Long-term Debt

3 Months Ended

Mar. 31, 2018

A summary of the Company's long-term debt follows:



(in millions)							Fair Value ⁽¹⁾
(in millions)	March 31, 2018			December 31, 2017			March 31, 2018		December 31, 2017
3.75% Notes due 2027	$	600.0		$	600.0		$	582.6	$	607.1
3.5% Notes due 2024	400.0			400.0			391.6		403.7
3.75% Notes due 2022	350.0			350.0			352.3		358.9
5.125% Notes due 2020	250.0			250.0			260.9		264.8
Unamortized discount, debt issuance costs, and other	(13.6		)	(13.8		)
Total long term-debt	$	1,586.4		$	1,586.2


⁽¹⁾	The fair value is estimated based on current yield rates plus the Company’s estimated credit spread available for financings with similar terms and maturities. Based on these inputs, the debt instruments are classified as Level 2 in the fair value hierarchy.

Revolving Credit Facility (the "Facility")

During the three months ended March 31, 2018, there were no borrowings under the Facility. As of March 31, 2018, and December 31, 2017, the Facility had no outstanding balance and $1.0 billion available for use.

Covenants and Limitations

Under the Company’s debt and credit facilities, the Company is required to meet various restrictive covenants and limitations, including limitations on certain leverage ratios, interest coverage, and limits on outstanding debt balances held by certain subsidiaries. The Company was in compliance with all covenants and limitations as of March 31, 2018 and December 31, 2017.

Letters of Credit and Guarantees

During the normal course of business, the Company enters into commitments in the form of letters of credit and bank guarantees to provide financial and performance assurance to third parties. As of March 31, 2018, and December 31, 2017, the Company had $25.9 million and $26.3 million letters of credit and bank guarantees outstanding, respectively. The Company has multiple arrangements to obtain letters of credit, which include an agreement with an unspecified availability and separate agreements for up to $80.0 million in letters of credit, of which $55.9 million was available for use as of March 31, 2018.