FINANCING ARRANGEMENTS

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS

The Company has access to a $700.0 million multi-currency revolving credit facility. At March 31, 2020 and December 31, 2019, there were no outstanding borrowings under this facility.

The Company has a $500.0 million commercial paper program. The multi-currency revolving credit facility serves as a back-stop credit facility for the Company's commercial paper program. At March 31, 2020 there was $31.2 million outstanding under the commercial paper program. At December 31, 2019 there were no outstanding borrowings under the commercial paper program.

At March 31, 2020, the Company had $703.2 million of borrowing available under lines of credit, including lines available under its short-term arrangements and revolving credit facility.

The Company’s revolving credit facility, term loans and senior notes contain certain affirmative and negative covenants relating to the Company's operations and financial condition. At March 31, 2020 the Company was in compliance with all debt covenants.

Subsequent Event

In response to the COVID-19 pandemic, on April 9, 2020 the Company entered into a $310.0 million 364-day revolving credit facility with a maturity date of April 8, 2021. The 364-day revolving credit facility mirrors the original five-year facility in all major respects, is unsecured and contains certain affirmative and negative covenants relating to the operations and financial condition of the Company. This revolving credit facility is in addition to those credit facilities as described above as well as disclosed in the Company's Form 10-K for the year ended December 31, 2019 filed on March 2, 2020.

On April 17, 2020, the Company provided a notice to the administrative agent to draw down the full available amount under the 2018 revolving credit facility, which is equal to $700.0 million. The Company has previously not drawn down any sums under this facility. The borrowings will bear interest at the rate of adjusted LIBOR plus 1.25%.

On May 5, 2020 the Company entered into a 40.0 million euro 364-day revolving credit facility with a maturity date of April 30, 2021. The agreement is unsecured and contains certain affirmative and negative covenants relating to the operations and financial condition of the Company.

Although the Company has no immediate need for additional liquidity, the Company has elected to draw down the $700.0 million credit facility to provide additional liquidity and financial flexibility in light of current economic conditions and uncertainties arising in connection with the COVID-19 pandemic. The proceeds will be used for working capital and other general corporate purposes. Through the date of the filing of this Form 10-Q, the Company has not borrowed on the $310.0 million credit facility or the 40.0 million euro credit facility noted above.