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External Debt and Financing Arrangements | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
External Debt and Financing Arrangements |
7. | External Debt and Financing Arrangements
Long Term Debt At September 30, 2019, the Company had aggregate outstanding notes in the amount of $2.2 billion, with varying maturities (the “Notes”). The Notes are unsecured senior obligations of the Company. The following table provides a summary of the Company’s outstanding Notes, including the net carrying value of the Notes, net of underwriting commissions, price discounts, and debt issuance costs as of September 30, 2019 and December 31, 2018:
|  |  |  |  |  |  |  |  | Net Carrying Value |
(in millions) | Principal Amount |  |  | Issuance Date |  | Maturity Date |  | September 30, 2019 |  |  | December 31, 2018 |
3.000% Senior Notes | $ | 400.0 |  |  | June 2015 |  | June 2020 |  | $ | 399.5 |  |  | $ | 399.0 |
4.000% Senior Notes |  | 500.0 |  |  | June 2015 |  | June 2025 |  |  | 495.7 |  |  |  | 495.0 |
4.000% Senior Notes (the “2018 Notes”) |  | 600.0 |  |  | September 2018 |  | September 2023 |  |  | 595.8 |  |  |  | 595.0 |
3.250% Senior Notes (the “2019 Notes”) |  | 700.0 |  |  | September 2019 |  | September 2029 |  |  | 692.5 |  |  |  | — |
The proceeds from the Notes issued in 2015 and the Notes issued in 2018 were used to pay down outstanding debt and for general corporate purposes. In September 2019, the Company issued $700 million of unsecured senior notes (“2019 Senior Notes”) in a registered public offering. The 2019 Senior Notes are due in 2029 with a coupon rate of 3.25%. The Company used the proceeds from the 2019 Senior Notes offering to repay in full the Company’s $350 million term loan and to pay down outstanding balances under our revolving credit facility. Credit Facilities In September 2019, the Company entered into a second amended and restated $1.25 billion revolving credit facility (the “2019 Revolving Credit Agreement”), and borrowings thereunder will be used for general corporate purposes. The terms and conditions of the 2019 Revolving Credit Agreement, including the total commitment amount, essentially remained the same as under the previous credit agreement, except that the maturity date was extended to September 2024. Borrowings amounting to $165.0 million were rolled-over from the prior revolving credit facility into the 2019 Revolving Credit Agreement. Interest rates under the 2019 Revolving Credit Agreement are variable based on LIBOR at the time of the borrowing and the Company’s long-term credit rating and can range from LIBOR + 0.91% to LIBOR + 1.4%. This amendment and restatement of the credit agreement was a non-cash transaction for the Company. On September 30, 2019 and December 31, 2018, our outstanding borrowings under this facility were $165.0 million and $320.0 million, respectively, which is included in Long-term debt in the condensed consolidated balance sheets. As of September 30, 2019, we were in compliance with all covenants under this facility. In March 2018, the Company entered into a $350 million term loan (the “Term Loan”), the borrowings thereunder were used for general corporate purposes. The Term Loan was amended in August 2018 to increase the borrowings to $525 million and further amended in March 2019 to decrease the borrowings to $350 million and extend the maturity date to March 2020. In September 2019, the Company repaid in full the outstanding balance on the Term Loan with the proceeds from the 2019 Notes. At September 30, 2019 and December 31, 2018, amounts due under the Term Loan were zero and $525.0 million, respectively, which is included within Short-term debt in the condensed consolidated balance sheets. We currently have uncommitted bank lines of credit in China, which provide for unsecured borrowings for working capital of up to $23.5 million in aggregate, of which there were no outstanding balances as of September 30, 2019 and December 31, 2018.

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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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