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DEBT, CREDIT FACILITIES, AND LEASE OBLIGATIONS | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
DEBT, CREDIT FACILITIES, AND LEASE OBLIGATIONS | DEBT, CREDIT FACILITIES, AND LEASE OBLIGATIONS In October 2013, the Company issued $600.0 million of fixed-rate unsecured senior notes (the "2013 Notes") due October 15, 2018. Interest was payable semi-annually in arrears, with payment due in April and October. The 2013 Notes were repaid in October 2018. In June 2018, the Company issued $600.0 million of fixed-rate unsecured senior notes (the "2018 Notes") due June 15, 2028. The proceeds from the 2018 Notes of $598.6 million, which is net of an issuance discount of $1.4 million, were used to repay amounts outstanding under the Company's Five-Year Credit Agreement and the remainder was used to partially repay the maturing 2013 Notes and for general corporate purposes. Interest is payable semi-annually in arrears, with the first payment due in December 2018. The Company may redeem the 2018 Notes, in whole or in part, at any time and from time to time at specified redemption prices. In addition, upon the occurrence of certain change of control triggering events, the Company may be required to repurchase all or a portion of the 2018 Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest. The 2018 Notes also include covenants that limit the Company's ability to incur secured indebtedness, enter into sale and leaseback transactions, and consolidate, merge, or transfer all or substantially all of its assets. The following is a summary of the 2018 Notes and the 2013 Notes (collectively the "Notes") as of December 31, 2018 and 2017:
| December 31,
| 2018 |  | 2017
| Amount |  | Effective Interest Rate |  | Amount |  | Effective Interest Rate
| (in millions) |  |  |  | (in millions) |  |
Fixed-rate 4.300% 2018 Notes | $ | 600.0 |  |  | 4.329 | % |  | $ | — |  |  | — | %
Fixed-rate 2.875% 2013 Notes | — |  |  | — | % |  | 600.0 |  |  | 2.983 | %
Total senior notes | 600.0 |  |  |  |  | 600.0 |  |  |
Unamortized discount | (1.3 | ) |  |  |  |  | (0.5 | ) |  |  |
Unamortized debt issuance costs | (4.9 | ) |  |  |  | (0.8 | ) |  |
Hedge accounting fair value adjustments (see Note 11) | — |  |  |  |  |  | (0.7 | ) |  |  |
Total carrying amount | $ | 593.8 |  |  |  |  |  | $ | 598.0 |  |  |  |
As of December 31, 2018 and 2017, the fair value of the Notes, based on Level 2 inputs, was $607.0 million and $604.3 million, respectively. The debt issuance costs, as well as the discount, are being amortized to interest expense over the term of the notes. In April 2018, the Company entered into a new Five-Year Credit Agreement ("the Credit Agreement") which matures on April 28, 2023, and the previous Five-Year Credit Agreement was terminated. The Credit Agreement provides up to an aggregate of $750.0 million in borrowings in multiple currencies. The Company may increase the amount available under the Credit Agreement, subject to agreement of the lenders, by up to an additional $250.0 million in the aggregate. Borrowings generally bear interest at the London interbank offered rate ("LIBOR") plus a spread ranging from 0.9% to 1.3%, depending on the leverage ratio, as defined in the Credit Agreement. The Company also pays a facility fee ranging from 0.1% to 0.2%, depending on the leverage ratio, on the entire credit commitment available, whether drawn or not. The facility fee is expensed as incurred. During 2018, under the new Credit Agreement, the spread over LIBOR was 0.9% and the facility fee was 0.1%, and under the previous Credit Agreement, the spread over LIBOR was 1.0% and the facility fee was 0.125%. Issuance costs of $2.4 million are being amortized to interest expense over the term of the Credit Agreement. As of December 31, 2018, there were no borrowings outstanding under the Credit Agreement. All amounts outstanding under the Credit Agreement have been classified as long-term obligations in accordance with the terms of the Credit Agreement. The Credit Agreement is unsecured and contains various financial and other covenants, including a maximum leverage ratio, as defined in the Credit Agreement. The Company was in compliance with all covenants at December 31, 2018. The weighted-average interest rate under all debt obligations was 3.4% and 2.2% at December 31, 2018 and 2017, respectively. Certain facilities and equipment are leased under operating leases expiring at various dates. Most of the operating leases contain renewal options. Total expense for all operating leases was $27.0 million, $27.3 million, and $22.9 million for the years 2018, 2017, and 2016, respectively. Future minimum lease payments (including interest) under non-cancelable operating leases and aggregate debt maturities at December 31, 2018 were as follows (in millions):
| Operating Leases |  | Aggregate Debt Maturities
2019 | $ | 25.6 |  |  | $ | — |
2020 | 21.5 |  |  | — |
2021 | 13.5 |  |  | — |
2022 | 9.9 |  |  | — |
2023 | 6.4 |  |  | — |
Thereafter | 14.3 |  |  | 600.0 |
Total obligations and commitments | $ | 91.2 |  |  | $ | 600.0 |

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- Definition This element may be used to disclose information about all short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit. This element may also include disclosure of a lessee entity's leasing arrangements under operating leases. + References No definition available. + Details
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