Debt

6 Months Ended

Jun. 30, 2019

Debt comprised of the following as of the dates indicated (in millions):



	June 30, 2019			December 31, 2018
2.60% senior notes due 2019	$	—		$	267.3
4.70% senior notes due 2020	304.7			304.6
3.15% senior notes due 2021	93.5			97.5
3.75% senior notes due 2021	348.5			353.2
4.00% senior notes due 2022	249.2			249.0
3.85% senior notes due 2023	1,741.8			1,740.8
5.00% senior notes due 2023	309.0			310.0
4.00% senior notes due 2024	496.7			496.4
3.90% senior notes due 2025	90.4			90.3
4.20% senior notes due 2026	1,985.4			1,984.5
5.375% senior notes due 2036	416.0			415.8
5.50% senior notes due 2046	657.2			657.2
Other debt	58.8			48.4
Total debt	6,751.2			7,015.0
Short-term debt and current portion of long-term debt	(43.4		)	(318.7		)
Long-term debt	$	6,707.8		$	6,696.3

Senior Notes

In March 2019, the Company repaid the entire principal amount outstanding of its 2.60% senior notes due 2019 upon maturity.

The Company has designated the €300 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 June 30, 2019, $0.6 million of deferred loss have been recorded in AOCL. See Footnote 10 for disclosures regarding the Company’s derivative financial instruments.

Revolving Credit Facility and Commercial Paper

The Company maintains a $1.25 billion revolving credit facility that matures in December 2023 (the “Facility”). Under the Facility, the Company may borrow funds on a variety of interest rate terms. Since the Facility provides the committed backup liquidity required to issue commercial paper, the Company may issue commercial paper up to a maximum of $800 million provided there is a sufficient amount available for borrowing under the Facility. 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

In connection with entering into the Customer Receivables Purchase Agreement, the Company amended its existing receivables purchase agreement (the “Securitization Facility”) on June 18, 2019 to remove certain customer receivables which are subject to the Customer Receivables Purchase Agreement. As a result of the amendment, the parties reduced the aggregate commitment under the Securitization Facility from $950 million to $700 million. The Securitization Facility matures in October 2019 and bears interest at a margin over a variable interest rate. At June 30, 2019, the borrowing rate margin and the unused line fee on the Securitization Facility were 0.80% and 0.40% per annum, respectively.

The Company used a portion of the cash proceeds received from the disposal of the Process Solutions and Rexair businesses (see Footnote 2) to pay down short-term debt, including approximately $269 million outstanding under the Company’s Securitization Facility at March 3, 2019.

Other

The fair values of the Company’s senior notes are based on quoted market prices and are as follows (in millions):



	June 30, 2019				December 31, 2018
	Fair Value		Book Value		Fair Value		Book Value
Senior notes	$	6,762.5	$	6,692.4	$	6,911.2	$	6,966.6

The carrying amounts of all other significant debt approximates fair value.