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Borrowings Under Lines of Credit Facilities and Related Items
 12 Months Ended
Dec. 31, 2018
Line of Credit Facility [Abstract]  
Borrowings Under Lines of Credit Facilities and Related Items Borrowings Under Credit Facilities and Related Items
At December 31, 2018, we had a primary unsecured credit facility with a consortium of 31 banks that includes a $3,000,000,000 unsecured revolving credit facility, a $500,000,000 unsecured term credit facility, and a $250,000,000 Canadian-denominated unsecured term credit facility. We have an option, through an accordion feature, to upsize the unsecured revolving credit facility and the $500,000,000 unsecured term credit facility by up to an additional $1,000,000,000, in the aggregate, and the $250,000,000 Canadian-denominated unsecured term credit facility by up to an additional $250,000,000. The primary unsecured credit facility also allows us to borrow up to $1,000,000,000 in alternate currencies (none outstanding at December 31, 2018). Borrowings under the unsecured revolving credit facility are subject to interest payable at the applicable margin over LIBOR interest rate (3.33% at December 31, 2018). The applicable margin is based on our debt ratings and was 0.825% at December 31, 2018. In addition, we pay a facility fee quarterly to each bank based on the bank’s commitment amount. The facility fee depends on our debt ratings and
was 0.15% at December 31, 2018. The term credit facilities mature on July 19, 2023. The revolving credit facility is scheduled to mature on July 19, 2022 and can be extended for two successive terms of six months each at our option.
The following information relates to aggregate borrowings under the primary unsecured revolving credit facility for the periods presented (dollars in thousands):
 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
Balance outstanding at year end
 
$
1,147,000

 
$
719,000

 
$
645,000

Maximum amount outstanding at any month end
 
$
2,148,000

 
$
1,010,000

 
$
1,560,000

Average amount outstanding (total of daily principal balances
 
 
 
 
 
 
divided by days in period)
 
$
950,581

 
$
597,422

 
$
762,896

Weighted-average interest rate (actual interest expense divided
 
 
 
 
 
 
by average borrowings outstanding)
 
3.07
%
 
2.02
%
 
1.39
%