Financing Arrangements and Debt

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Financing Arrangements and Debt

Note F – Financing Arrangements and Debt

As of June 30, 2020, the Company had a $1.6 billion revolving credit facility (RCF). The RCF is a senior unsecured guaranteed facility which expires in November 2023. At June 30, 2020, the Company had $170.0 million outstanding borrowings under the RCF and $3.7 million of outstanding letters of credit, which reduce the borrowing capacity of the RCF. At June 30, 2020, the interest rate in effect on borrowings under the facility was 1.86%. At June 30, 2020, the Company was in compliance with all covenants related to the RCF.

The Company also 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 2021.