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Indebtedness | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness Our indebtedness is summarized as follows:
| As of December 31,
(In millions) | 2019 |  | 2018
Current portion: |  |  |
2.900% Senior Notes due September 15, 2020 | $ | 1,495.8 |  |  | $ | — |
Current portion of notes payable | $ | 1,495.8 |  |  | $ | — |
Non-current portion: |  |  |
2.900% Senior Notes due September 15, 2020 | — |  |  | 1,480.8 |
3.625% Senior Notes due September 15, 2022 | 996.6 |  |  | 995.5 |
4.050% Senior Notes due September 15, 2025 | 1,739.5 |  |  | 1,737.8 |
5.200% Senior Notes due September 15, 2045 | 1,722.9 |  |  | 1,722.4 |
Non-current portion of notes payable | $ | 4,459.0 |  |  | $ | 5,936.5 |
2015 Senior Notes The following is a summary of our principal indebtedness as of December 31, 2019:
• | $1.5 billion aggregate principal amount of 2.90% Senior Notes due September 15, 2020, valued at 99.792% of par;
• | $1.0 billion aggregate principal amount of 3.625% Senior Notes due September 15, 2022, valued at 99.920% of par;
• | $1.75 billion aggregate principal amount of 4.05% Senior Notes due September 15, 2025, valued at 99.764% of par; and
• | $1.75 billion aggregate principal amount of 5.20% Senior Notes due September 15, 2045, valued at 99.294% of par.
The costs associated with these offerings of approximately $47.5 million have been recorded as a reduction to the carrying amount of the debt in our consolidated balance sheets. These costs along with the discounts will be amortized as additional interest expense using the effective interest rate method over the period from issuance through maturity. These notes are senior unsecured obligations. These Senior Notes may be redeemed at our option at any time at 100% of the principal amount plus accrued interest and a specified make-whole amount. These Senior Notes contain a change of control provision that may require us to purchase the notes at a price equal to 101% of the principal amount plus accrued and unpaid interest to the date of purchase under certain circumstances. In connection with the 2.90% Senior Notes offering due in 2020, we entered into interest rate swap contracts. The carrying value of the 2.90% Senior Notes as of December 31, 2019 and 2018, includes approximately $2.3 million and $14.5 million, respectively, related to changes in the fair value of these contracts. For additional information on our interest rate contracts, please read Note 9, Derivative Instruments, to these consolidated financial statements. 2015 Credit Facility In August 2015 we entered into a $1.0 billion, five-year senior unsecured revolving credit facility under which we were permitted to draw funds for working capital and general corporate purposes. The terms of the revolving credit facility included a financial covenant that required us not to exceed a maximum consolidated leverage ratio. As of December 31, 2019, we had no outstanding borrowings and were in compliance with all covenants under this facility. In January 2020 we entered into a new $1.0 billion, five-year senior unsecured revolving credit facility that replaced the credit facility entered into in August 2015. For additional information, please read Note 26, Subsequent Events, to these consolidated financial statements. Debt Maturity The total gross payments due under our debt arrangements are as follows:
(In millions) | As of December 31, 2019
2020 | $ | 1,500.0 |
2021 | — |
2022 | 1,000.0 |
2023 | — |
2024 | — |
2025 and thereafter | 3,500.0 |
Total | $ | 6,000.0 |
The fair value of our debt is disclosed in Note 7, Fair Value Measurements, to these consolidated financial statements.

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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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