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SHORT AND LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Short and Long-Term Debt SHORT AND LONG-TERM DEBT
Short-term Debt
As a source of short-term financing, we utilize cash on hand and commercial paper or bank loans with an original maturity of three months or less. We maintain a $1.5 billion unsecured revolving credit facility with the option to increase borrowings by an additional $500 million with the consent of the lenders. This facility is scheduled to expire on July 2, 2024; however, we may extend the termination date for up to two additional one-year periods upon notice to the administrative agent under the facility.
The unsecured committed revolving credit agreement contains a financial covenant whereby the ratio of (a) pre-tax income from operations from the most recent four fiscal quarters to (b) consolidated interest expense for the most recent four fiscal quarters may not be less than 2.0 to 1.0 at the end of each fiscal quarter. The credit agreement also contains customary representations, warranties and events of default. Payment of outstanding advances may be accelerated, at the option of the lenders, should we default in our obligation under the credit agreement. As of December 31, 2020, we are in compliance with all affirmative and negative covenants and the financial covenant pertaining to our credit agreement. There were no significant compensating balance agreements that legally restricted these funds.
In addition to the revolving credit facility, we maintain lines of credit with domestic and international commercial banks. Our credit limit in various currencies was $266,935 at December 31, 2020 and $390,299 at December 31, 2019. These lines permit us to borrow at the respective banks’ prime commercial interest rates, or lower. We had short-term foreign bank loans against these lines of credit for $74,041 at December 31, 2020 and $32,282 at December 31, 2019. Commitment fees relating to our revolving credit facility and lines of credit are not material.
At December 31, 2020 and 2019, we had no outstanding commercial paper.
The maximum amount of short-term borrowings outstanding during 2020 and 2019 was $944,944 and $1,275,430, respectively. The weighted-average interest rate on short-term borrowings outstanding was 1.2% as of December 31, 2020 and 2.4% as of December 31, 2019.
Long-term Debt
Long-term debt consisted of the following:
December 31,
Maturity Date20202019
2.900% Notes (1)
May 15, 2020$— $350,000 
4.125% Notes (1)
December 1, 2020— 350,000 
8.800% Debentures
February 15, 202184,715 84,715 
3.100% Notes
May 15, 2021350,000 350,000 
2.625% Notes
May 1, 2023250,000 250,000 
3.375% Notes
May 15, 2023500,000 500,000 
2.050% Notes (3)
November 15, 2024300,000 300,000 
0.900% Notes (2)
June 1, 2025300,000 — 
3.200% Notes
August 21, 2025300,000 300,000 
2.300% Notes
August 15, 2026500,000 500,000 
7.200% Debentures
August 15, 2027193,639 193,639 
2.450% Notes (3)
November 15, 2029300,000 300,000 
1.700% Notes (2)
June 1, 2030350,000 — 
3.375% Notes
August 15, 2046300,000 300,000 
3.125% Notes (3)
November 15, 2049400,000400,000
2.650% Notes (2)
June 1, 2050350,000—
Finance lease obligations (see Note 7)
80,75579,643
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts(30,525)(23,794)
Total long-term debt4,528,584 4,234,203 
Less—current portion438,829703,390
Long-term portion$4,089,755 $3,530,813 
(1)In May 2020, we repaid $350,000 of 2.900% Notes due upon their maturity. In December 2020, we repaid $350,000 of 4.125% Notes due upon their maturity.
(2)During the second quarter of 2020, we issued $300,000 of 0.900% Notes due in 2025, $350,000 of 1.700% Notes due in 2030 and $350,000 of 2.650% Notes due in 2050 (the "2020 Notes"). Proceeds from the issuance of the 2020 Notes, net of discounts and issuance costs, totaled $989,876. The 2020 Notes were issued under a shelf registration statement on Form S-3 filed in May 2018 that registered an indeterminate amount of debt securities.
(3)In October 2019, we issued $300,000 of 2.05% Notes due in 2024, $300,000 of 2.45% Notes due in 2029 and $400,000 of 3.125% Notes due in 2049 (the "2019 Notes"). Proceeds from the issuance of the 2019 Notes, net of discounts and issuance costs, totaled $990,337. The 2019 Notes were issued under a shelf registration statement on Form S-3 filed in May 2018 that registered an indeterminate amount of debt securities.
Aggregate annual maturities of our long-term Notes (excluding finance lease obligations and net impact of interest rate swaps, debt issuance costs and unamortized debt discounts) are as follows for the years ending December 31:
2021$434,715 
2022— 
2023750,000 
2024300,000 
2025600,000 
Thereafter2,393,639 
Our debt is principally unsecured and of equal priority. None of our debt is convertible into our Common Stock.
Interest Expense
Net interest expense consists of the following:
For the years ended December 31,202020192018
Interest expense$160,204 $157,707 $151,950 
Capitalized interest
(6,733)(5,585)(5,092)
Interest expense
153,471 152,122 146,858 
Interest income(4,097)(7,997)(8,021)
Interest expense, net
$149,374 $144,125 $138,837