31, 2013 |
|  | Carrying Amount |  | Approximate Fair Value |  | Carrying Amount |  | Approximate Fair Value |
4.75% Senior Notes due November 2014 (1) |  | $ | 599,981 |  | $ | 602,880 |  | $ | 599,813 |  | $ | 621,000 |
1.55% Senior Notes due September 2017 (1) |  | 374,625 |  | 374,475 |  | — |  | — |
2.55% Senior Notes due January 2019 (1) |  | 749,001 |  | 754,800 |  | — |  | — |
3.125% Senior Notes due September 2021 (1) |  | 374,673 |  | 373,763 |  | — |  | — |
4.00% Senior Notes due February 2022 (1) |  | 499,067 |  | 525,250 |  | 498,973 |  | 491,000 |
Revolving Credit Facility |  | 21,800 |  | 21,800 |  | 927,300 |  | 927,300 |
Credit Agreement |  | — |  | — |  | 100,000 |  | 100,000 |
Notes payable to foreign banks and other debt |  | 4,834 |  | 4,834 |  | 6,788 |  | 6,788 |
Total debt |  | 2,623,981 |  | 2,657,802 |  | 2,132,874 |  | 2,146,088 |
Less short-term debt |  | (600,803 | ) | (603,702 | ) | (701,437 | ) | (722,624 | )
Long-term debt |  | $ | 2,023,178 |  | $ | 2,054,100 |  | $ | 1,431,437 |  | $ | 1,423,464 |
| (1) |  | The Senior Notes are unsecured and rank equally in the right of payment with the Company’s other unsecured indebtedness.
The fair value of the Senior Notes were based on recent bid prices in an active market and are therefore classified as Level 1 in the fair value hierarchy. The carrying value of borrowings under the Company’s Revolving Credit Facility, Credit Agreement and other notes payable approximated their fair value at September 30, 2014 due to their relative short-term maturities and market interest rates and are therefore classified as Level 2 in the fair value hierarchy The Company has a $1,500,000 unsecured credit facility (the “Revolving Credit Facility”) with a maturity date of July 2018 and the ability to borrow at a spread over LIBOR. At September 30, 2014, borrowings and availability under the Revolving Credit Facility were $21,800 and $1,478,200, respectively. The Company has a $200,000 uncommitted and unsecured credit facility (the “Credit Agreement”) with the ability to borrow at a spread over LIBOR, which is renewable annually. On May 30, 2014, the Company amended and restated the Credit Agreement to increase the borrowing capacity by $100,000 to $200,000. In September 2014, the Company issued $375,000 principal amount of unsecured 1.55% Senior Notes due November 2017 at 99.898% of their face value (the “1.55% Senior Notes”) and $375,000 principal amount of unsecured 3.125% Senior Notes due September 2021 at 99.912% of their face value (the “3.125% Senior Notes” and together with the 1.55% Senior Notes, “the Notes”). Interest on each series of Notes is payable semi-annually on March 15 and September 15 of each year, beginning on March 15, 2015. The Company may, at its option, redeem some or all of the Notes at any time by paying a make-whole premium, plus accrued and unpaid interest, if any, to the date of the repurchase. The Company intends to use all of the net proceeds to repay the outstanding $600,000 4.75% Senior Notes due in November 2014 and for general corporate purposes. Prior to November 2014, the Company used the net proceeds to repay amounts outstanding under its Revolving Credit Facility and Credit Agreement. In September 2014, the Company entered into a commercial paper program (the “Program”) pursuant to which the Company may issue short-term unsecured commercial paper notes (the “Commercial Paper Notes”) in one or more private placements. Amounts available under the Program may be borrowed, repaid and re-borrowed from time to time, with the maximum aggregate principal amount of the Commercial Paper Notes outstanding under the Program not to exceed $1,500,000 at any time. At the Company’s option, amounts undrawn under the Company’s Revolving Credit Facility are available to repay the Commercial Paper Notes. The maturities of the Commercial Paper Notes will vary, but may not exceed 397 days from the date of issue. The Commercial Paper Notes will be sold under customary terms in the commercial paper market and may be issued at a discount from par, or, alternatively, may be sold at par and bear varying interest rates on a fixed or floating basis. At September 30, 2014, there were no outstanding borrowings under the Program.

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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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