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External Debt and Financing Arrangements
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
External Debt and Financing Arrangements

6.

External Debt and Financing Arrangements

Unsecured Senior Notes

At September 30, 2021, the Company had aggregate outstanding notes in the 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 net carrying value of the Notes, net of underwriting commissions, price discounts, and debt issuance costs as of September 30, 2021 and December 31, 2020:

 

 

 

 

 

 

 

 

 

 

Net Carrying Value

 

(in millions)

Principal

Amount

 

 

Issuance Date

 

Maturity Date

 

September 30,

2021

 

 

December 31,

2020

 

4.000% Senior Notes

$

500.0

 

 

June 2015

 

June 2025

 

$

497.2

 

 

$

496.6

 

4.000% Senior Notes (the "2018 Notes")

 

600.0

 

 

September 2018

 

September 2023

 

 

597.9

 

 

 

597.1

 

3.250% Senior Notes (the "2019 Notes")

 

700.0

 

 

September 2019

 

September 2029

 

 

694.0

 

 

 

693.5

 

Total Senior Notes

$

1,800.0

 

 

 

 

 

 

$

1,789.1

 

 

$

1,787.2

 

 

Credit Facilities

In April 2020, the Company entered into a 364-day supplemental, $400 million revolving credit facility (the “2020 Revolving Credit Agreement”). This supplemental facility was never utilized by the Company prior to its expiration in April 2021.

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. 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%. On September 30, 2021 and December 31, 2020, our outstanding borrowings under this facility were $840.0 million and $785.0 million, respectively. This facility is included in Long-term debt in the condensed consolidated balance sheets. As of September 30, 2021, 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, of which there were no outstanding balances as of September 30, 2021 and December 31, 2020.