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DEBT AND INTEREST (Tables)
12 Months Ended
Dec. 31, 2019
Schedule of short-term debt obligations

2019

2018

    

    

Average

    

    

    

Average

Carrying

Interest

Carrying

Interest

(millions)

    

Value

Rate

Value

Rate

Short-term debt

Commercial paper

$55.1

(0.30)

%

$165.4

0.18

%  

Notes payable

 

24.5

3.53

%

 

175.9

1.44

%  

Long-term debt, current maturities

 

300.9

 

401.4

Total

$380.5

$742.7

Schedule of long-term debt obligations including current maturities

    

    

    

2019

    

    

2018

    

    

 

Stated

Effective

Stated

Effective

Maturity

Carrying

Interest

Interest

Carrying

Interest

Interest

(millions)

by Year

Value

Rate

Rate

Value

Rate

Rate

Long-term debt

Public notes (2019 principal amount)

Three year 2016 senior notes ($400 million)

2019

$ -

-

%  

-

%

$399.7

2.00

%  

3.24

%  

Five year 2015 senior notes ($300 million)

2020

 

300.0

 

2.25

%  

2.79

%

 

299.5

 

2.25

%  

2.79

%  

Ten year 2011 senior notes ($1.02 billion)

2021

 

1,018.3

 

4.35

%  

4.43

%

 

1,017.6

 

4.35

%  

4.43

%  

Five year 2017 senior notes ($500 million)

2022

497.8

2.38

%  

2.55

%

496.9

2.38

%  

2.55

%  

Seven year 2016 senior notes ($400 million)

2023

398.5

3.25

%  

3.49

%

398.0

3.25

%  

3.49

%  

Seven year 2016 senior notes (€575 million)

2024

628.4

1.00

%  

1.10

%

644.1

1.00

%  

1.09

%  

Ten year 2015 senior notes (€575 million)

2025

 

630.0

 

2.63

%  

2.96

%

 

646.3

 

2.63

%  

2.94

%  

Ten year 2016 senior notes ($750 million)

2026

744.5

2.70

%  

2.93

%

743.8

2.70

%  

2.93

%  

Ten year 2017 senior notes ($500 million)

2027

495.4

3.25

%  

3.37

%

494.8

3.25

%  

3.37

%  

Thirty year 2011 senior notes ($458 million)

2041

451.9

 

5.50

%  

5.56

%

451.6

 

5.50

%  

5.56

%  

Thirty year 2016 senior notes ($250 million)

2046

246.2

 

3.70

%  

3.76

%

246.1

 

3.70

%  

3.76

%  

Thirty year 2017 senior notes ($700 million)

2047

610.4

3.95

%  

4.15

%

609.0

3.95

%  

4.14

%  

Private notes (2019 principal amount)

Series B private placement senior notes ($250 million)

2023

 

249.6

 

4.32

%  

4.36

%

 

249.4

 

4.32

%  

4.36

%  

Finance lease obligations and other

 

3.0

 

6.1

Total debt

 

6,274.0

 

6,702.9

Long-term debt, current maturities

 

(300.9)

 

(401.4)

Total long-term debt

$5,973.1

$6,301.5

Schedule of aggregate annual maturities of long-term debt

(millions)

    

    

2020

$ 301

2021

 

1,020

2022

 

498

2023

 

648

2024

 

628

Schedule of interest expense and interest income

(millions)

2019

    

2018

    

2017

Interest expense

$214.4

$235.5

$272.2

Interest income

 

 

 

(23.7)

 

(14.4)

 

(17.6)

Interest expense, net

$190.7

$221.1

$254.6