Debt and Financing

Debt

The Company's long-term debt is summarized as follows (in millions, except percentages):



	As of June 30, 2017
	Amount			Effective Interest Rates
Senior Notes ("Notes"):
3.125% fixed-rate notes, due February 2019	$	350.0		3.36	%
3.300% fixed-rate notes, due June 2020	300.0			3.47	%
4.600% fixed-rate notes, due March 2021	300.0			4.69	%
4.500% fixed-rate notes, due March 2024, issued March 2014	350.0			4.63	%
4.500% fixed-rate notes, due March 2024, issued February 2016	150.0			4.87	%
4.350% fixed-rate notes, due June 2025	300.0			4.47	%
5.950% fixed-rate notes, due March 2041	400.0			6.03	%
Total senior notes	2,150.0
Unaccreted discount and debt issuance costs	(15.0		)
Total	$	2,135.0

The Notes above are the Company’s senior unsecured and unsubordinated obligations, ranking equally in right of payment to all of the Company’s existing and future senior unsecured and unsubordinated indebtedness and senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated to the Notes. Interest on the Notes is payable in cash semiannually.

The Company may redeem, either in whole or in part, the Senior Notes due 2020 at any time on or after May 15, 2020, the Senior Notes due 2025 at any time on or after March 15, 2025, and the other Notes at any time, in each case, according to the terms of the indentures governing the Notes.

In the event of a change of control repurchase event, the holders of the Notes may require the Company to repurchase for cash all or part of the Notes at a purchase price equal to 101% of the aggregate principal amount, plus accrued and unpaid interest, if any. The indentures that govern the Notes also contain various covenants, including limitations on the Company's ability to incur liens or enter into sale-leaseback transactions over certain dollar thresholds. As of June 30, 2017, the Company was in compliance with all covenants in the indentures governing the Notes.

Revolving Credit Facility

In June 2014, the Company entered into a Credit Agreement (“Credit Agreement”) with certain institutional lenders that provides for a $500.0 million unsecured revolving credit facility, with an option to increase the amount of the credit facility by up to an additional $200.0 million, subject to certain conditions. Revolving loans may be borrowed, repaid and reborrowed until June 27, 2019, at which time all amounts borrowed must be repaid. Borrowings under the Credit Agreement will bear interest at either i) a floating rate per annum equal to the base rate plus a margin of between 0.00% and 0.50%, depending on the Company's public debt rating or ii) a per annum rate equal to the reserve adjusted Eurocurrency rate, plus a margin of between 0.90% and 1.50%, depending on the Company's public debt rating. As of June 30, 2017, the Company was in compliance with all covenants in the Credit Agreement, and no amounts were outstanding.

Financing Arrangements

The Company provides certain customers with access to extended financing arrangements that allow for longer payment terms than those typically provided by the Company by factoring accounts receivable to third-party financing providers (“financing providers”). The program does not and is not intended to affect the timing of the Company's revenue recognition. Under the financing arrangements, proceeds from the financing providers are due to the Company within 1 to 90 days from the sale of the receivable. In these transactions with the financing providers, the Company surrenders control over the transferred assets.

Pursuant to the financing arrangements for the sale of receivables, the Company sold net receivables of $29.9 million and $55.3 million during the three and six months ended June 30, 2017, respectively, and $9.2 million and $14.1 million during the three and six months ended June 30, 2016, respectively. The Company received cash proceeds from financing providers of $32.6 million and $55.7 million during the three and six months ended June 30, 2017, respectively, and $9.1 million and $10.8 million during the three and six months ended June 30, 2016. As of June 30, 2017 and December 31, 2016, the amounts owed by the financing providers were $13.2 million and $13.6 million, respectively, which were recorded in accounts receivable on the Condensed Consolidated Balance Sheets.