Quarterly report pursuant to Section 13 or 15(d)

DEBT

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DEBT
3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
DEBT
DEBT
 
Debt outstanding at March 31, 2017 and December 31, 2016 was as follows:
 
 
 
March 31, 2017
 
December 31, 2016
 
 
(In millions)
Commercial paper
 
$
356.9

 
$
310.3

Notes, 6.30%, due July 2017
 
272.5

 
272.5

Term Loan, due Nov 2018
 
400.0

 
450.0

Notes, 2.30%, due June 2021
 
500.0

 
500.0

Notes, 3.30%, due Dec 2022
 
500.0

 
500.0

Notes, 3.25%, due June 2026
 
275.0

 
275.0

Debentures, 6.90%, due July 2028
 
125.0

 
125.0

Notes, 7.00%, due July 2037
 
250.0

 
250.0

Other
 
2.4

 
2.6

Total debt
 
2,681.8

 
2,685.4

Less short-term debt and current maturities
 
(631.8
)
 
(585.4
)
Less unamortized discounts and debt issuance costs
 
(12.6
)
 
(13.2
)
Total long-term debt, net
 
$
2,037.4

 
$
2,086.8


 
Senior Credit Facilities.   We are party to a $900.0 million five-year unsecured revolving credit facility (the "Revolver") and the previously described Term Loan, (the Revolver and the Term Loan collectively, the "Senior Credit Facilities"), with a group of financial institutions.  The Revolver also has an accordion feature that allows us to request an increase in the total commitment to $1.2 billion.  Borrowings may be used for general corporate purposes, including working capital, capital expenditures, acquisitions and share repurchase programs. The Revolver and the Term Loan are scheduled to expire in November 2020 and November 2018, respectively, with an option to request a maximum of two one-year extensions of the maturity date of the revolving credit facility. Availability of the Senior Credit Facility for borrowings is reduced by the outstanding principal balance of our commercial paper notes and by any letters of credit issued under the facility. As of March 31, 2017, there were $0.5 million of letters of credit outstanding. As of March 31, 2017, there were no outstanding borrowings under the Revolver and $542.6 million was available for borrowing.
 
Commercial Paper Program.   Our $900.0 million commercial paper program has been established through the private placement of commercial paper notes from time-to-time, in which borrowings bear interest at either a variable rate (based on LIBOR or other benchmarks), or a fixed rate, with the applicable rate and margin. Maturities of commercial paper can range from overnight to 397 days. Because the commercial paper ("CP") is backstopped by our Senior Credit Facility, the amount of CP which may be issued under the program is reduced by the outstanding face amount of any letters of credit issued under the facility and, pursuant to our existing Board of Directors authorization, by the outstanding borrowings under our Senior Credit Facility. At March 31, 2017, $356.9 million in commercial paper notes was outstanding.

For additional information about our debt agreements, see Note 5 of the Notes to Consolidated Financial Statements in our 2016 Form 10-K.