XML 35 R22.htm IDEA: XBRL DOCUMENT
v3.20.4

Borrowings | 12 Months Ended
--- | ---
Dec. 31, 2020
Debt Disclosure [Abstract] |
Borrowings and Lines of Credit [Text Block] | 13. Borrowings and Lines of Credit Borrowings consist of the following:
| December 31, 2020 |  | December 31, 2019
Short-term: |  |  |
Commercial paper | $ | — |  |  | $ | 84,700 |
Notes payable | $ | — |  |  | $ | 84,700 |
|  |  | Carrying amount (1)
| Principal |  | December 31, 2020 |  | December 31, 2019
Long-term: |  |  |  |  |
3.15% 10-year notes due November 15, 2025 | $ | 400,000 |  |  | $ | 396,716 |  |  | $ | 396,042 |
1.25% 10-year notes due November 9, 2026 (euro-denominated) | € | 600,000 |  |  | 724,310 |  |  | 658,089 |
0.750% 8-year notes due November 4, 2027 (euro denominated) | € | 500,000 |  |  | 603,107 |  |  | 548,008 |
6.65% 30-year debentures due June 1, 2028 | $ | 200,000 |  |  | 199,255 |  |  | 199,155 |
2.950% 10-year notes due November 4, 2029 | $ | 300,000 |  |  | 296,650 |  |  | 296,270 |
5.375% 30-year debentures due October 15, 2035 | $ | 300,000 |  |  | 296,309 |  |  | 296,060 |
6.60% 30-year notes due March 15, 2038 | $ | 250,000 |  |  | 248,053 |  |  | 247,939 |
5.375% 30-year notes due March 1, 2041 | $ | 350,000 |  |  | 344,429 |  |  | 344,153 |
Total long-term debt |  |  | $ | 3,108,829 |  |  | $ | 2,985,716 |
(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $17.6 million and $18.9 million as of December 31, 2020 and 2019, respectively. Total deferred debt issuance costs were $14.4 million and $16.2 million as of December 31, 2020 and 2019, respectively. The discounts are being amortized to interest expense using the effective interest method over the life of the issuances. The deferred issuance costs are amortized on a straight-line basis over the life of the debt. On November 4, 2019, the Company issued €500,000 of 0.750% euro-denominated notes due 2027 and $300,000 of 2.950% notes due 2029. On December 4, 2019, proceeds from the sale of the aforementioned notes were used to redeem the €300,000 2.125% notes due 2020 and $450,000 4.30% notes due 2021. Such redemptions required the Company to pay a make whole premium to the bondholders, resulting in a loss of $23,543. The remainder of the proceeds were used for general corporate purposes. As of December 31, 2020, the Company maintained a $1 billion five-year unsecured revolving credit facility (the “Credit Agreement”) with a syndicate of banks, which expires on October 4, 2024. At the Company's election, loans under the Credit Agreement will bear interest at a base rate plus an applicable margin. The Credit Agreement requires the Company to pay a facility fee and imposes various restrictions on the Company such as, among other things, a requirement to maintain a minimum interest coverage ratio of EBITDA to consolidated net interest expense of not less than 3.0 to 1. The Company primarily uses this facility as liquidity back-up for its commercial paper program. On March 16, 2020, the Company borrowed $500 million under the Credit Agreement, which was subsequently repaid in full during the second quarter with proceeds from resumed commercial paper borrowings. Proceeds from the Credit Agreement borrowing were used to repay all of the Company's outstanding commercial paper and for general corporate purposes. On May 6, 2020, the Company entered into a $450.0 million 364-day revolving credit facility (the "Short-term Credit Agreement") with a syndicate of banks to be used primarily for working capital and general corporate purposes. Effective November 12, 2020, the Company terminated the aggregate commitments under the Short-term Credit Agreement. The Company did not undertake any borrowings under this facility prior to termination. The Company was in compliance with all covenants in the Credit Agreement and other long-term debt covenants at December 31, 2020 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 11.4 to 1. As of December 31, 2020, the future maturities of long-term debt were as follows:
| Future Maturities
2021 | $ | — |
2022 | — |
2023 | — |
2024 | — |
2025 | 396,716 |
2026 and thereafter | 2,712,113 |
Total | $ | 3,108,829 |
Letters of Credit and other Guarantees As of December 31, 2020, the Company had approximately $152.5 million outstanding in letters of credit, surety bonds, and performance and other guarantees with financial institutions, which expire on various dates through 2029. These letters of credit and bonds are primarily issued as security for insurance, warranty and other performance obligations. In general, the Company would only be liable for the amount of these guarantees in the event of default in the performance of its obligations, the probability of which is believed to be remote.

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