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Debt and Credit Arrangements (Notes) | 9 Months Ended
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Sep. 30, 2019
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, 2019 |  | December 31, 2018
Book Value |  | Fair Value 1 |  | Book Value |  | Fair Value 1
3.50% Senior Notes due 2020 (less unamortized discount and issuance costs of $0.5 and $1.5, respectively) | 3.89% |  | $ | 498.0 |  |  | $ | 505.8 |  |  | $ | 496.6 |  |  | $ | 499.9 |
3.75% Senior Notes due 2021 (less unamortized discount and issuance costs of $0.3 and $2.1, respectively) | 3.98% |  | 497.6 |  |  | 513.2 |  |  | 496.8 |  |  | 503.2 |
4.00% Senior Notes due 2022 (less unamortized discount and issuance costs of $0.8 and $0.6, respectively) | 4.13% |  | 248.6 |  |  | 258.6 |  |  | 248.2 |  |  | 250.3 |
3.75% Senior Notes due 2023 (less unamortized discount and issuance costs of $0.5 and $1.4, respectively) | 4.32% |  | 498.1 |  |  | 523.6 |  |  | 497.7 |  |  | 491.4 |
4.20% Senior Notes due 2024 (less unamortized discount and issuance costs of $0.5 and $1.9, respectively) | 4.24% |  | 497.6 |  |  | 535.9 |  |  | 497.3 |  |  | 492.6 |
4.65% Senior Notes due 2028 (less unamortized discount and issuance costs of $1.6 and $4.0, respectively) | 4.78% |  | 494.4 |  |  | 561.4 |  |  | 494.0 |  |  | 494.1 |
5.40% Senior Notes due 2048 (less unamortized discount and issuance costs of $2.8 and $5.4, respectively) | 5.48% |  | 491.8 |  |  | 596.7 |  |  | 491.7 |  |  | 474.1 |
Term Loan due 2021 - LIBOR plus 1.25% |  |  | 100.0 |  |  | 100.0 |  |  | 400.0 |  |  | 400.0 |
Other notes payable and capitalized leases |  |  | 44.3 |  |  | 44.3 |  |  | 38.0 |  |  | 38.0 |
Total long-term debt |  |  | 3,370.4 |  |  |  |  | 3,660.3 |  |  |
Less: current portion |  |  | 3.3 |  |  |  |  | 0.1 |  |  |
Long-term debt, excluding current portion |  |  | $ | 3,367.1 |  |  |  |  | $ | 3,660.2 |  |  |
1 | See Note 14 for information on the fair value measurement of our long-term debt.
Term Loan Agreement On October 1, 2018, in order to fund the acquisition of Acxiom, we entered into financing arrangements with third-party lenders under a three-year term loan agreement (the "Term Loan Agreement"). On June 13, 2019 and September 9, 2019, we repaid $100.0 and $200.0, respectively, of the outstanding balance which reduced our borrowings under the agreement to $100.0. Consistent with our other debt securities, the Term Loan Agreement includes covenants that, among other things, limit our liens and the liens of certain of our consolidated subsidiaries. We were in compliance with all of our covenants in the Term Loan Agreement as of September 30, 2019. Credit Agreements We maintain a committed corporate credit facility, originally dated as of July 18, 2008, 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 2022, 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 $1,500.0, or the equivalent in other 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 $50.0, or the equivalent in other currencies. Our obligations under the Credit Agreement are unsecured. As of September 30, 2019, there were no borrowings under the Credit Agreement; however, we had $8.6 of letters of credit under the Credit Agreement, which reduced our total availability to $1,491.4. We were in compliance with all of our covenants in the Credit Agreement as of September 30, 2019. We also have uncommitted lines of credit with various banks that permit borrowings at variable interest rates and that 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 operations. As of September 30, 2019, the Company had uncommitted lines of credit in an aggregate amount of $1,091.2, under which we had outstanding borrowings of $64.8 classified as short-term borrowings on our Consolidated Balance Sheet. The average amount outstanding during the third quarter of 2019 was $106.6, with a weighted-average interest rate of approximately 5.3%. Commercial Paper The Company is authorized to issue unsecured commercial paper up to a maximum aggregate amount outstanding at any time of $1,500.0. Borrowings under the program are supported by the Credit Agreement described above. Proceeds of the commercial paper are 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, 2019, there was $180.0 of commercial paper outstanding classified as short-term borrowings on our Consolidated Balance Sheet. The average amount outstanding under the program during the third quarter of 2019 was $349.5, with a weighted-average interest rate of 2.5% and a weighted-average maturity of 9 days.

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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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