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Long-term Debt | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Long-term Debt | Long-term Debt
(in millions) |  |  |  |  |  | Fair Value(1)
| March 31, 2021 |  | December 31, 2020 |  | March 31, 2021 |  | December 31, 2020
2.75% Notes due 2030 |  | $ | 750.0 |  |  | $ | 750.0 |  |  | $ | 754.8 |  |  | $ | 804.8 |
3.75% Notes due 2027 |  | 600.0 |  |  | 600.0 |  |  | 666.2 |  |  | 679.3 |
3.5% Notes due 2024 |  | 400.0 |  |  | 400.0 |  |  | 432.3 |  |  | 438.3 |
3.75% Notes due 2022 |  | 350.0 |  |  | 350.0 |  |  | 364.7 |  |  | 366.9 |
Unamortized discount, debt issuance costs and other |  | (17.8) |  |  | (18.7) |  |  |  |  |
Total long term-debt |  | 2,082.2 |  |  | 2,081.3 |  |  |  |  |
Less: current portion of debt |  | 1.2 |  |  | 1.1 |  |  |  |  |
Long term-debt, less current portion |  | $ | 2,081.0 |  |  | $ | 2,080.2 |  |  |  |  |
(1)The fair value is estimated based on current yield rates plus the Company’s estimated credit spread available for financings with similar terms and maturities. Based on these inputs, the debt instruments are classified as Level 2 in the fair value hierarchy. Revolving Credit Facility (the “Facility”) During the three months ended March 31, 2021, there were no borrowings or repayments under the Facility. As of March 31, 2021 and December 31, 2020, the Facility had no outstanding balance and $1.0 billion available for use. Covenants and Limitations Under the Company’s debt and credit facilities, the Company is required to meet various covenants and limitations, including limitations on certain leverage ratios, interest coverage and limits on outstanding debt balances held by certain subsidiaries. The Company was in compliance with all covenants and limitations as of March 31, 2021 and December 31, 2020. Letters of Credit and Guarantee During the normal course of business, the Company enters into commitments in the form of letters of credit and bank guarantees to provide its own financial and performance assurance to third parties. The Company has not issued any guarantees on behalf of any third parties. As of March 31, 2021 and December 31, 2020, the Company had $27.1 million and $25.2 million, in letters of credit and bank guarantees outstanding, respectively. The Company has multiple arrangements to obtain letters of credit, which include an agreement with unspecified availability and separate agreements for up to $80.0 million in letters of credit, of which $53.0 million was available for use as of March 31, 2021.

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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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