Debt and Credit Arrangements (Notes)

3 Months Ended

Mar. 31, 2014

Debt and Credit Arrangements [Abstract]

Long-Term Debt

A summary of the carrying amounts and fair values of our long-term debt is listed below.



	Effective Interest Rate	March 31, 2014				December 31, 2013
	Effective Interest Rate	Book Value		Fair Value ¹		Book Value		Fair Value ¹
6.25% Senior Unsecured Notes due 2014 (less unamortized discount of $0.1)	6.29%	$	350.9	$	361.6	$	351.3	$	365.6
2.25% Senior Notes due 2017 (less unamortized discount of $0.5)	2.30%	299.5		302.3		299.4		293.0
4.00% Senior Notes due 2022 (less unamortized discount of $2.5)	4.13%	247.5		249.0		247.4		241.6
3.75% Senior Notes due 2023 (less unamortized discount of $1.3)	4.32%	498.7		485.7		498.6		467.3
Other notes payable and capitalized leases		87.3		89.5		86.7		87.8
Total long-term debt		1,483.9				1,483.4
Less: current portion ²		353.2				353.6
Long-term debt, excluding current portion		$	1,130.7			$	1,129.8


¹	See Note 12 for information on the fair value measurement of our long-term debt.


²	We included our 6.25% Senior Unsecured Notes due 2014 (the "6.25% Notes") in the current portion of long-term debt on our March 31, 2014 unaudited Consolidated Balance Sheet and December 31, 2013 Consolidated Balance Sheet because the 6.25% Notes were scheduled to mature on November 15, 2014. See Note 15 for information regarding subsequent events.

Credit Agreement

We maintain a committed corporate credit facility to increase our financial flexibility (the "Credit Agreement"). The Credit Agreement is a revolving facility, expiring in December 2018, under which amounts borrowed by us or any of our subsidiaries designated under the Credit Agreement may be repaid and reborrowed, subject to an aggregate lending limit of $1,000.0 or the equivalent in other currencies. The Company has the ability to increase the commitments under the Credit Agreement from time to time by an additional amount of up to $250.0, provided the Company receives commitments for such increases and satisfies certain other conditions. The aggregate available amount of letters of credit outstanding may decrease or increase, subject to a sublimit on letters of credit of $200.0 or the equivalent in other currencies. Our obligations under the Credit Agreement are unsecured.

We were in compliance with all of our covenants in the Credit Agreement as of March 31, 2014.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details