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Financing Arrangements and Debt | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Financing Arrangements and Debt | Financing Arrangements and Debt On May 30, 2019, the Company entered into a $500 million term loan credit facility (the New Term Credit Facility). The New Term Credit Facility was a senior unsecured guaranteed facility with an original maturity date of December 2, 2019. The covenants within the New Term Credit Facility were substantially consistent with those in the Company’s revolving credit facility (see 2018 facility below), and borrowings under the New Term Credit Facility bore interest at comparable rates to those incurred under the 2018 facility. The New Term Credit Facility was prepayable at any time by the Company and had to be repaid no later than 30 days after closing of the Company’s previously announced Malaysia divestiture. Subsequent to quarter end, the Company closed the previously announced Malaysia divestiture, repaid and terminated the New Term Credit Facility. As of June 30, 2019, the Company has a $1.6 billion revolving credit facility (2018 facility). The 2018 facility is a senior unsecured guaranteed facility which expires in November 2023. At June 30, 2019, the Company had outstanding borrowings of $1.4 billion under the 2018 facility and $23.4 million of outstanding letters of credit, which reduce the borrowing capacity of the 2018 facility. At June 30, 2019, the interest rate in effect on borrowings under the facility was 3.905%. At June 30, 2019, the Company was in compliance with all covenants related to the 2018 facility. Subsequent to quarter end, the Company closed the previously announced Malaysia divestiture and repaid the 2018 facility in full.

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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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