Long-Term Debt and Notes Payable

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Long-Term Debt and Notes Payable

Long-Term Debt and Short-Term Borrowings

The following table summarizes the Company’s debt as of March 31, 2017 and December 31, 2016:

(in millions)	March 31, 2017			December 31, 2016
Long-term debt consists of:
2.75% notes due December 2018
Principal amount	$	250.0		$	250.0
Less debt issuance costs	(0.7		)	(0.8		)
Carrying Value	$	249.3		$	249.2
4.45% notes due December 2023
Principal amount	$	300.0		$	300.0
Less debt issuance costs	(1.8		)	(1.9		)
Carrying Value	$	298.2		$	298.1
6.55% notes due November 2036
Principal Amount	$	200.0		$	200.0
Less unamortized discount	(0.7		)	(0.7		)
Less debt issuance costs	(1.3		)	(1.3		)
Carrying Value	$	198.0		$	198.0
Total long-term debt	$	745.5		$	745.3

For additional details regarding the Company’s debt financing, reference is made to Note 7, “Long-Term Debt and Notes Payable” of the Company’s financial statements as of and for the year ended December 31, 2016 included in the Company’s 2016 Annual Report on Form 10-K.

Commercial Paper program - On March 2, 2015, the Company entered into a commercial paper program (the “CP Program”) pursuant to which it may issue short-term, unsecured commercial paper notes (the “Notes”) pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of the Notes outstanding under the CP Program at any time not to exceed $500 million. The Notes will have maturities of up to 397 days from date of issue. The Notes will rank at least pari passu with all of the Company's other unsecured and unsubordinated indebtedness. As of March 31, 2017, there were no outstanding borrowings under the CP Program. 

Revolving Credit Facility - In May 2012, the Company entered into a five year, $300 million Amended and Restated Credit Agreement (as subsequently amended in March 2013 and increased to $500 million (the “Facility”)). The Facility allows the Company to borrow, repay, or to the extent permitted by the agreement, prepay and re-borrow funds at any time prior to the stated maturity date. The loan proceeds may be used for general corporate purposes including financing for acquisitions. Interest is based on, at its option, (1) a LIBOR-based formula that is dependent in part on the Company's credit rating (LIBOR plus 105 basis points as of the date of this report; up to a maximum of LIBOR plus 147.5 basis points), or (2) the greatest of (i) the JPMorgan Chase Bank, N.A.'s prime rate, (ii) the Federal Funds rate plus 50 basis points, or (iii) an adjusted LIBOR rate plus 100 basis points, plus a spread dependent on the Company’s credit rating (5 basis points as of the date of this report; up to a maximum of 47.5 basis points). In May 2015, the Company entered into an amendment ("Amendment No. 2") to the Facility. Amendment No. 2, among other things, (i) extends the maturity date under the Facility to May 2020 and (ii) amends the fee and applicable margins on the revolving loans made pursuant to the Facility. There were no outstanding borrowings under the Facility as of March 31, 2017.