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Long-Term Debt | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Long-Term Debt |
4. | Long-Term Debt
|  | September 30, |  |  | December 31, |
|  | 2019 |  |  | 2018 |
|  | (Dollars in Thousands) |
4.25% Senior Notes, due 2024 |  | $ | 396,849 |  |  | $ | 396,398 |
7% Debentures, due 2025 |  |  | 124,343 |  |  |  | 124,272 |
3.450% Senior Notes, due 2027 |  |  | 297,178 |  |  |  | 296,939 |
3.500% Senior Notes, due 2027 |  |  | 495,136 |  |  |  | 494,765 |
6.25% Senior Notes, due 2037 |  |  | 228,142 |  |  |  | 228,094 |
4.250% Senior Notes, due 2047 |  |  | 591,669 |  |  |  | 591,541 |
Floating Rate Senior Notes, due 2019, interest rate of 2.66% and 3.29% at September 30, 2019 and December 31, 2018, respectively |  |  | 299,820 |  |  |  | 299,260 |
Floating Rate Senior Notes, due 2020, interest rate of 2.80% and 3.30% at September 30, 2019 and December 31, 2018, respectively |  |  | 299,508 |  |  |  | 298,956 |
Trade Receivable Facility, interest rate of 2.83% and 3.07% at September 30, 2019 and December 31, 2018, respectively |  |  | 190,000 |  |  |  | 390,000 |
Other notes |  |  | 214 |  |  |  | 256 |
Total debt |  |  | 2,922,859 |  |  |  | 3,120,481 |
Less: Current maturities of long-term debt and short-term facilities |  |  | (190,044 | ) |  |  | (390,042 | )
Long-term debt |  | $ | 2,732,815 |  |  | $ | 2,730,439 |
The Company, through a wholly-owned special-purpose subsidiary, has a $400 million trade receivable securitization facility (the Trade Receivable Facility). The Trade Receivable Facility, with SunTrust Bank, Regions Bank, PNC Bank, N.A., The Bank of Tokyo-Mitsubishi UFJ, LTD. (New York Branch), and certain other lenders that may become a party to the facility from time to time, is backed by eligible trade receivables, as defined, and is limited to the lesser of the facility limit or the borrowing base, as defined. These receivables are originated by the Company and then sold to the wholly-owned special-purpose subsidiary by the Company. The Company con tinues to be responsible for the servicing and administration of the receivables purchased by the wholly-owned special-purpose subsidiary. Borrowings under the Trade Receivable Facility bear interest at a rate equal to one-month London Interbank Offered Rate, or LIBOR, plus 0.725%, subject to change in the event that this rate no longer reflects the lender’s cost of lending. The Trade Receivable Facility contains a cross-default provision to the Company’s other debt agreements. On September 24, 2019, the Company extended the maturity of the Trade Receivable Facility to September 23, 2020. The Company has a $700 million five-year senior unsecured revolving facility (the Revolving Facility), which expires on December 5, 2023, with JPMorgan Chase Bank, N.A., as Administrative Agent, Branch Banking and Trust Company (BB&T), Deutsche Bank Securities, Inc., SunTrust Bank and Wells Fargo Bank, N.A., as Co-Syndication Agents, and the lenders party thereto. Borrowings under the Revolving Facility bear interest, at the Company’s option, at rates based upon LIBOR or a base rate, plus, for each rate, a margin determined in accordance with a ratings-based pricing grid. There were no borrowings outstanding of the Revolving Facility at September 30, 2019 and December 31, 2018. The Revolving Facility requires the Company’s ratio of consolidated debt-to-consolidated earnings before interest, taxes, depreciation and amortization (EBITDA), as defined by the Revolving Facility, for the trailing-twelve months (the Ratio) to not exceed 3.50x as of the end of any fiscal quarter, provided that the Company may exclude from the Ratio debt incurred in connection with certain acquisitions during such quarter or the three preceding quarters so long as the Ratio calculated without such exclusion does not exceed 3.75x. Additionally, if no amounts are outstanding under both the Revolving Facility and the Trade Receivable Facility, consolidated debt, including debt for which the Company is a co-borrower, may be reduced by the Company’s unrestricted cash and cash equivalents in excess of $50 million, such reduction not to exceed $200 million, for purposes of the covenant calculation. The Company was in compliance with this Ratio at September 30, 2019. Available borrowings under the Revolving Facility are reduced by any outstanding letters of credit issued by the Company under the Revolving Facility. The Company had $2.3 million of outstanding letters of credit issued under the Revolving Facility at September 30, 2019 and December 31, 2018. The Floating Rate Senior Notes due 2019 and Floating Rate Senior Notes due 2020 are classified as noncurrent long-term debt on the consolidated balance sheets as of September 30, 2019 and December 31, 2018 as the Company has the intent and ability to refinance the notes on a long-term basis.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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