DEBT

12 Months Ended

Dec. 31, 2019

Debt outstanding was comprised of the following at December 31:



(in thousands)	2019		2018
Amount drawn on revolving credit facility	$	883,500	$	910,000
Capital lease obligations⁽¹⁾	—		1,864
Long-term debt, principal amount	883,500		911,864
Less current portion of long-term debt	—		(791		)
Long-term debt	883,500		911,073
Current portion of capital lease obligations⁽¹⁾	—		791
Long-term debt due within one year	—		791
Total debt	$	883,500	$	911,864

⁽¹⁾Upon adoption of ASU No. 2016-02, Leasing, and related amendments on January 1, 2019 (Note 2), we reclassified our capital lease obligations, now known as finance lease obligations, to accrued liabilities and other non-current liabilities on the consolidated balance sheet.

There are currently no limitations on the amount of dividends and share repurchases under the terms of our credit agreement. However, if our leverage ratio, defined as total debt less unrestricted cash to EBITDA, should exceed 2.75 to 1, there would be an annual limitation on the amount of dividends and share repurchases.

As of December 31, 2018, we had a revolving credit facility in the amount of $950,000. In January 2019, we increased the credit facility by $200,000, bringing the total availability to $1,150,000, subject to increase under the credit agreement to an aggregate amount not exceeding $1,425,000. The credit facility matures in March 2023. Our quarterly commitment fee ranges from 0.175% to 0.35% based on our leverage ratio. Amounts drawn under the credit facility had a weighted-average interest rate of 3.03% as of December 31, 2019 and 3.79% as of December 31, 2018. In July 2019, we executed an interest rate swap to convert $200,000 of the amount drawn under the credit facility to fixed rate debt. Further information can be found in Note 7.

Borrowings under the credit agreement are collateralized by substantially all of our personal and intangible property. The credit agreement governing our credit facility contains customary covenants regarding limits on levels of subsidiary indebtedness and capital expenditures, liens, investments, acquisitions, certain mergers, certain asset sales outside the ordinary course of business and change in control as defined in the agreement. The agreement also requires us to maintain certain financial ratios, including a maximum leverage ratio of 3.5 and a minimum ratio of consolidated earnings before interest and taxes to consolidated interest expense, as defined in the credit agreement, of 3.0.

Daily average amounts outstanding under our credit facility were as follows for the years ended December 31:



(in thousands)	2019			2018			2017
Revolving credit facility:
Daily average amount outstanding	$	925,715		$	731,110		$	436,588
Weighted-average interest rate	3.54		%	3.24		%	2.55		%
Term loan facility:⁽¹⁾
Daily average amount outstanding	$	—		$	63,638		$	315,862
Weighted-average interest rate	—			2.97		%	2.57		%

⁽¹⁾During 2018 and 2017, we had borrowings outstanding under a variable rate term loan facility. These amounts were repaid in March 2018.

As of December 31, 2019, amounts were available for borrowing under our revolving credit facility as follows:



(in thousands)	Total available
Revolving credit facility commitment	$	1,150,000
Amount drawn on revolving credit facility	(883,500		)
Outstanding letters of credit⁽¹⁾	(5,408		)
Net available for borrowing as of December 31, 2019	$	261,092

⁽¹⁾We use standby letters of credit primarily to collateralize certain obligations related to our self-insured workers' compensation claims, as well as claims for environmental matters, as required by certain states. These letters of credit reduce the amount available for borrowing under our revolving credit facility.