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Debt | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Debt | Debt Short-Term Borrowings The Company utilizes uncommitted lines of credit as needed for its short-term working capital fluctuations. As of December 31, 2020 and 2019, the Company had lines of credit from banks totaling $94.3 million and $94.6 million, respectively. As of December 31, 2020, the Company had no short-term debt balances outstanding related to draws on the lines of credit. As of December 31, 2019, the Company had short-term debt balances outstanding related to draws on the lines of credit of $19.2 million. Long-Term Debt A summary of long-term debt, net of unamortized debt issuance costs and unamortized original issue premium (discount) and the related weighted average interest rates is shown below (in millions):
December 31, | 2020
Debt Instrument | Long-Term Debt |  | Unamortized Debt Issuance Costs |  | Unamortized Original Issue Premium (Discount) |  | Long-Term Debt, Net |  | Weighted Average Interest Rate
Credit Agreement — Term Loan Facility | $ | 220.3 |  |  | $ | (0.6) |  |  | $ | — |  |  | $ | 219.7 |  |  | 1.36%
3.8% Senior Notes due 2027 (the "2027 Notes") | 750.0 |  |  | (4.1) |  |  | (3.5) |  |  | 742.4 |  |  | 3.885%
4.25% Senior Notes due 2029 (the "2029 Notes") | 375.0 |  |  | (2.6) |  |  | (1.0) |  |  | 371.4 |  |  | 4.288%
3.5% Senior Notes due 2030 (the "2030 Notes") | 350.0 |  |  | (2.6) |  |  | (0.7) |  |  | 346.7 |  |  | 3.525%
5.25% Senior Notes due 2049 (the "2049 Notes") | 625.0 |  |  | (6.3) |  |  | 14.2 |  |  | 632.9 |  |  | 5.103%
Other | 1.4 |  |  | — |  |  | — |  |  | 1.4 |  |  | N/A
| $ | 2,321.7 |  |  | $ | (16.2) |  |  | $ | 9.0 |  |  | 2,314.5 |  |  |
Less — Current portion |  |  |  |  |  |  | (14.2) |  |  |
Long-term debt |  |  |  |  |  |  | $ | 2,300.3 |  |  |
December 31, | 2019
Debt Instrument | Long-Term Debt |  | Unamortized Debt Issuance Costs |  | Unamortized Original Issue Discount |  | Long-Term Debt, Net |  | Weighted Average Interest Rate
Credit Agreement — Term Loan Facility | $ | 234.4 |  |  | $ | (1.0) |  |  | $ | — |  |  | $ | 233.4 |  |  | 2.880%
5.25% Senior Notes due 2025 (the "2025 Notes") | 650.0 |  |  | (4.2) |  |  | — |  |  | 645.8 |  |  | 5.250%
2027 Notes | 750.0 |  |  | (4.7) |  |  | (4.1) |  |  | 741.2 |  |  | 3.885%
2029 Notes | 375.0 |  |  | (2.9) |  |  | (1.1) |  |  | 371.0 |  |  | 4.288%
2049 Notes | 325.0 |  |  | (3.3) |  |  | (5.3) |  |  | 316.4 |  |  | 5.363%
| $ | 2,334.4 |  |  | $ | (16.1) |  |  | $ | (10.5) |  |  | 2,307.8 |  |  |
Less — Current portion |  |  |  |  |  |  | (14.1) |  |  |
Long-term debt |  |  |  |  |  |  | $ | 2,293.7 |  |  |
Senior Notes The issuance, maturity and interest payment dates of the Company's senior unsecured 2027 Notes, 2029 Notes, 2030 Notes and 2049 Notes (collectively, the "Notes") are as shown below:
Note | Issuance Date |  | Maturity Date |  | Interest Payment Dates
2027 Notes | August 2017 |  | September 15, 2027 |  | March 15 and September 15
2029 Notes | May 2019 |  | May 15, 2029 |  | May 15 and November 15
2030 Notes | February 2020 |  | May 30, 2030 |  | May 30 and November 30
2049 Notes | May 2019 and February 2020 |  | May 15, 2049 |  | May 15 and November 15
2027 Notes In 2017, the Company issued $750.0 million in aggregate principal amount at maturity of 2027 Notes at a stated coupon rate of 3.8%. The 2027 Notes were issued at 99.294% of par, resulting in a yield to maturity of 3.885%. The net proceeds from the offering of $744.7 million, after original issue discount, were used to redeem the outstanding $500.0 million in aggregate principal amount of the senior unsecured notes due 2023 at a redemption price equal to 100% of the principal amount thereof, plus a "make-whole" premium of $17.0 million, as well as to refinance a portion of the Company's $500.0 million prior term loan facility (see "— Credit Agreement" below). Prior to June 15, 2027, the Company, at its option, may redeem some or all of the 2027 Notes at a redemption price equal to 100% of the principal amount thereof, plus a "make-whole" premium as of, and accrued and unpaid interest to, the redemption date. At any time on or after June 15, 2027, but prior to the maturity date of September 15, 2027, the Company, at its option, may redeem some or all of the 2027 Notes at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. 2029 and 2049 Notes Issued in 2019 In 2019, the Company issued $375.0 million in aggregate principal amount at maturity of 2029 Notes and $325.0 million in aggregate principal amount at maturity of 2049 Notes. The 2029 Notes have a stated coupon rate of 4.25% and were issued at 99.691% of par, resulting in a yield to maturity of 4.288%. The 2049 Notes have a stated coupon rate of 5.25% and were issued at 98.32% of par, resulting in a yield to maturity of 5.363%. The net proceeds from the offering were $693.3 million after original issue discount. The proceeds were used to redeem the $325.0 million in aggregate principal amount of the 2024 Notes at a redemption price equal to 102.688% of the principal amount of such 2024 Notes, plus accrued interest, as well as to finance the acquisition of Xevo (Note 4, "Acquisition") and for general corporate purposes. In connection with these transactions, the Company recognized a loss of $10.6 million on the extinguishment of debt and paid related issuance costs of $6.5 million. 2030 Notes and 2049 Notes Issued in 2020 In 2020, the Company issued $350.0 million in aggregate principal amount at maturity of 2030 Notes and $300.0 million in aggregate principal amount at maturity of 2049 Notes. The 2030 Notes have a stated coupon rate of 3.5% and were issued at 99.774% of par, resulting in a yield to maturity of 3.525%. The 2049 Notes have a stated coupon rate of 5.25% and were issued at 106.626% of par, resulting in a yield to maturity of 4.821%. The net proceeds from the offering were $669.1 million after original issue discount. The proceeds were used to redeem the $650.0 million in aggregate principal amount of 2025 Notes at a redemption price equal to 102.625% of the principal amount of such 2025 Notes, plus accrued interest. In connection with these transactions, the Company recognized a loss of $21.1 million on the extinguishment of debt and paid related issuance costs of $6.0 million. Covenants Subject to certain exceptions, the indentures governing the Notes contain restrictive covenants that, among other things, limit the ability of the Company to: (i) create or permit certain liens and (ii) consolidate, merge or sell all or substantially all of the Company’s assets. The indentures governing the Notes also provide for customary events of default. As of December 31, 2020, the Company was in compliance with all covenants under the indentures governing the Notes. Credit Agreement In 2017, the Company entered into an unsecured credit agreement (the "Credit Agreement") consisting of a $1.75 billion revolving credit facility (the "Revolving Credit Facility") and a $250.0 million term loan facility (the "Term Loan Facility"). In 2020, the Company entered into an agreement to extend the maturity date of the Revolving Credit Facility by one year to August 8, 2024, and paid related issuance costs of $1.0 million. The maturity date of the Term Loan Facility is August 8, 2022. In the first quarter of 2020, as a proactive measure in response to the COVID-19 pandemic, the Company borrowed $1.0 billion under the Revolving Credit Facility, which was repaid in full in the third quarter of 2020. In 2019, aggregate borrowings and repayments under the Revolving Credit Facility were $30.0 million. In 2018, there were no borrowings or repayments under the Revolving Credit Facility. As of December 31, 2020 and 2019, there were no borrowings outstanding under the Revolving Credit Facility. In 2020, 2019 and 2018, the Company made required principal payments under the Term Loan Facility of $14.1 million, $7.8 million and $6.3 million, respectively. Advances under the Revolving Credit Facility and the Term Loan Facility generally bear interest based on (i) the Eurocurrency Rate (as defined in the Credit Agreement) or (ii) the Base Rate (as defined in the Credit Agreement) plus a margin, determined in accordance with a pricing grid. As of December 31, 2020, the ranges and rates are as follows (in percentages):
|  | Eurocurrency Rate |  | Base Rate
|  | Minimum |  | Maximum |  | Rate as of December 31, 2020 |  | Minimum |  | Maximum |  | Rate as of December 31, 2020
Revolving Credit Facility |  | 1.00 | % |  | 1.60 | % |  | 1.10 | % |  | 0.00 | % |  | 0.60 | % |  | 0.10 | %
Term Loan Facility |  | 1.125 | % |  | 1.90 | % |  | 1.25 | % |  | 0.125 | % |  | 0.90 | % |  | 0.25 | %
A facility fee, which ranges from 0.125% to 0.30% of the total amount committed under the Revolving Credit Facility, is payable quarterly. Covenants The Credit Agreement contains various customary representations, warranties and covenants by the Company, including, without limitation, (i) covenants regarding maximum leverage, (ii) limitations on fundamental changes involving the Company or its subsidiaries and (iii) limitations on indebtedness and liens. As of December 31, 2020, the Company was in compliance with all covenants under the Credit Agreement. Other As of December 31, 2020, other long-term debt, including the current portion, consisted of amounts outstanding under finance leases. Scheduled Maturities As of December 31, 2020, scheduled maturities related to the Credit Agreement — Term Loan Facility for the five succeeding years are shown below (in millions):
2021 | $ | 14.1 |
2022 | 206.2 |
2023 | — |
2024 | — |
2025 | — |

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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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