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Debt | 9 Months Ended
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Sep. 30, 2017
Debt |
Debt | Note 13—Debt The Company’s debt (net of any unamortized discount) consists of the following:
|  | September 30, 2017 |  | December 31, 2016 |
|  | Carrying |  | Approximate |  | Carrying |  | Approximate |
|  | Amount |  | Fair Value |  | Amount |  | Fair Value |
Revolving Credit Facility |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Commercial Paper Program |  |  | 1,191.9 |  |  | 1,191.9 |  |  | 1,018.9 |  |  | 1,018.9 |
1.55% Senior Notes due September 2017 |  |  | — |  |  | — |  |  | 374.9 |  |  | 375.4 |
2.55% Senior Notes due January 2019 |  |  | 749.7 |  |  | 756.1 |  |  | 749.5 |  |  | 758.3 |
2.20% Senior Notes due April 2020 |  |  | 399.7 |  |  | 400.6 |  |  | — |  |  | — |
3.125% Senior Notes due September 2021 |  |  | 374.8 |  |  | 383.5 |  |  | 374.8 |  |  | 380.4 |
4.00% Senior Notes due February 2022 |  |  | 499.5 |  |  | 527.7 |  |  | 499.4 |  |  | 523.7 |
3.20% Senior Notes due April 2024 |  |  | 349.6 |  |  | 354.1 |  |  | — |  |  | — |
Notes payable to foreign banks and other debt |  |  | 9.6 |  |  | 9.6 |  |  | 5.5 |  |  | 5.5 |
Less deferred debt issuance costs |  |  | (14.0) |  |  | — |  |  | (12.3) |  |  | — |
Total debt |  |  | 3,560.8 |  |  | 3,623.5 |  |  | 3,010.7 |  |  | 3,062.2 |
Less current portion |  |  | 1.1 |  |  | 1.1 |  |  | 375.2 |  |  | 375.7 |
Total long-term debt |  | $ | 3,559.7 |  | $ | 3,622.4 |  | $ | 2,635.5 |  | $ | 2,686.5 |
Revolving Credit Facility The Company has a $2,000.0 unsecured credit facility (the “Revolving Credit Facility”), which matures March 2021 and gives the Company the ability to borrow at a spread over LIBOR. The Company may utilize the Revolving Credit Facility for general corporate purposes. At September 30, 2017, there were no borrowings under the Revolving Credit Facility. The Revolving Credit Facility requires payment of certain annual agency and commitment fees and requires that the Company satisfy certain financial covenants. At September 30, 2017, the Company was in compliance with the financial covenants under the Revolving Credit Facility. Commercial Paper Program The Company has a commercial paper program (the “Commercial Paper Program”) pursuant to which the Company issues short-term unsecured commercial paper notes (“Commercial Paper”) in one or more private placements. Amounts available under the Commercial Paper Program are borrowed, repaid and re-borrowed from time to time. The maturities of the Commercial Paper vary, but may not exceed 397 days from the date of issue. The Commercial Paper is 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 bears varying interest rates on a fixed or floating basis. The Commercial Paper Program is rated A-2 by Standard & Poor’s and P-2 by Moody’s and is backstopped by the Revolving Credit Facility. The maximum aggregate principal amount of the Commercial Paper outstanding under the Commercial Paper Program at any time is $2,000.0. The Commercial Paper is classified as long-term debt in the accompanying Condensed Consolidated Balance Sheets since the Company has the intent and ability to refinance the Commercial Paper on a long-term basis using the Revolving Credit Facility. The Commercial Paper is actively traded and is therefore classified as Level 1 in the fair value hierarchy (Note 14). The carrying value of Commercial Paper borrowings approximated their fair value. The average interest rate on the Commercial Paper as of September 30, 2017 was 1.48%. Senior Notes All of the Company’s outstanding senior notes, listed in the table above, are unsecured and rank equally in right of payment with the Company’s other unsecured senior indebtedness. Interest on each series of the senior notes is payable semiannually. The Company may, at its option, redeem some or all of any series of senior notes at any time subject to certain terms and conditions, which include paying 100% of the principal amount, plus accrued and unpaid interest, if any, to the date of repurchase and, with certain exceptions, a make-whole premium. The fair value of each series of senior notes is based on recent bid prices in an active market and is therefore classified as Level 1 in the fair value hierarchy (Note 14). On April 5, 2017, the Company issued $400.0 principal amount of unsecured 2.20% Senior Notes due April 1, 2020 at 99.922% of face value (the “2020 Senior Notes”) and $350.0 principal amount of unsecured 3.20% Senior Notes due April 1, 2024 at 99.888% of face value (the “2024 Senior Notes” and, together with the 2020 Senior Notes, the “Notes”). Interest on each of these series of Notes is payable semiannually on April 1 and October 1 of each year, commencing on October 1, 2017. The Company may, at its option, redeem some or all of the 2020 Senior Notes at any time by paying 100% of the principal amount, plus accrued and unpaid interest, if any, to the date of repurchase, and if redeemed prior to the date of maturity, a make-whole premium. The Company may, at its option, redeem some or all of the 2024 Senior Notes at any time by paying 100% of the principal amount, plus accrued and unpaid interest, if any, to the date of repurchase, and if redeemed prior to February 1, 2024, a make-whole premium. For the nine months ended September 30, 2017, the Company incurred approximately $5.2 of costs related to the issuances of the Notes. In September 2017, the Company used the net proceeds from the Notes to repay all of its outstanding $375.0 1.55% Senior Notes that were due September 15, 2017, with the remainder of the net proceeds being used for general corporate purposes. As of December 31, 2016, such 1.55% Senior Notes were recorded, net of the related unamortized discount and debt issuance costs, within Current portion of long-term debt in the accompanying Condensed Consolidated Balance Sheets.

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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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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