Short-Term Borrowings and Long-Term Debt

9 Months Ended

Sep. 30, 2019

Short-Term Borrowings and Long-Term Debt

14.	Short-Term Borrowings and Long-Term Debt

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

	September 30,			December 31,
	2019			2018
Short-term borrowings
Commercial paper issuances	$	69.9		$	0.0
Various debt due to international banks		4.1			1.8
Total short-term borrowings	$	74.0		$	1.8

Long-term debt
Floating Rate Senior notes due January 25, 2019	$	0.0		$	300.0
2.45% Senior notes due December 15, 2019		300.0			300.0
Term loan due May 1, 2022		300.0			0.0
2.45% Senior notes due August 1, 2022		300.0			300.0
Less: Discount		(0.2	)		(0.3	)
2.875% Senior notes due October 1, 2022		400.0			400.0
Less: Discount		(0.1	)		(0.1	)
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		(2.7	)		(2.8	)
Debt issuance costs, net		(12.1	)		(13.1	)
Fair value adjustment asset (liability) related to hedged fixed rate debt instrument		(0.3	)		(3.0	)
Total long-term debt		2,109.2			2,105.3
Less: current maturities		(299.6	)		(596.5	)
Net long-term debt	$	1,809.6		$	1,508.8

Amended Credit Agreement

On May 1, 2019, the Company amended its $1,000.0 unsecured revolving credit facility (the “Credit Agreement”) to extend the term of the Credit Agreement from March 29, 2023 to March 29, 2024. Under the Credit Agreement, the Company continues to have 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.

Term Loan

On May 1, 2019, the Company entered into a $300.0 unsecured term loan credit facility with various banks, the proceeds of which were used to partially fund the Flawless Acquisition. Unless prepaid, the loan is due on May 1, 2022. The interest rate is LIBOR plus an applicable margin based on the Company’s credit rating, which can range from 60 basis points (“bps”) to 113 bps.