Financing

3 Months Ended

Mar. 31, 2021

Our debt consisted of the following:


(in millions)	March 31, 2021		December 31, 2020

Commercial paper	$	—	$	27.2
364-Day Credit Agreement	346.9		348.5

Total short-term borrowings	$	346.9	$	375.7

4.45% notes due December 2023	$	299.2	$	299.1
6.55% notes due November 2036	198.5		198.4
4.20% notes due March 2048	346.2		346.2
Other deferred financing costs associated with credit facilities	(0.7)		(0.8)
Total long-term debt	$	843.2	$	842.9


Debt discounts and debt issuance costs totaled $6.2 and $6.6 as of each of March 31, 2021 and December 31, 2020, respectively and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above.

As of March 31, 2021, there were no outstanding borrowings under the commercial paper program. At December 31, 2020, there was $27.2 million of outstanding borrowings under the commercial paper program. We issued commercial paper of $100 million in January 2020 and $150 million in December 2020 to fund the acquisitions of I&S and Cummins-Allison, respectively. See discussion in Note 2, “Acquisitions” for further details. Amounts available under the commercial paper program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of the notes outstanding under the commercial paper program at any time not to exceed $550 million.

We also have a revolving credit agreement permitting borrowings of up to $550 million which expires in December 2022. The undrawn portion of this revolving credit agreement is also available to serve as a backstop facility for the issuance of commercial paper. In the first half of 2020, we repaid the outstanding amounts related to borrowings of $67 million used to fund the I&S acquisition in January 2020. See discussion in Note 2, “Acquisitions” for further details. As of March 31, 2021 and December 31, 2020, there were no outstanding borrowings.

In April 2020, to enhance financial flexibility and maintain maximum liquidity in response to the uncertainty in the global markets resulting from the COVID-19 pandemic, we entered into a senior unsecured 364-day credit facility (the “364-Day Credit Agreement”). As of March 31, 2021 and December 31, 2020, there was $346.9 million and $348.5 million outstanding under the 364-Day Credit Agreement, respectively. On April 15, 2021, we repaid the amount outstanding under the 364-Day Credit Agreement with cash on hand and the issuance of commercial paper.