Debt and Credit Arrangements (Notes)

9 Months Ended

Sep. 30, 2016

Long-Term Debt

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



	Effective Interest Rate	September 30, 2016				December 31, 2015
	Effective Interest Rate	Book Value		Fair Value ¹		Book Value		Fair Value ¹
2.25% Senior Notes due 2017 (less unamortized discount and issuance costs of $0.2 and $0.5, respectively)	2.30%	$	299.3	$	301.5	$	298.8	$	299.3
4.00% Senior Notes due 2022 (less unamortized discount and issuance costs of $1.7 and $1.4, respectively)	4.13%	246.9		266.8		246.4		250.9
3.75% Senior Notes due 2023 (less unamortized discount and issuance costs of $1.0 and $2.6, respectively)	4.32%	496.4		524.9		496.0		484.8
4.20% Senior Notes due 2024 (less unamortized discount and issuance costs of $0.8 and $3.1, respectively)	4.24%	496.1		539.0		495.8		496.4
Other notes payable and capitalized leases		69.1		69.1		75.2		75.2
Total long-term debt		1,607.8				1,612.2
Less: current portion		24.5				1.9
Long-term debt, excluding current portion		$	1,583.3			$	1,610.3


1	See Note 11 for information on the fair value measurement of our long-term debt.

Credit Agreements

We maintain a committed corporate credit facility (the "Credit Agreement") and uncommitted lines of credit to increase our financial flexibility. The Credit Agreement is a revolving facility, expiring in October 2020, 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 September 30, 2016.