FINANCIAL ARRANGEMENTS

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

FINANCIAL ARRANGEMENTS

FINANCING ARRANGEMENTS

Debt Issuance

In May 2019, we issued €750 million of 0.40% senior notes due in May 2024 and €750 million of 1.30% senior notes due in May 2029. We have designated these debt instruments as net investment hedges of our European operations. Refer to Note 16 for additional information.

Short-term Debt

In the second quarter of 2019, we repaid $795 million of commercial paper and other short-term borrowings that were outstanding as of March 31, 2019. No commercial paper was outstanding as of September 30, 2019 or December 31, 2018.

Credit Facilities

In December 2019, we entered into new U.S. and Euro-denominated credit facilities. Our U.S. dollar-denominated revolving credit facility has capacity of $2.0 billion and our Euro-denominated senior revolving credit facility has a capacity of €200 million. Each of the facilities matures in 2024. As of December 31, 2019, we had €200 million ($224 million) outstanding under our Euro-denominated facility at a 0.91% interest rate and no borrowings outstanding under our U.S. dollar-denominated credit facility. The facilities enable us to borrow funds on an unsecured basis at variable interest rates, and contain various covenants, including a maximum net leverage ratio. Fees under the credit facilities are variable and are based on our credit ratings and the total capacity of the facility. There were no borrowings outstanding under our previous credit facilities as of September 30, 2019 or December 31, 2018.