XML 22 R8.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Debt and Credit Arrangements (Notes) | 9 Months Ended
--- | ---
Sep. 30, 2017
Debt Disclosure [Abstract] |
Debt and Credit Arrangements | Debt and Credit Arrangements Long-Term Debt A summary of the carrying amounts and fair values of our long-term debt is listed below.
| Effective Interest Rate |  | September 30, 2017 |  | December 31, 2016
Book Value |  | Fair Value 1 |  | Book Value |  | Fair Value 1
2.25% Senior Notes due 2017 (less unamortized issuance costs of $0.1) | 2.30% |  | $ | 299.9 |  |  | $ | 300.2 |  |  | $ | 299.4 |  |  | $ | 301.4 |
4.00% Senior Notes due 2022 (less unamortized discount and issuance costs of $1.4 and $1.1, respectively) | 4.13% |  | 247.5 |  |  | 258.5 |  |  | 247.0 |  |  | 258.4 |
3.75% Senior Notes due 2023 (less unamortized discount and issuance costs of $0.8 and $2.2, respectively) | 4.32% |  | 497.0 |  |  | 520.5 |  |  | 496.6 |  |  | 503.3 |
4.20% Senior Notes due 2024 (less unamortized discount and issuance costs of $0.7 and $2.7, respectively) | 4.24% |  | 496.6 |  |  | 527.0 |  |  | 496.2 |  |  | 511.6 |
Other notes payable and capitalized leases |  |  | 45.9 |  |  | 45.9 |  |  | 65.4 |  |  | 65.4 |
Total long-term debt |  |  | 1,586.9 |  |  |  |  | 1,604.6 |  |  |
Less: current portion |  |  | 301.9 |  |  |  |  | 323.9 |  |  |
Long-term debt, excluding current portion |  |  | $ | 1,285.0 |  |  |  |  | $ | 1,280.7 |  |  |
1 | See Note 11 for information on the fair value measurement of our long-term debt.
Credit Agreements We maintain a committed corporate credit facility, which has been amended and restated from time to time (the "Credit Agreement"). We use our Credit Agreement to increase our financial flexibility, to provide letters of credit primarily to support obligations of our subsidiaries and to support our commercial paper program. The Credit Agreement is a revolving facility, expiring in October 2020, under which amounts borrowed by us or any of our subsidiaries designated under the Credit Agreement may be repaid and reborrowed, subject to an aggregate lending limit of $1,000.0, or the equivalent in other specified currencies. The Company has the ability to increase the commitments under the Credit Agreement from time to time by an additional amount of up to $250.0, provided the Company receives commitments for such increases and satisfies certain other conditions. The aggregate available amount of letters of credit outstanding may decrease or increase, subject to a sublimit on letters of credit of $200.0, or the equivalent in other specified currencies. Our obligations under the Credit Agreement are unsecured. As of September 30, 2017, there were no borrowings under the Credit Agreement; however, we had $8.4 of letters of credit under the Credit Agreement, which reduced our total availability to $991.6. We were in compliance with all of our covenants in the Credit Agreement as of September 30, 2017. On October 25, 2017, we amended and restated our Credit Agreement. See Note 14 for further discussion. We also have uncommitted lines of credit with various banks which permit borrowings at variable interest rates and which are primarily used to fund working capital needs. We have guaranteed the repayment of some of these borrowings made by certain subsidiaries. If we lose access to these credit lines, we would have to provide funding directly to some of our international operations. As of September 30, 2017, the Company had uncommitted lines of credit in an aggregate amount of $916.8, under which we had outstanding borrowings of $152.5 classified as short-term borrowings on our Consolidated Balance Sheet. The average amount outstanding during the third quarter of 2017 was $124.7, with a weighted-average interest rate of approximately 3.1%. Commercial Paper In June 2017, the Company established a commercial paper program under which the Company was authorized to issue unsecured commercial paper up to a maximum aggregate amount outstanding at any time of $1,000.0. Borrowings under the program are supported by the Credit Agreement described above. Proceeds of the commercial paper will be used for working capital and general corporate purposes, including the repayment of maturing indebtedness and other short-term liquidity needs. The maturities of the commercial paper vary but may not exceed 397 days from the date of issue. As of September 30, 2017, the Company had outstanding commercial paper of $359.3 classified as short-term borrowings on our Consolidated Balance Sheet. The average amount outstanding under the program during the third quarter of 2017 was $488.2, with a weighted-average interest rate of 1.4% and a weighted-average maturity of fourteen days. On October 25, 2017, the Company increased the maximum aggregate amount outstanding at any time under our commercial paper program from $1,000.0 to $1,500.0. See Note 14 for further discussion.

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://www.xbrl.org/2003/role/presentationRef -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