Debt (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Long-term Debt Instruments [Table Text Block]

Long-term debt consisted of the following at June 30, 2020 and December 31, 2019:


(in millions)	June 30, 2020		December 31, 2019
$750.0 million fixed rate notes due September 2022, stated rate of 3.00%⁽¹⁾	$	748.1	$	747.7
€15.0 million fixed rate notes due May 2023, stated rate of 4.30%	16.5		16.4
$750.0 million fixed rate notes due March 2025, stated rate of 3.00% ⁽²⁾	746.7		746.3
$500.0 million fixed rate notes due June 2028, stated rate of 3.75%	496.6		496.4
$750.0 million fixed rate notes due September 2043, stated rate of 5.30% ⁽³⁾	742.9		742.8
$700.0 million fixed rate notes due June 2048, stated rate of 4.15%	690.1		689.8
Commercial paper ⁽⁴⁾	—		303.8
Total long-term debt	$	3,440.9	$	3,743.2

(1)The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.32%.

(2)The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.11%.

(3)The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 4.73%.

(4)The commercial paper is backed by the five-year multi-currency revolving credit facility.

Schedule of Maturities of Long-term Debt [Table Text Block]

Long-term debt maturities, at par value (in U.S. dollar equivalent), were as follows at June 30, 2020:


(in millions)	Par Value
2021	$	—
2022	750.0
2023	16.9
2024	—
2025	750.0
Thereafter	1,950.0

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details