Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt

Note 7. Debt

Debt

The following table summarizes the Company's total debt (in millions, except percentages):

	As of September 30, 2020
	Issuance date	Maturity Date	Amount		Effective Interest Rates
Senior Notes ("Notes"):
4.500% fixed-rate notes ("2024 Notes")	March 2014	March 2024	$	350.0	4.63	%
4.500% fixed-rate notes ("2024 Notes")	February 2016	March 2024	150.0		4.87	%
4.350% fixed-rate notes ("2025 Notes")	March 2015	June 2025	300.0		4.47	%
3.750% fixed-rate notes ("2029 Notes")	August 2019	August 2029	500.0		3.86	%
5.950% fixed-rate notes ("2041 Notes")	March 2011	March 2041	400.0		6.03	%
Total Notes			1,700.0
Unaccreted discount and debt issuance costs			(11.8)
Hedge accounting fair value adjustments(*)			25.9
Total			$	1,714.1

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(*)     Represents the fair value adjustments for interest rate swaps with an aggregate notional amount of $300.0 million designated as fair value hedges of our fixed-rate 2041 Notes. See Note 4, Derivative Instruments, for a discussion of the Company's interest rate swaps.

The Notes above are the Company’s senior unsecured and unsubordinated obligations, ranking equally in right of payment to all of the Company’s existing and future senior unsecured and unsubordinated indebtedness, and senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated to the Notes.

Interest on the Notes is payable in cash semiannually. The effective interest rates for the Notes include the interest on the Notes, accretion of the discount, and amortization of issuance costs. The indentures that govern the Notes also contain various covenants, including limitations on the Company's ability to incur liens or enter into sale-leaseback transactions over certain dollar thresholds.

As of September 30, 2020, the Company was in compliance with all covenants in the indentures governing the Notes.

Revolving Credit Facility

The Company has an unsecured revolving credit facility that will expire in April 2024, which enables borrowings of up to $500.0 million, with an option to increase the amount of the credit facility by up to an additional $200.0 million, subject to the lenders' approval. The credit facility will terminate in April 2024, subject to a one-year maturity extension option. As of September 30, 2020, the Company was in compliance with all covenants and no amounts were outstanding under our credit facility.