XML 32 R15.htm IDEA: XBRL DOCUMENT
v3.21.1

DEBT | 3 Months Ended
--- | ---
Mar. 31, 2021
Debt Disclosure [Abstract] |
DEBT | DEBT Debt outstanding at March 31, 2021 and December 31, 2020 was as follows:
|  | March 31, 2021 |  | December 31, 2020
|  | (In millions)
Notes, 2.30%, due June 2021 |  | $ | 500.0 |  |  | $ | 500.0 |
Notes, 3.60%, due August 2021 |  | 300.0 |  |  | 300.0 |
Notes, Floating Rate, due August 2021 |  | 300.0 |  |  | 300.0 |
Notes, 3.30%, due December 2022 |  | 500.0 |  |  | 500.0 |
Notes, 3.95%, due June 2023 |  | 400.0 |  |  | 400.0 |
Notes, 2.60%, due December 2024 |  | 750.0 |  |  | 750.0 |
Notes, 2.60%, due December 2025 |  | 400.0 |  |  | 400.0 |
Notes, 3.25%, due June 2026 |  | 275.0 |  |  | 275.0 |
Debentures, 6.90%, due July 2028 |  | 125.0 |  |  | 125.0 |
Notes, 3.1%, due May 2030 |  | 600.0 |  |  | 600.0 |
Notes, 7.00%, due July 2037 |  | 250.0 |  |  | 250.0 |
Other |  | 1.4 |  |  | 2.2 |
Total debt |  | 4,401.4 |  |  | 4,402.2 |
Less short-term debt and current maturities |  | (1,100.6) |  |  | (1,101.1) |
Less unamortized discounts and debt issuance costs |  | (21.7) |  |  | (23.8) |
Total long-term debt, net |  | $ | 3,279.1 |  |  | $ | 3,277.3 |
2.6% and 3.1% Senior Notes. On April 22, 2020, we issued $400.0 million aggregate principal amount of 2.6% five-year Senior Notes due 2025 (the "2025 Notes") and $600.0 million aggregate principal amount of 3.1% ten-year Senior Notes due 2030 (the "2030 Notes") in an underwritten public offering. Interest on the 2025 Notes accrues at a rate of 2.6% per year and is payable semi-annually in arrears on June 15 and December 15 of each year. Interest on the 2030 Notes accrues at a rate of 3.1% per year and is payable semi-annually in arrears on May 15 and November 15 of each year. The net proceeds of the sale of the notes were used to repay borrowings under a $225.0 million receivables funding facility (“Receivables Facility”) that was terminated in November 2020, while the remaining funds are intended for general corporate purposes, which may include the repayment of a portion of the 2021 debt maturities or borrowings under our Revolver. We must comply with various non-financial covenants, including certain limitations on mortgages, liens and sale-leaseback transactions, as well as mergers and sales of substantially all of our assets. The 2025 Notes and 2030 Notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness. Senior Credit Facility. In September 2018, the Company entered into a $1.1 billion five-year unsecured revolving credit facility with a group of financial institutions, which will mature in September 2023 (the “Revolver”). The Revolver replaced the Company’s previous $900.0 million unsecured revolving credit facility that was scheduled to mature in November 2020. Borrowings under the Revolver may be used for general corporate purposes, including working capital, capital expenditures, acquisitions and share repurchase programs. The Revolver has an accordion feature that allows us to request an increase in the total commitment to $1.6 billion. The Revolver includes an option to request a maximum of two one-year extensions of the maturity date, any time after the first anniversary of the Revolver closing. Availability of the Revolver is reduced by the outstanding principal balance of our commercial paper notes and by any letters of credit issued under the facility. As of March 31, 2021, there were $0.7 million of letters of credit outstanding, no principal drawn amounts under the Revolver, and no commercial paper borrowings. Availability under the Revolver was $1.1 billion at March 31, 2021. Commercial Paper Program. In the second quarter of 2019, we increased our commercial paper program to $1.1 billion. Our commercial paper program has been established through the private placement of commercial paper notes from time-to-time, in which borrowings may bear interest at either a floating rate or a fixed rate, plus the applicable margin. Maturities of commercial paper can range from overnight to 397 days. Because the commercial paper is backstopped by our Revolver, the amount of commercial paper which may be issued under the program is reduced by the outstanding face amount of any letters of credit issued and by the outstanding borrowings under our Revolver. At March 31, 2021, there were no outstanding commercial paper notes. For additional information about our debt agreements, see Note 5 of the Notes to Consolidated Financial Statements in our 2020 Form 10-K.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration