Asset Acquisition, Price of Acquisition, Expected

[Table of Contents](#i7b123d2c40e141848818780e535fa94e_7)Notes to Consolidated Financial Statements – (continued) (Amounts in Millions, Except Per Share Amounts) (Unaudited)to advance consideration received from customers under the terms of our contracts primarily related to reimbursements of third-party expenses, whether we act as principal or agent, and to a lesser extent, periodic retainer fees, both of which are generally recognized shortly after billing. The majority of our contracts are for periods of one year or less with the exception of our data management contracts. For those contracts with a term of more than one year, we had approximately $635.9 of unsatisfied performance obligations as of September 30, 2022, which will be recognized as services are performed over the remaining contractual terms through 2027.  
 Note 3:  Debt and Credit ArrangementsLong-Term DebtA summary of the carrying amounts of our long-term debt is listed below.

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | EffectiveInterest Rate |  | September 30,2022 |  | December 31,2021 |
|  |
| 4.200% Senior Notes due 2024 (less unamortized discount and issuance costs of $0.1 and $0.3, respectively) | 4.240% |  | $ | 249.6  |  |  | $ | 249.4  |  |
| 4.650% Senior Notes due 2028 (less unamortized discount and issuance costs of $1.1 and $2.7, respectively) | 4.780% |  | 496.2  |  |  | 495.8  |  |
| 4.750% Senior Notes due 2030 (less unamortized discount and issuance costs of $3.0 and $4.6, respectively) | 4.920% |  | 642.4  |  |  | 641.7  |  |
| 2.400% Senior Notes due 2031 (less unamortized discount and issuance costs of $0.7 and $3.9, respectively) | 2.512% |  | 495.4  |  |  | 495.0  |  |
| 3.375% Senior Notes due 2041 (less unamortized discount and issuance costs of $1.0 and $5.3, respectively) | 3.448% |  | 493.7  |  |  | 493.4  |  |
| 5.400% Senior Notes due 2048 (less unamortized discount and issuance costs of $2.6 and $4.9, respectively) | 5.480% |  | 492.5  |  |  | 492.3  |  |
| Other notes payable and capitalized leases |  |  | 33.3  |  |  | 41.7  |  |
| Total long-term debt |  |  | 2,903.1  |  |  | 2,909.3  |  |
| Less: current portion |  |  | 0.6  |  |  | 0.7  |  |
| Long-term debt, excluding current portion |  |  | $ | 2,902.5  |  |  | $ | 2,908.6  |  |

As of September 30, 2022 and December 31, 2021, the estimated fair value of the Company's long-term debt was $2,485.7 and $3,337.4, respectively. Refer to Note 12 for details.Credit AgreementWe maintain a committed corporate credit facility, originally dated as of July 18, 2008, which has been amended and restated from time to time (the "Credit Agreement"). We use our Credit Agreement to increase our financial flexibility, to provide letters of credit primarily to support obligations of our subsidiaries and to support our commercial paper program. On November 1, 2021, we amended and restated the Credit Agreement. As amended, among other things, the maturity date of the Credit Agreement was extended to November 1, 2026 and the cost structure of the Credit Agreement was changed. The Credit Agreement continues to include a required leverage ratio of not more than 3.50 to 1.00, among other customary covenants, including limitations on our liens and the liens of our consolidated subsidiaries and limitations on the incurrence of subsidiary debt. At the election of the Company, the leverage ratio may be changed to not more than 4.00 to 1.00 for four consecutive quarters, beginning with the fiscal quarter in which there is an occurrence of one or more acquisitions with an aggregate purchase price of at least $200.0. 12
