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External Debt and Financing Arrangements | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
External Debt and Financing Arrangements | 7. External Debt and Financing Arrangements Unsecured Senior Notes At December 31, 2020, the Company had aggregate outstanding notes in the principal amount of $1.8 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 carrying value of the Notes, net of underwriting commissions, price discounts, and debt issuance costs as of December 31, 2020 and December 31, 2019:
(in millions) |  |  |  |  |  |  |  |  | Net Carrying Value |
Coupon Rate | Principal Amount |  |  | Issuance Date |  | Maturity Date |  | December 31, 2020 |  |  | December 31, 2019 |
3.000% Senior Notes | $ | 400.0 |  |  | June 2015 |  | June 2020 |  | $ | - |  |  | $ | 399.7 |
4.000% Senior Notes |  | 500.0 |  |  | June 2015 |  | June 2025 |  |  | 496.6 |  |  |  | 495.8 |
4.000% Senior Notes (the “2018 Notes”) |  | 600.0 |  |  | September 2018 |  | September 2023 |  |  | 597.1 |  |  |  | 596.1 |
3.250% Senior Notes (the “2019 Notes”) |  | 700.0 |  |  | September 2019 |  | September 2029 |  |  | 693.5 |  |  |  | 692.7 |
Total Senior Notes |  |  |  |  |  |  |  |  | $ | 1,787.2 |  |  | $ | 2,184.3 |
During June 2020, we repaid all outstanding 3.000% Senior Notes issued in June 2015 at their maturity date using borrowings under our 2019 Revolving Credit Agreement (as defined below). In September 2019, we issued $700 million of 3.25% Senior Notes due 2029 (“2019 Notes”) in a registered public offering. The Company used the proceeds from the 2019 Notes offering to repay in full the Company’s $350 million term loan and to pay down outstanding balances under our revolving credit facility. In September 2018, we issued $600 million of unsecured senior notes (“2018 Notes”) in a registered public offering. The 2018 Notes are due in 2023 with a coupon rate of 4%. We used the proceeds from the 2018 Notes offering to pay down our revolving credit facility. Notes payments due during the next five years as of December 31, 2020 are zero in 2021 through 2022, $600 million in 2023, zero in 2024 and $500 million in 2025. Credit Facilities In April 2020, the Company entered into a supplemental 364-day, $400 million revolving credit facility (the “2020 Revolving Credit Agreement”), and borrowings thereunder will be used for general corporate purposes. 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%. The amendment also includes a covenant under which the Company is required to maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0. Adjusted EBITDA is defined as consolidated net income before interest expense, income taxes, depreciation, amortization of intangible assets, losses from asset impairments, and certain other one-time adjustments. In addition, the amendment includes a covenant under which the Company’s ratio of consolidated debt minus certain cash and cash equivalents to consolidated EBITDA generally may not exceed 3.5 to 1.0. This amendment and restatement of the credit agreement was a non-cash transaction for the Company. On December 31, 2020 and December 31, 2019, our outstanding borrowings under these credit facilities were $785.0 million and zero, respectively, which is included in Long-term debt in the condensed consolidated balance sheets. As of December 31, 2020, we were in compliance with all covenants under this facility. We currently have uncommitted bank lines of credit in China, which provide for unsecured borrowings for working capital of up to $17.5 million in aggregate as of December 31, 2020 and December 31, 2019, of which there were no outstanding balances as of December 31, 2020 and 2019. The weighted-average interest rates on these borrowings were zero in both 2020 and 2019. The components of long-term debt were as follows:
(In millions) |  | 2020 |  |  | 2019 |
Notes |  | $ | 1,787.2 |  |  | $ | 2,184.3 |
$1,250 million revolving credit agreement due September 2024 |  |  | 785.0 |  |  |  | — |
Total debt |  |  | 2,572.2 |  |  |  | 2,184.3 |
Less: current portion |  |  | — |  |  |  | 399.7 |
Total long-term debt |  | $ | 2,572.2 |  |  | $ | 1,784.6 |
In our debt agreements, there are normal and customary events of default which would permit the lenders to accelerate the debt if not cured within applicable grace periods, such as failure to pay principal or interest when due or a change in control of the Company. There were no events of default as of December 31, 2020.

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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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