XML 29 R18.htm IDEA: XBRL DOCUMENT
v3.20.2

Financing | 6 Months Ended
--- | ---
Jun. 30, 2020
Debt Disclosure [Abstract] |
Financing | Financing Our debt consisted of the following:
(in millions) |  | June 30, 2020 |  | December 31, 2019
Commercial paper |  | $ | 241.4 |  |  | $ | 149.4 |
364-Day Credit Agreement |  | 343.9 |  |  | — |
Total short-term borrowings |  | $ | 585.3 |  |  | $ | 149.4 |
4.45% notes due December 2023 |  | $ | 299.0 |  |  | $ | 298.9 |
6.55% notes due November 2036 |  | 198.4 |  |  | 198.3 |
4.20% notes due March 2048 |  | 346.1 |  |  | 346.1 |
Other deferred financing costs associated with credit facilities |  | (1.0 | ) |  | (1.3 | )
Total long-term debt |  | $ | 842.5 |  |  | $ | 842.0 |
Debt discounts and debt issuance costs totaled $6.5 million and $6.7 million as of each of June 30, 2020 and December 31, 2019, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above.
As of June 30, 2020 and December 31, 2019, there were $241.4 million and $149.4 million, respectively, of outstanding borrowings under the commercial paper program. We issued $100 million in January 2020 and $150 million in December 2019 of commercial paper to fund the acquisitions of I&S and Cummins-Allison, respectively. See discussion in Note 2, “Acquisitions” for further details. Amounts available under the commercial paper program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of the notes outstanding under the commercial paper program at any time not to exceed $550 million. We also have a revolving credit agreement permitting borrowings of up to $550 million which expires in December 2022. The undrawn portion of this revolving credit agreement is also available to serve as a backstop facility for the issuance of commercial paper. In the second quarter of 2020, we repaid the outstanding amounts related to borrowings of $67 million used to fund the I&S acquisition in January 2020. See discussion in Note 2, “Acquisitions” for further details. As of June 30, 2020 and December 31, 2019, there were no outstanding borrowings. On April 16, 2020, we entered into a new senior unsecured 364-day credit facility (the “364-Day Credit Agreement”). We borrowed term loans denominated in dollars (the “Dollar Term Loans”) in an aggregate principal amount equal to $300 million, and term loans denominated in euros (the “Euro Term Loans”) in an aggregate principal amount equal to €40 million under the 364-Day Credit Agreement. Interest on the Dollar Term Loans accrues at a rate per annum equal to (a) a base rate (determined in a customary manner), plus a margin dependent upon ratings of our senior unsecured long-term debt (the “Index Debt Rating”) or (2) an adjusted LIBO rate (determined in a customary manner) for an interest period to be selected by us, plus a margin dependent upon the Index Debt Rating. Interest on the Euro Term Loans accrues at an adjusted LIBO rate (determined in a customary manner) for an interest period to be selected by us, plus a margin. The 364-Day Credit Agreement contains customary affirmative and negative covenants and customary events of default and acceleration for credit facilities of this type. As of June 30, 2020, there was $343.9 million outstanding under the 364-Day Credit Agreement.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration