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SHORT-TERM AND LONG-TERM DEBT

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

SHORT-TERM AND LONG-TERM DEBT

SHORT-TERM AND LONG-TERM DEBT

Short-term debt consisted of outstanding lines of credit. Long-term debt consisted of the following (in thousands of dollars):

	As of September 30, 2018								As of December 31, 2017
	Carrying Value				Fair Value				Carrying Value				Fair Value
4.60% senior notes due 2045	$	1,000,000			$	1,046,760			$	1,000,000			$	1,089,000
3.75% senior notes due 2046	400,000				364,980				400,000				384,200
4.20% senior notes due 2047	400,000				392,540				400,000				410,800
British pound term loan	177,180				177,180				194,574				194,574
Euro term loan	127,689				127,689				131,956				131,956
Canadian dollar revolving credit facility	54,247				54,247				99,388				99,388
Capital lease obligations and other	48,867				48,867				84,274				84,274
Subtotal	2,207,983				2,212,263				2,310,192				2,394,192
Less current maturities	(36,973		)		(36,973		)		(38,709		)		(38,709		)
Debt issuance costs and discounts	(22,611		)		(22,611		)		(23,447		)		(23,447		)
Long-term debt (less current maturities)	$	2,148,399			$	2,152,679			$	2,248,036			$	2,332,036

The estimated fair value of the Company’s senior notes 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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- 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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