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Long-term Debt
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
A summary of the Company's long-term debt follows:
(in millions)
Fair Value1
September 30, 2018December 31, 2017September 30, 2018December 31, 2017
3.75% Notes due 2027
$600.0 $600.0 $570.3 $607.1 
3.5% Notes due 2024
400.0 400.0 384.3 403.7 
3.75% Notes due 2022
350.0 350.0 347.4 358.9 
5.125% Notes due 2020
250.0 250.0 256.9 264.8 
Unamortized discount, debt issuance costs, and other (12.6)(13.8)
Total long term-debt $1,587.4 $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
During the nine months ended September 30, 2018, there were no borrowings under the Facility. As of September 30, 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 September 30, 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 September 30, 2018 and December 31, 2017, the Company had $26.1 million and $26.3 million in letters of credit and bank guarantees outstanding, respectively. The Company has multiple arrangements to obtain letters of credit, which include an agreement with unspecified availability and separate agreements for up to $80.0 million in letters of credit, of which $56.1 million was available for use as of September 30, 2018.