Debt

9 Months Ended

Sep. 30, 2019

Debt is comprised of the following as of the dates indicated (in millions):



	September 30, 2019			December 31, 2018
2.60% senior notes due 2019	$	—		$	267.3
4.70% senior notes due 2020	304.8			304.6
3.15% senior notes due 2021	93.6			97.5
3.75% senior notes due 2021	333.3			353.2
4.00% senior notes due 2022	249.2			249.0
3.85% senior notes due 2023	1,387.1			1,740.8
5.00% senior notes due 2023	308.4			310.0
4.00% senior notes due 2024	199.4			496.4
3.90% senior notes due 2025	46.8			90.3
4.20% senior notes due 2026	1,985.9			1,984.5
5.375% senior notes due 2036	416.0			415.8
5.50% senior notes due 2046	657.3			657.2
Commercial paper	324.9			—
Other debt	18.9			48.4
Total debt	6,325.6			7,015.0
Short-term debt and current portion of long-term debt	(633.9		)	(318.7		)
Long-term debt	$	5,691.7		$	6,696.3

Senior Notes

In August 2019, the Company commenced cash tender offers (the “Tender Offers”) totaling approximately $700 million for up to a maximum aggregate principal amount of certain series of its senior notes. In August 2019, pursuant to the Tender Offers, the Company repurchased approximately $357 million aggregate principal amount of its 3.85% senior notes due 2023, $299 million of its 4.00% senior notes due 2024 and $44.0 million of its 3.90% senior notes due 2025 for total consideration, excluding accrued interest, of approximately $728 million. During the third quarter of 2019, the Company recorded a loss on the extinguishment of debt of $29.0 million.

In March 2019, the Company repaid the entire principal amount outstanding of its 2.60% senior notes due 2019 upon maturity.

The Company has designated the €300 million principal balance of the 3.75% senior notes due October 2021 as a net investment hedge of the foreign currency exposure of its net investment in certain Euro-functional currency subsidiaries with Euro-denominated net assets. At September 30, 2019, $13.5 million of deferred gain have been recorded in AOCL. See Footnote 10 for disclosures regarding the Company’s derivative financial instruments.

Revolving Credit Facility and Commercial Paper

The Company maintains a $1.25 billion revolving credit facility that matures in December 2023 (the “Facility”). Under the Facility, the Company may borrow funds on a variety of interest rate terms. Since the Facility provides the committed backup liquidity required to issue commercial paper, the Company may issue commercial paper up to a maximum of $800 million provided there is a sufficient amount available for borrowing under the Facility. The Facility also provides for the issuance of up to $100 million of letters of credit, so long as there is a sufficient amount available for borrowing under the Facility.

Receivables Facility

In October 2019, the Company refinanced its then existing receivables purchase agreement. The new $600 million receivables purchase agreement matures in October 2022 (the “Securitization Facility”) and bears interest at a margin over a variable interest rate. At September 30, 2019, the borrowing rate margin and the unused line fee on the Securitization Facility were 0.8% and 0.4% per annum, respectively.

In connection with entering into the Customer Receivables Purchase Agreement, the Company amended its existing receivables purchase agreement on June 18, 2019 to remove certain customer receivables which are subject to the Customer Receivables Purchase Agreement. As a result of the amendment, the parties reduced the aggregate commitment under the Company's then existing securitization facility from $950 million to $700 million.

The Company used a portion of the cash proceeds received from the disposal of the Process Solutions and Rexair businesses (see Footnote 2) to pay down short-term debt, including approximately $269 million outstanding under the Company’s then existing securitization facility at March 3, 2019.

Other

The fair value of the Company’s senior notes are based on quoted market prices and are as follows (in millions):



	September 30, 2019				December 31, 2018
	Fair Value		Book Value		Fair Value		Book Value
Senior notes	$	6,272.9	$	5,981.8	$	6,911.2	$	6,966.6

The carrying amounts of all other significant debt approximates fair value.