Debt

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Debt

Footnote 9 — Debt

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

	March 31, 2019			December 31, 2018
2.60% senior notes due 2019	$	—		$	267.3
4.70% senior notes due 2020		304.7			304.6
3.15% senior notes due 2021		93.5			97.5
3.75% senior notes due 2021		344.6			353.2
4.00% senior notes due 2022		249.1			249.0
3.85% senior notes due 2023		1,741.3			1,740.8
5.00% senior notes due 2023		309.5			310.0
4.00% senior notes due 2024		496.6			496.4
3.90% senior notes due 2025		90.4			90.3
4.20% senior notes due 2026		1,984.9			1,984.5
5.375% senior notes due 2036		415.9			415.8
5.50% senior notes due 2046		657.2			657.2
Commercial paper		258.9			—
Receivables facility		269.0			—
Other debt		52.6			48.4
Total debt		7,268.2			7,015.0
Short-term debt and current portion of long-term debt		(573.6	)		(318.7	)
Long-term debt	$	6,694.6		$	6,696.3

Senior Notes

During the three months ended March 31, 2019, the Company repaid approximately $268 million of debt upon maturity of its 2.60% senior notes due March 2019.

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 March 31, 2019, $3.9 million of deferred gains 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

The Company maintains a $950 million receivables purchase agreement that matures in October 2019 (the “Securitization Facility”) and bears interest at a margin over a variable interest rate. At March 31, 2019, the borrowing rate margin and the unused line fee on the Securitization Facility were 0.80% and 0.40% per annum, respectively.

Other

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

	March 31, 2019				December 31, 2018
	Fair Value		Book Value		Fair Value		Book Value
Senior notes	$	6,518.2	$	6,687.7	$	6,911.2	$	6,966.6

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