Long-Term Debt

Long-term debt, interest rates and due dates at December 31 are as follows:



	2018						2017
	Year-end Interest Rate		Due Date Through	Balance			Year-end Interest Rate		Due Date Through	Balance
Senior Notes	—	%	—	$	—		4.4	%	2018	$	150.0
Senior Notes ¹	3.4	%	2022	300.0			3.4	%	2022	300.0
Senior Notes ¹	3.8	%	2024	300.0			3.8	%	2024	300.0
Senior Notes ¹	3.5	%	2027	500.0			3.5	%	2027	500.0
Industrial development bonds, principally variable interest rates	1.9	%	2030	3.8			1.3	%	2030	6.2
Commercial paper ²	2.6	%	2022	70.0			—		2022	—
Capitalized leases (primarily machinery, vehicles and office equipment)				4.7						5.7
Other, partially secured				.6						.7
Unamortized discounts and deferred loan cost				(10.1		)				(10.9		)
Total debt				1,169.0						1,251.7
Less: current maturities				1.2						153.8
Total long-term debt				$	1,167.8					$	1,097.9

¹ Senior Notes are unsecured and unsubordinated obligations. For each of the Senior Notes: (i) interest is paid semi-annually in arrears; (ii) principal is due at maturity with no sinking fund; and (iii) we may, at our option, at any time, redeem all or a portion of any of the debt at a make-whole redemption price equal to the greater of: (a) 100% of the principal amount of the notes being redeemed; and (b) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a specified discount rate determined by the terms of each respective note. The Senior Notes may also be redeemed by us within 90 days of maturity at 100% of the principal amount plus accrued and unpaid interest, and we are required to offer to purchase such notes at 101% of the principal amount, plus accrued and unpaid interest, if we experience a Change of Control Repurchase Event, as defined in the Senior Notes. Also, each respective Senior Note contains restrictive covenants, including a limitation on secured debt of 15% of our consolidated assets, a limitation on sale and leaseback transactions, and a limitation on certain consolidations, mergers, and sales of assets.

² The weighted average interest rate for the net commercial paper activity during the years ended December 31, 2018 and 2017 was 2.4% and 1.4%, respectively.

Maturities are as follows:



Year ended December 31
2019	$	1.2
2020	1.1
2021	1.1
2022	370.1
2023	—
Thereafter	795.5
	$	1,169.0

Amounts outstanding at December 31 related to our commercial paper program were:



	2018			2017
Total program authorized	$	800.0		$	800.0

Commercial paper outstanding (classified as long-term debt)	(70.0		)	—
Letters of credit issued under the credit facility	—			—
Total program usage	(70.0		)	—
Total program available	$	730.0		$	800.0

At December 31, 2018 we could raise cash by issuing up to $800.0 of commercial paper through a program that is backed by an $800.0 revolving credit facility with a syndicate of 13 lenders. The credit facility allows us to issue total letters of credit up to $125.0. When we issue letters of credit in this manner, our capacity under the revolving facility, and consequently, our ability to issue commercial paper, is reduced by a corresponding amount. We had no outstanding letters of credit under the facility at year end for the periods presented.

At December 31, 2018 the revolving credit facility contained restrictive covenants which, among other things, limit (a) the total amount of indebtedness to 65% of our total capitalization (each as defined in the revolving credit facility), (b) the amount of our total secured debt to 15% of our total consolidated assets, and (c) our ability to sell, lease, transfer or dispose of all or substantially all of total consolidated assets. We have remained well within compliance with all such covenants.

Generally, we may elect one of four types of borrowing under the revolving credit facility, which determines the rate of interest to be paid on the outstanding principal balance. The interest rate would typically be commensurate with the currency borrowed and the term of the borrowing, as well as either (i) a competitive variable or fixed rate, or (ii) various published rates plus a pre-defined spread.

We are required to periodically pay accrued interest on any outstanding principal balance under the revolving credit facility at different time intervals based upon the elected interest rate and the elected interest period. Any outstanding principal under this facility will be due upon the maturity date. We may also terminate or reduce the lending commitments under this facility, in whole or in part, upon three business days’ notice.

In January 2019, we increased the borrowing capacity under the revolving facility from $800.0 to $1,200.0, added a five-year $500.0 term loan facility, and extended the term from 2022 to 2024. After completing the ECS acquisition in January 2019, our debt levels have increased and our debt covenants have changed as discussed in Note V.