As of December 31, 2018, total short-term debt was $621 million. Short-term debt consisted of $208 million U.S. Private Placement loan maturing in April 2019, $60 million U.S. Private Placement loan maturing in November 2019, and $343 million commercial paper loans with maturities in Q1 and Q2 2019.

The Company’s subsidiaries have credit agreements, principally in the form of overdraft facilities with several local banks. Total available short-term facilities as of December 31, 2018, excluding commercial paper facilities as described below, amounted to $381 million, of which approximately $10 million was utilized. The weighted average interest rate on total short-term debt outstanding at December 31, 2018 and 2017, excluding the short-term portion of long-term debt, was 1.4% and 2.0%, respectively.

In June 2018, the Company issued EUR 500 million of 5-year notes in the Eurobond market. The notes carry a coupon of 0.75%.

In 2014, the Company issued long-term debt securities in a U.S. Private Placement. The current long-term debt outstanding from the 2014 issuance consist of; $275 million aggregate principal amount of 7-year senior notes with an interest rate of 3.51%; $297 million aggregate principal amount of 10-year senior notes with an interest rate of 4.09%; $285 million aggregate principal amount of 12-year senior notes with an interest rate of 4.24%; and $185 million aggregate principal amount of 15-year senior notes with an interest rate of 4.44%.

In July 2016, the Company signed a $1,100 million senior unsecured revolving credit facility with 14 banks. The term of the facility was 5 years with two one-year extension options. The Company has utilized these extension options and extended the maturity to July 2023. The Company pays a commitment fee on the undrawn amount. The commitment fee is 35% of the applicable margin. The applicable margin is related to the Company’s credit rating. Given the Company’s current credit rating of A- from S&P Global Ratings the applicable margin is 0.225%. As of December 31, 2018, and December 31, 2017, the facility was unutilized.

The Company has two commercial paper programs: one SEK 7 billion (approx. $780 million) Swedish program and one $1.0 billion U.S. program. At December 31, 2018 a total of $343 million had been issued under these programs. Both programs were unutilized at December 31, 2017.

The Company is not subject to any financial covenants, i.e. performance related restrictions, in any of its significant long-term borrowings or commitments.

In the Company’s financial operations, credit risk arises in connection with cash deposits with banks and when entering into forward exchange agreements, swap contracts or other financial instruments. In order to reduce this risk, deposits and financial instruments are only entered with a limited number of banks up to a calculated risk amount of $150 million per bank for banks rated A- or above and up to $50 million for banks rated BBB+. The policy of the Company is to work with banks that have a strong credit rating and that participate in the Company’s financing. In addition to this, deposits of up to an aggregate amount of $2 billion can be placed in U.S. and Swedish government paper and in certain AAA rated money market funds. As of December 31, 2018, the Company had placed $1 million in money market funds.

The table below shows debt maturity as cash flow. For a description of hedging instruments used as part of debt management, see the Financial Instruments section of Note 2 and Note 5.

													Total
PRINCIPAL AMOUNT BY EXPECTED MATURITY	2019		2020		2021		2022		2023		Thereafter		long- term		Total
Eurobond	$	—	$	—	$	—	$	—	$	572.7	$	—	$	572.7	$	572.7
U.S. private placement notes	$	268.0	$	—	$	275.0	$	—	$	—	$	767.0	$	1,042.0	$	1,310.0
Commercial papers	$	342.6	$	—	$	—	$	—	$	—	$	—		—	$	342.6
Other short-term debt	$	10.1	$	—	$	—	$	—	$	—	$	—	$	—	$	10.1
Total principal amount	$	620.7	$	—	$	275.0	$	—	$	572.7	$	767.0	$	1,614.7	$	2,235.4	¹⁾