Short-Term Borrowings and Long-Term Debt

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Short-Term Borrowings and Long-Term Debt

15. Short-Term Borrowings and Long-Term Debt

Short-term borrowings and long-term debt consist of the following:

	September 30,			December 31,
	2018			2017
Short-term borrowings
Commercial paper issuances	$	0.0		$	268.7
Various debt due to international banks		1.7			2.2
Total short-term borrowings	$	1.7		$	270.9
Long-term debt
Floating Rate Senior notes due January 25, 2019	$	300.0		$	300.0
2.45% Senior notes due December 15, 2019		300.0			300.0
Less: Discount		0.0			(0.1	)
2.45% Senior notes due August 1, 2022		300.0			300.0
Less: Discount		(0.3	)		(0.3	)
2.875% Senior notes due October 1, 2022		400.0			400.0
Less: Discount		(0.2	)		(0.2	)
3.15% Senior notes due August 1, 2027		425.0			425.0
Less: Discount		(0.4	)		(0.4	)
3.95% Senior notes due August 1, 2047		400.0			400.0
Less: Discount		(2.8	)		(2.9	)
Debt issuance costs, net		(14.0	)		(15.5	)
Fair value adjustment asset (liability) related to hedged fixed rate debt instrument		(4.1	)		(2.2	)
Total long-term debt		2103.2			2,103.4
Less: current maturities		(299.7	)		0.0
Net long-term debt	$	1,803.5		$	2,103.4

On March 29, 2018, the Company replaced its former $1,000.0 unsecured revolving credit facility that was scheduled to terminate on December 4, 2020 with a new $1,000.0 unsecured revolving credit facility (the “Credit Agreement”).  Under the Credit Agreement, the Company has the ability to increase its borrowing up to an additional $600.0, subject to lender commitments and certain conditions as described in the Credit Agreement.  Borrowings under the Credit Agreement are available for general corporate purposes and are used to support the Company’s $1,000.0 commercial paper program.  Unless extended, the Credit Agreement will terminate and all amounts outstanding thereunder will be due and payable on March 29, 2023.