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Financing Arrangements
12 Months Ended
Dec. 31, 2014
Long-term Debt [Abstract]  
Financing Arrangements

Note F – Financing Arrangements

 

At December 31, 2014, the Company had a $2.0 billion committed credit facility with a major banking consortium that expires in June 2017.  Borrowings under this facility bear interest at 1.25% above LIBOR based on the Company’s current credit rating as of December 31, 2014.  In addition, facility fees of 0.25% are charged on the full $2.0 billion commitment.  In May 2013, the Company increased the capacity of the committed credit facility from $1.5 billion to $2.0 billion and extended the maturity date by one year from June 2016 to June 2017.  At December 31, 2014, the Company had borrowings of $450,000,000 under this committed facility.  At December 31, 2014, the Company also had uncommitted credit lines that had estimated total borrowing capacity of approximately $435,000,000No borrowings were outstanding under these uncommitted credit lines at December 31, 2014.  If necessary, the Company could borrow funds under all or certain of these uncommitted lines with various financial institutions in future periods.  The Company has a shelf registration statement on file with the U.S. Securities and Exchange Commission that permits the offer and sale of debt and/or equity securities through October 2015.