XML 25 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Long-Term Debt and Financing Arrangements
 9 Months Ended
Sep. 30, 2017
Notes To Financial Statements [Abstract]  
Long-Term Debt and Financing Arrangements
Long-Term Debt and Financing Arrangements

Long-term debt and financing arrangements at September 30, 2017 and December 31, 2016 are as follows:
 
 
September 30, 2017
 
December 31, 2016
(Millions of Dollars)
Interest Rate
Original Notional
Unamortized Discount
Unamortized Gain/(Loss) Terminated Swaps (1)
Purchase Accounting FV Adjustment
Deferred Financing Fees
Carrying Value
 
Carrying Value
Notes payable due 2018
2.45%
$
632.5

$
—

$
—

$
—

$
(2.0
)
$
630.5

 
$
629.2

Notes payable due 2018
1.62%
345.0

—

—

—

(1.1
)
343.9

 
343.1

Notes payable due 2021
3.40%
400.0

(0.2
)
14.5

—

(1.4
)
412.9

 
415.2

Notes payable due 2022
2.90%
754.3

(0.3
)
—

—

(3.2
)
750.8

 
750.3

Notes payable due 2028
7.05%
150.0

—

11.7

11.4

—

173.1

 
174.7

Notes payable due 2040
5.20%
400.0

(0.2
)
(33.8
)
—

(3.1
)
362.9

 
361.7

Notes payable due 2052 (junior subordinated)
5.75%
750.0

—

—

—

(19.1
)
730.9

 
730.4

Notes payable due 2053 (junior subordinated)
5.75%
400.0

—

4.7

—

(8.1
)
396.6

 
396.5

Other, payable in varying amounts through 2022
0.00% - 2.73%
25.1

—

—

—

—

25.1

 
22.0

Total long-term debt, including current maturities
 
$
3,856.9

$
(0.7
)
$
(2.9
)
$
11.4

$
(38.0
)
$
3,826.7

 
$
3,823.1

Less: Current maturities of long-term debt
 
 
 
 
 
 
(8.7
)
 
(7.8
)
Long-term debt
 
 
 
 
 
 
$
3,818.0

 
$
3,815.3



(1)Unamortized gain/(loss) associated with interest rate swaps are more fully discussed in Note I, Financial Instruments.
In January 2017, the Company amended its existing $2.0 billion commercial paper program to increase the maximum amount of notes authorized to be issued to $3.0 billion and to include Euro denominated borrowings in addition to U.S. Dollars. As of September 30, 2017, the Company had $573.1 million of borrowings outstanding against the Company’s $3.0 billion commercial paper program, of which approximately $471.3 million in Euro denominated commercial paper was designated as a Net Investment Hedge as described in more detail in Note I, Financial Instruments. At December 31, 2016, the Company had no commercial paper borrowings outstanding.
In January 2017, the Company also executed a 364-day $1.3 billion committed credit facility (the "2017 Credit Agreement"). The 2017 Credit Agreement consists of a $1.3 billion revolving credit loan and a sub-limit of an amount equal to the Euro equivalent of $400 million for swing line advances. Borrowings under the 2017 Credit Agreement may be made in U.S. Dollars or Euros, pursuant to the terms of the agreement, and bear interest at a floating rate dependent on the denomination of the borrowing. Repayments must be made by January 17, 2018 or upon an earlier termination of the 2017 Credit Agreement at the election of the Company. The 2017 Credit Agreement serves as a liquidity back-stop for the Company’s $3.0 billion U.S. Dollar and Euro commercial paper program, also authorized and amended in January 2017, as discussed above. As of September 30, 2017, the Company had not drawn on this commitment.
As of September 30, 2017 and December 31, 2016, the Company had not drawn on its existing five-year $1.75 billion committed credit facility.