LONG-TERM DEBT

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

LONG-TERM DEBT

LONG-TERM DEBT

The following table is a summary of our long-term debt outstanding (excluding finance leases) as of December 31:

(in millions)			2019		2018
Long-term debt	Interest Rate	Year Due
Senior Notes (unsecured)	3.35%	2021	400.0		400.0
	6.08%	2028	50.0		50.0
	5.55%	2036	125.0		125.0
	3.671%	2042	300.0		300.0
	4.752%	2044	450.0		450.0
	3.30%	2049	300.0		—
Total			1,625.0		1,325.0
Unamortized debt issuance costs			(12.0	)	(9.6	)
Unamortized discount, net			(0.9	)	(0.7	)
Total long-term debt *			1,612.1		1,314.7

* The amount of long-term debt on our balance sheet includes finance lease obligations of $30.7 million at December 31, 2019.

We amortize debt premiums, discounts, and debt issuance costs over the life of the debt and we include the costs in interest expense.

In August 2019, we issued $300.0 million of 3.30% Senior Notes due September 1, 2049, and used the net proceeds to repay short-term debt and for working capital and other corporate purposes.

The following table shows the future maturities of our long-term debt outstanding (excluding obligations under finance leases) as of December 31, 2019:

(in millions)	Payments
2020	$	—
2021	400.0
2022	—
2023	—
2024	—
Thereafter	1,225.0
Total	$	1,625.0

Our long-term debt obligations contain covenants related to payment of principal and interest when due and various other obligations. Failure to comply with these covenants could result in an event of default, which could result in the acceleration of outstanding debt obligations.