Long-Term Debt

Long-term debt consists of the following (in millions):



	July 31,
	2019			2018
3.72% Unsecured senior notes, interest payable semi-annually, principal payment of $125.0 million due March 27, 2024	$	125.0		$	125.0
2.93% Unsecured senior notes, interest payable semi-annually, principal payment of $25.0 million due April 16, 2025	25.0			25.0
3.18% Unsecured senior notes, interest payable semi-annually, principal payment of $125.0 million due June 17, 2030	125.0			125.0
Variable rate committed, unsecured $500.0 million revolving credit facility due July 21, 2022 and an interest rate of 2.55% as of July 31, 2019	286.5			167.4
Variable rate committed, unsecured $50.0 million term loan due July 21, 2020 and an interest rate of 3.55% as of July 31, 2019	50.0			50.0
Variable rate guaranteed senior note, interest payable quarterly, principal payment of ¥1.65 billion due May 20, 2024 and an interest rate of 0.41% as of July 31, 2019	15.2			14.8
Variable rate guaranteed senior note, interest payable quarterly, principal payment of ¥1.00 billion due July 15, 2021 and an interest rate of 0.26% as of July 31, 2019	9.2			9.0
Capitalized lease obligations, with various maturity dates and interest rates	0.2			0.6
Debt issuance costs, net	(1.5		)	(1.9		)
Subtotal	634.6			514.9
Less: current maturities	50.2			15.3
Total long-term debt	$	584.4		$	499.6

The estimated future maturities of the Company’s long-term debt as of July 31, 2019, are as follows (in millions):



Year Ended July 31,	Amount
2020	$	50.2
2021	8.8
2022	286.1
2023	—
2024	140.0
Thereafter	149.5
Total estimated future maturities	$	634.6

The Company has a $500 million revolving credit facility (included in the tables above) with a group of lenders, in which it can borrow in multiple currencies, that matures July 21, 2022. Key provisions are as follows:


•	The credit facility has an accordion feature in which the Company can request to increase the credit facility by up to $250.0 million, subject to terms of agreement including written notification and lender acceptance.


•	Remaining borrowing capacity reflects the issued standby letters of credit, as discussed in Note 16, as issued standby letters of credit reduce the amounts available for borrowing.

Certain debt agreements contain financial covenants related to interest coverage and leverage ratios. As of July 31, 2019, the Company was in compliance with all such covenants.