FINANCING ARRANGEMENTS

12 Months Ended

Dec. 31, 2019

Short-Term Debt

Short-term debt were as follows:


	Year Ended December 31,
	2019						2018
	Principal		Interest		Principal		Interest
(in millions except percentages)	Balance		Rate		Balance		Rate


Corporate commercial paper facility	$	—	—	%	$	67.8	2.8	%
Other short-term loans	2.1		3.7	%	14.0		0.8	%
Add: Current portion of long-term debt	0.2				10.6

Total short-term debt	$	2.3			$	92.4

Maximum month-end short-term debt outstanding during the year	$	148.2			$	248.5
Average amount of short-term debt outstanding during the year	50.1				121.7
Weighted-average interest rate on short-term debt at year-end			3.7	%			2.5	%

Short-Term Borrowings

The Company has access to a $700.0 million multi-currency revolving credit facility. The facility is unsecured and contains certain affirmative and negative covenants relating to the operations and financial condition of the Company. The most restrictive of these covenants pertain to asset dispositions and prescribed ratios of indebtedness to total capital and operating income, plus depreciation and amortization to interest expense.

The Company has a $500.0 million commercial paper facility. At December 31, 2019, the Company had no outstanding borrowings and at December 31, 2018 had $67.8 million outstanding borrowings under this commercial paper facility. The average balance outstanding for the commercial paper facility during the year ended December 31, 2019 was $38.1 million. The multi-currency revolving credit facility serves as a back-stop facility for the Company's commercial paper program. On July 31, 2019, the Company amended its $700.0 million revolving credit facility to extend the maturity date one year to July 26, 2024.

Long-Term Debt

Long-term debt were as follows:


	Year Ended December 31,
	2019						2018
	Principal		Interest		Principal		Interest
(in millions except percentages)	Balance		Rate		Balance		Rate

Term loan 12.6 billion Japanese yen due September 2019	$	—	—	%	$	114.6	0.6	%
Term loan $175.0 million due August 2020	—		—	%	131.3		3.9	%
Fixed rate senior notes $450 million due August 2021	296.0		4.1	%	295.7		4.1	%
Private placement notes 70.0 million euros due October 2024	78.5		1.0	%	80.2		1.0	%
Private placement notes 25.0 million Swiss franc due December 2025	25.8		0.9	%	25.4		0.9	%
Private placement notes 97.0 million euros due December 2025	108.8		2.1	%	111.2		2.1	%
Private placement notes 26.0 million euros due February 2026	29.2		2.1	%	29.8		2.1	%
Private placement notes 58.0 million Swiss franc due August 2026	60.0		1.0	%	59.0		1.0	%
Private placement notes 106.0 million euros due August 2026	118.9		2.3	%	121.5		2.3	%
Private placement notes 70.0 million euros due October 2027	78.5		1.3	%	80.2		1.3	%
Private placement notes 7.5 million Swiss franc due December 2027	7.8		1.0	%	7.6		1.0	%
Private placement notes 15.0 million euros due December 2027	16.8		2.2	%	17.2		2.2	%
Private placement notes 140.0 million Swiss franc due August 2028	144.7		1.2	%	142.5		1.2	%
Private placement notes 70.0 million euros due October 2029	78.5		1.5	%	80.2		1.5	%
Private placement notes 70.0 million euros due October 2030	78.5		1.6	%	80.2		1.6	%
Private placement notes 45.0 million euros due February 2031	50.5		2.5	%	51.6		2.5	%
Private placement notes 65.0 million Swiss franc due August 2031	67.2		1.3	%	66.1		1.3	%
Private placement notes 12.6 billion Japanese yen due September 2031	115.5		1.0	%	—		—	%
Private placement notes 70.0 million euros due October 2031	78.5		1.7	%	80.2		1.7	%
Other borrowings, various currencies and rates	4.1				5.5
	$	1,437.8			$	1,580.0
Less: Current portion
(included in “Notes payable and current portion of long-term debt” in the Consolidated Balance Sheets)	0.2				10.6
Less: Long-term portion of deferred financing costs	4.5				4.5
Long-term portion	$	1,433.1			$	1,564.9

On May 28, 2019, the Company pre-paid the PNC term loan for a total of $131.3 million using cash and short-term commercial paper.

On June 24, 2019, the Company entered into a Private Placement Note Purchase Agreement ("PPN") to borrow 12.5 billion Japanese yen for a term of 12 years at a coupon of 0.99%. The proceeds were used to repay the 12.5 billion Japanese yen term loan maturing September 30, 2019.

At December 31, 2019, the Company had $735.9 million borrowings available under unused lines of credit, including lines available under its short-term arrangements and revolving credit agreement.

The Company’s revolving credit facility, term loans and senior notes contain certain affirmative and negative covenants relating to the Company's operations and financial condition. At December 31, 2019, the Company was in compliance with all debt covenants.

The table below reflects the contractual maturity dates of the various long term borrowings were as follows:


(in millions)	December 31, 2019
2020	$	0.2
2021	297.4
2022	1.3
2023	0.4
2024	78.7
2025 and beyond	1,059.8
	$	1,437.8