Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Total long-term borrowings

	As of
	March 31, 2020			December 31, 2019
	(In millions)
Long-term debt:
CAD 500 million 2.75% notes due September 2020	$	355.6		$	384.9
CAD 500 million 2.84% notes due July 2023	355.6			384.9
CAD 500 million 3.44% notes due July 2026	355.6			384.9
$500 million 2.25% notes due March 2020(1)(2)	—			499.8
$1.0 billion 2.1% notes due July 2021(2)	1,000.0			1,000.0
$500 million 3.5% notes due May 2022(1)	505.8			506.5
$2.0 billion 3.0% notes due July 2026	2,000.0			2,000.0
$1.1 billion 5.0% notes due May 2042	1,100.0			1,100.0
$1.8 billion 4.2% notes due July 2046	1,800.0			1,800.0
EUR 800 million 1.25% notes due July 2024	882.5			897.0
Finance leases and other	121.9			129.5
Less: unamortized debt discounts and debt issuance costs	(54.6		)	(56.7		)
Total long-term debt (including current portion)	8,422.4			9,030.8
Less: current portion of long-term debt	(390.3		)	(921.3		)
Total long-term debt	$	8,032.1		$	8,109.5
Short-term borrowings:
Revolving credit facility(3)	$	1,000.0		$	—
Commercial paper program(3)	25.5			—
Other short-term borrowings(4)	29.2			6.9
Current portion of long-term debt	390.3			921.3
Current portion of long-term debt and short-term borrowings	$	1,445.0		$	928.2

(1) The fair value hedges related to these notes have been settled and are being amortized over the life of the respective note.

(2) We repaid our $500 million 2.25% notes upon maturity in March 2020, at which time we also settled the associated cross currency swaps resulting in cash receipts of $3.2 million, which were classified as financing and investing activities in our unaudited condensed consolidated statement of cash flows. As of March 31, 2020, we have cross currency swaps associated with our $1.0 billion 2.1% senior notes due 2021 in order to hedge a portion of the foreign currency translational impacts of our European investment. As a result of the swaps, we have economically converted a portion of these notes and associated interest to EUR denominated, which results in a EUR interest rate to be received of 0.71%.

(3) We maintain a $1.5 billion revolving credit facility with a maturity date of July 7, 2024, that allows us to issue a maximum aggregate amount of $1.5 billion in commercial paper or other borrowings at any time at variable interest rates. We use this financing from time to time to leverage cash needs including debt repayments. During the first quarter of 2020, we borrowed approximately $1.0 billion due April 2020 under our revolving credit facility at a weighted-average interest rate of 2.7%, and issued $25.5 million of commercial paper, in order to fund the repayment of our $500 million 2.25% notes upon maturity in March 2020, for working capital and general purposes, as well as a precautionary measure in order to provide enhanced financial flexibility due to uncertain market conditions arising from the impact of the coronavirus pandemic, as further discussed in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies."

As of March 31, 2020, we had $474.5 million available to draw on our $1.5 billion revolving credit facility, as the borrowing capacity is also reduced by borrowings under our commercial paper program. The outstanding borrowings under our commercial paper program had a weighted-average effective interest rate and tenor of 1.65% and 23 days, respectively, as of March 31, 2020. We had no borrowings drawn on this revolving credit facility and no commercial paper borrowings as of December 31, 2019.

Subsequent to March 31, 2020, we made total net repayments of $425.5 million on our outstanding commercial paper and revolving credit facility borrowings resulting in no outstanding commercial paper and $600.0 million outstanding under our revolving credit facility. As such, as of April 30, 2020, we have $900.0 million available to draw on our total $1.5 billion revolving credit facility.

(4)

As of March 31, 2020, we had $22.4 million in bank overdrafts and $35.0 million in bank cash related to our cross-border, cross-currency cash pool, for a net positive position of $12.6 million. As of December 31, 2019, we had $1.1 million in bank overdrafts and $55.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $53.9 million. We had total outstanding borrowings of $2.8 million under our two JPY overdraft facilities as of both March 31, 2020 and December 31, 2019. In addition, we have USD, CAD and GBP lines of credit under which we had no borrowings as of March 31, 2020 or December 31, 2019.