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Debt | 12 Months Ended
--- | ---
Dec. 31, 2017
Debt Disclosure [Abstract] |
Debt | FOOTNOTE 10 Debt The following is a summary of outstanding debt as of December 31, (in millions):
|  | 2017 |  |  | 2016 |
2.05% senior notes due 2017 |  | $ | — |  |  | $ | 349.4 |
6.25% senior notes due 2018 |  |  | — |  |  |  | 249.8 |
2.15% senior notes due 2018 |  |  | 299.5 |  |  |  | 298.9 |
2.60% senior notes due 2019 |  |  | 266.7 |  |  |  | 995.0 |
2.875% senior notes due 2019 |  |  | 348.6 |  |  |  | 347.9 |
4.70% senior notes due 2020 |  |  | 304.3 |  |  |  | 380.0 |
3.15% senior notes due 2021 |  |  | 993.6 |  |  |  | 991.7 |
3.75% senior notes due 2021 |  |  | 373.2 |  |  |  | 326.9 |
4.00% senior notes due 2022 |  |  | 248.8 |  |  |  | 248.5 |
3.85% senior notes due 2023 |  |  | 1,738.8 |  |  |  | 1,737.0 |
5.00% senior notes due 2023 |  |  | 312.1 |  |  |  | 314.1 |
4.00% senior notes due 2024 |  |  | 495.8 |  |  |  | 495.2 |
3.90% senior notes due 2025 |  |  | 297.2 |  |  |  | 296.8 |
4.20% senior notes due 2026 |  |  | 1,982.7 |  |  |  | 1,981.0 |
5.375% senior notes due 2036 |  |  | 495.0 |  |  |  | 494.7 |
5.50% senior notes due 2046 |  |  | 1,726.0 |  |  |  | 1,725.7 |
Term loan (1) |  |  | 299.8 |  |  |  | 399.5 |
Commercial paper |  |  | — |  |  |  | — |
Receivables facility |  |  | 298.3 |  |  |  | 187.4 |
Other debt |  |  | 72.0 |  |  |  | 73.3 |
Total debt |  |  | 10,552.4 |  |  |  | 11,892.8 |
Short-term debt and current portion of long-term debt |  |  | (662.8 | ) |  |  | (601.9 | )
Long-term debt |  | $ | 9,889.6 |  |  | $ | 11,290.9 |
(1) At December 31, 2017, the interest rate on the term loan, which matures in April 2019, was approximately 3.1% Senior Notes In March 2017, the Company commenced cash tender offers (the “Tender Offers”) totaling approximately $1.06 billion for any and all of its 6.25% senior notes due 2018 and up to a maximum aggregate principal amount of certain of its other senior notes. In March 2017, pursuant to the Tender Offers the Company repurchased approximately $63 million aggregate principal amount of its 6.25% senior notes due 2018, approximately $733 million aggregate principal amount of its 2.6% senior notes due 2019 and approximately $76 million aggregate principal amount of its 4.0% senior notes due 2020 for total consideration, excluding accrued interest, of approximately $897 million. As a result of these debt extinguishments, the Company recorded a loss on the extinguishment of debt of $27.8 million during the first quarter of 2017, primarily comprised of prepayment premiums and a non-cash charge due to the write-off of deferred debt issuance costs. In April 2017, the Company redeemed the remaining approximately $187 million aggregate principal amount of its 6.25% senior notes due 2018 for total consideration, excluding accrued interest of approximately $195 million. As a result of this debt extinguishment, the Company recorded a loss on the extinguishment of debt of $4.5 million during the three months ended June 30, 2017, primarily comprised of prepayment premiums, partially offset by the write-off of a deferred gain on previously terminated interest rate swaps. Generally, the senior notes are redeemable by the Company at a price equal to the greater of (i) the aggregate principal amount of the senior notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments, plus in each case, accrued and unpaid interest. Additionally, generally within three and six months to scheduled maturity, depending on the debt instrument, the senior notes may be redeemed at a price equal to the aggregate principal amount of the notes being redeemed, plus accrued and unpaid interest. Revolving Credit Facility and Commercial Paper The Company maintains a $1.25 billion revolving credit facility that matures in January 2022 (the “Facility”). Under the Facility, the Company may borrow funds on a variety of interest rate terms. The Facility also provides for the issuance of up to $100 million of letters of credit, so long as there is a sufficient amount available for borrowing under the Facility. Receivables Facility The Company maintains a $950 million receivables purchase agreement that matures in October 2019 (the “Securitization Facility”) and bears interest at a margin over a variable interest rate. At December 31, 2017, the borrowing rate margin and the unused line fee on the Securitization Facility were 0.80% and 0.40% per annum, respectively. Future Debt Maturities The Company’s debt maturities for the five years following December 31, 2017 and thereafter are as follows (in millions):
2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | Thereafter |  | Total
$671.9 |  | $919.2 |  | $306.8 |  | $1,362.0 |  | $251.2 |  | $7,103.7 |  | $10,614.8
Other The indentures governing the Company’s senior notes contain usual and customary nonfinancial covenants. The Company’s borrowing arrangements other than the senior notes contain usual and customary nonfinancial covenants and certain financial covenants, including minimum interest coverage and maximum debt-to-total-capitalization ratios. At December 31, 2017 and 2016, unamortized deferred debt issue costs were $68.9 and $80.1. These costs are included in total debt and are being amortized over the respective terms of the underlying debt. The fair values of the Company’s senior notes are based on quoted market prices and are as follows (in millions):
|  | December 31, 2017 |  |  | December 31, 2016 |
|  | Fair Value |  |  | Book Value |  |  | Fair Value |  |  | Book Value |
Senior notes |  | $ | 10,688.5 |  |  | $ | 9,882.3 |  |  | $ | 11,979.2 |  |  | $ | 11,234.1 |
The carrying amounts of all other significant debt approximates fair value. Net Investment Hedge The Company has designated the €300.0 million principal balance of the 3.75% senior notes due October 2021 as a net investment hedge of the foreign currency exposure of its net investment in certain Euro-functional currency subsidiaries with Euro-denominated net assets. At December 31, 2017, $19.7 million of deferred losses have been recorded in AOCI. See Footnote 11 for disclosures regarding the Company’s derivative financial instruments.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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