Short-Term Borrowings and Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Components of Short-Term Borrowings and Long-Term Debt

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

	June 30,			December 31,
	2020			2019
Short-term borrowings
Commercial paper issuances	$	64.5		$	248.6
Various debt due to international banks		1.3			4.3
Total short-term borrowings	$	65.8		$	252.9
Long-term debt
Term loan due May 1, 2022		300.0			300.0
2.45% Senior notes due August 1, 2022		300.0			300.0
Less: Discount		(0.2	)		(0.2	)
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		(0.3	)		(0.3	)
3.95% Senior notes due August 1, 2047		400.0			400.0
Less: Discount		(2.6	)		(2.7	)
Debt issuance costs, net		(10.4	)		(11.5	)
Net long-term debt	$	1,811.4		$	1,810.2

The Company is party to a credit agreement dated March 29, 2018, as amended (the “Credit Agreement”), that provides for a $1,000.0 unsecured revolving credit facility (the “Revolving Credit Facility”).   In March 2020, the Company drew down a total amount of $825.0 under the Revolving Credit Facility. The Company initiated borrowings under the Revolving Credit Facility as a precautionary measure to increase its cash position and preserve financial flexibility in light of uncertainty in the global markets resulting from the COVID-19 pandemic.  The full $825.0 was repaid in May 2020.