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DEBT
 3 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Debt DEBT
Short-term borrowings and the current portion of long-term debt at June 30, 2020, and December 31, 2019, consisted of the following:
June 30,
2020		December 31, 2019
4.625% senior notes due 2020$414.6  $413.7  
2019 Term Loan375.0  —  
Debt issuance costs(1.0) (0.7) 
Current portion of note payable2.2  2.2  
Total short-term borrowings and current portion of long-term debt$790.8  $415.2  
Long-term debt at June 30, 2020, and December 31, 2019, consisted of the following:
June 30,
2020		December 31, 2019
3.20% senior notes due 2022$500.0  $500.0  
3.75% senior notes due 2022500.0  500.0  
4.00% senior notes due 2023300.0  300.0  
3.25% senior notes due 2024600.0  600.0  
3.60% senior notes due 20251,000.0  1,000.0  
3.60% senior notes due 2027600.0  600.0  
4.70% senior notes due 2045900.0  900.0  
2.30% senior notes due 2024400.0  400.0  
2.95% senior notes due 2029650.0  650.0  
2019 Term Loan—  375.0  
Debt issuance costs(39.8) (42.2) 
Note payable6.4  7.0  
Total long-term debt$5,416.6  $5,789.8  
Credit Facilities
On June 3, 2019, the Company entered into a new $850.0 2019 term loan facility that matures on June 3, 2021. The 2019 term loan facility accrues interest at a per annum rate equal to, at the Company's election, either a LIBOR rate plus a margin ranging from 0.55% to 1.175%, or a base rate determined according to a prime rate or federal funds rate plus a margin ranging from 0.0% to 0.175%. The 2019 term loan balance at June 30, 2020 and December 31, 2019, was $375.0 and $375.0, respectively. As of June 30, 2020, the effective interest rate on the 2019 term loan was 0.98%.
The Company also maintains a senior revolving credit facility consisting of a five-year facility in the principal amount of up to $1,000.0, with the option of increasing the facility by up to an additional $350.0, subject to the agreement of one or more new or existing lenders to provide such additional amounts and certain other customary conditions. The revolving credit facility also provides for a subfacility of up to $100.0 for swing line borrowings and a subfacility of up to $150.0 for issuances of letters of credit. The Company is required to pay a facility fee on the aggregate commitments under the revolving credit facility, at a per annum rate ranging from 0.00% to 0.25%. The revolving credit facility is permitted to be used for general corporate purposes, including working capital, capital expenditures, funding of share repurchases and certain other payments, acquisitions and other investments. There were no balances outstanding on the Company's current revolving credit facility at June 30, 2020, and December 31, 2019. As of June 30, 2020, the effective interest rate on the revolving credit facility was 1.14%. The credit facility expires on September 15, 2022.
Under the term loan facility and the revolving credit facility, the Company is subject to negative covenants limiting subsidiary indebtedness and certain other covenants typical for investment grade-rated borrowers, and the Company is required to maintain certain leverage ratios. In May 2020, the Company entered into amendments to its term loan facility and its revolving credit facility, in each case to, among other things, increase the maximum leverage ratio covenant to 5.0x debt to last twelve months EBITDA for each of the three periods ended June 30, September 30, and December 31, 2020, 4.5x for period ended March 31, 2021 and then reverts back to 4.0x. The Company was in compliance with all covenants in the term loan facility and the revolving credit facility at June 30, 2020 and expects that it will remain in compliance with its existing debt covenants for the next twelve months.
The Company's availability of $997.0 at June 30, 2020, under its revolving credit facility reflects a reduction equivalent to the amount of the Company's outstanding letters of credit.
Liquidity
During the fourth quarter of 2020, $412.2 of the Company's senior notes mature. The Company has elected to redeem these notes in August 2020 at par using from available cash on hand and borrowings under its revolving credit facility.
At June 30, 2020, the Company had $557.0 of cash and $997.0 of available borrowings under its revolving credit facility, which does not mature until 2022, and the Company was in compliance with all of its debt covenants. In May 2020, in order to obtain increased financial covenant flexibility, the Company and its lenders entered into amendments to the term loan facility and the revolving credit facility to increase the maximum leverage ratio to 5.0x debt to last twelve months EBITDA for the three month periods ending June 30, September 30 and December 31, 2020 and 4.5x for the period ended March 31, 2021. The amendments also provide that during any period in which the Company's leverage ratio exceeds 4.5x debt to last twelve months
EBITDA (i) the Company will be prohibited from consummating share repurchases, subject to limited exceptions, (ii) borrowings under the revolving credit facility will accrue interest at a per annum rate equal to, at the Company's election, either a LIBOR rate plus a margin of 1.25% or a base rate plus a margin of 0.25%, (iii) the facility fee that the Company is required to pay on the aggregate commitments under the revolving credit facility will be 0.25% per annum, and (iv) borrowings under the term loan facility will accrue interest at a per annum rate equal to, at the Company's election, either a LIBOR rate plus a margin of 1.175% or a base rate plus a margin of 0.175%.
The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business and the effects such impacts will have on the Company's liquidity.The significance of the impact on the Company’s business is not yet certain and depends on numerous evolving factors that the Company may not be able to accurately predict.