XML 29 R19.htm IDEA: XBRL DOCUMENT

Note 10 - Debt

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

The following table presents short-term and long-term debt by issuance as of September 30, 2020 and December 31, 2019:

	*Issuance Date*		*Maturity Date*		*2020*				*2019*
Short-term debt and current portion of long-term debt:
Syndicated revolving credit facility	Various		Various		$	—			$	495.0
Senior notes:
5.800% senior notes, less unamortized discount and debt issuance costs of $(0.3)	4/6/2011		5/1/2021			449.7				—
Finance lease liabilities ⁽¹⁾	Various		Various			10.7				4.4
Short-term debt and current portion of long-term debt						460.4				499.4
Long-term debt:
Senior notes:
3.625% senior notes, less unamortized discount and debt issuance costs of $(10.9)	5/13/2020		5/15/2050			489.1				—
4.125% senior notes, inclusive of unamortized premium, and net of unamortized discount and debt issuance costs of $12.8 and $13.9, respectively	3/6/2019		3/15/2029			612.8				613.9
4.000% senior notes, less unamortized discount and debt issuance costs of $(5.7) and $(6.7), respectively	5/15/2015		6/15/2025			894.3				893.3
5.500% senior notes, less unamortized discount and debt issuance costs of $(4.3) and $(4.5), respectively	5/15/2015		6/15/2045			345.7				345.5
4.125% senior notes, less unamortized discount and debt issuance costs of $(1.2) and $(1.6), respectively	9/12/2012		9/12/2022			348.8				348.4
5.800% senior notes, less unamortized discount and debt issuance costs of $(0.7)	4/6/2011		5/1/2021			—				449.3
Finance lease liabilities ⁽¹⁾	Various		Various			9.9				3.3
Syndicated revolving credit facility debt issuance costs	Various		Various			(1.7	)			(2.1	)
Long-term debt						2,698.9				2,651.6
Total debt					$	3,159.3			$	3,151.0

_______________

⁽¹⁾Refer to Note 5. Leases

On May 8, 2020, the Company completed an issuance of $500.0 million aggregate principal amount of 3.625% senior notes due 2050 (the "2050 notes"). The 2050 notes mature on May 15, 2050 and accrue interest at a fixed rate of 3.625% per annum. Interest is payable semiannually on the 2050 notes on May 15th and November 15th of each year, beginning on November 15, 2020. The 2050 notes were issued at a discount of $5.2 million, and the Company incurred debt issuance costs of $5.7 million. The original issue discount and debt issuance costs were included in "Long-term debt" in the accompanying condensed consolidated balance sheets, and these costs will be amortized to "Interest expense" in the accompanying consolidated statements of operations over the life of the 2050 notes. The net proceeds from the issuance of the 2050 notes were utilized to partially repay the committed senior unsecured Syndicated Revolving Credit Facility (the "Credit Facility") and for general corporate purposes. The indenture governing the 2050 notes restricts the Company's ability to, among other things, create certain liens, enter into sale/leaseback transactions and consolidate with, sell, lease, convey or otherwise transfer all or substantially all of the Company's assets, or merge with or into, any other person or entity. As of September 30, 2020 and December 31, 2019, the Company had senior notes with an aggregate principal amount of $3,150.0 million and $2,650.0 million outstanding, respectively, and was in compliance with their financial and other debt covenants.

As of September 30, 2020, the Company had a $1,000.0 million committed senior unsecured Credit Facility with Bank of America N.A., HSBC Bank USA, N.A., JP Morgan Chase Bank, N.A., Wells Fargo Bank, National Association, Citibank, N.A., Credit Suisse AG, Cayman Islands Branch, Morgan Stanley Bank, N.A., TD Bank, N.A., and the Northern Trust Company. The Credit Facility may be used for general corporate purposes, including working capital needs and capital expenditures, acquisitions, dividends, and the share repurchase program (the "Repurchase Program"). As of September 30, 2020, the Company was in compliance with all financial and other debt covenants under the Credit Facility. As of September 30, 2020 and December 31, 2019, the available capacity under the Credit Facility was $994.8 million and $500.2 million, net of the letters of credit of $5.2 million and $4.8 million, respectively.