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SHORT-TERM AND LONG-TERM DEBT

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

SHORT-TERM AND LONG-TERM DEBT

SHORT-TERM AND LONG-TERM DEBT

Short-term debt consisted of the following (in thousands of dollars):

	As of				As of
	March 31, 2018				December 31, 2017
Lines of Credit
Outstanding lines of credit	$	47,757			$	55,603
Maximum month-end balance during the period	$	62,525			$	55,621
Weighted-average interest rate during the period	2.13		%		2.41		%
Weighted average interest rate	2.37		%		2.01		%
Commercial Paper
Outstanding commercial paper	$	89,886			$	—
Maximum month-end balance during the period	$	89,886			$	454,696
Weighted-average interest rate during the period	1.70		%		0.83		%
Weighted average interest rate	1.94		%		—		%

The increase in commercial paper from December 31, 2017 was primarily used to fund general working capital needs and share repurchases.

Long-term debt consisted of the following (in thousands of dollars):

	As of March 31, 2018							As of December 31, 2017
	Carrying Value			Fair Value				Carrying Value			Fair Value
4.60% senior notes due 2045	$	1,000,000		$	1,060,000			$	1,000,000		$	1,089,000
3.75% senior notes due 2046	400,000			371,096				400,000			384,200
4.20% senior notes due 2047	400,000			398,912				400,000			410,800
British pound term loan	196,210			196,210				194,574			194,574
Euro term loan	135,531			135,531				131,956			131,956
Canadian dollar revolving credit facility	96,967			96,967				99,388			99,388
Capital lease obligations and other	69,166			69,166				84,274			84,274
	2,297,874			2,327,882				2,310,192			2,394,192
Less current maturities	(30,279		)	(30,279		)		(38,709		)	(38,709		)
Debt issuance costs and discounts	(23,189		)	(23,189		)		(23,447		)	(23,447		)
	$	2,244,406		$	2,274,414			$	2,248,036		$	2,332,036

The estimated fair value of the Company’s 4.20% Senior Notes due 2047, 3.75% Senior Notes due 2046 and 4.60% Senior Notes due 2045 was based on available external pricing data and current market rates for similar debt instruments, among other factors, which are classified as level 2 inputs within the fair value hierarchy. The carrying value of other long-term debt approximates fair value due to their variable interest rates.

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- References

No definition available.

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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

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