LONG-TERM DEBT

Debt consisted of the following at December 31,



(dollars in millions)	2013		2012
Commercial paper payable through 2014	$	240.5	$	203.8
Notes payable in 2014, at an interest rate of 5.65% less unamortized discount of $0.1 and $0.2, respectively	399.9		399.8
Notes payable in 2019, at an interest rate of 6.8% less unamortized discount of $0.7 and $0.8, respectively	399.3		399.2
Notes payable in 2021, at an interest rate of 4.5% includes ($20.2) and $17.0 fair value of interest rate swap, respectively, less unamortized discount of $2.0 and $2.3, respectively	377.8		414.7
Debt of subsidiary companies	3.9		—
Obligations under capital leases	0.2		0.4

Total debt	1,421.6		1,417.9
Less current portion	0.2		0.3
Total long-term debt	$	1,421.4	$	1,417.6

Commercial paper and $400 million notes have been classified as long-term debt to the extent of available long-term backup credit agreements, in accordance with the Company’s intent and ability to refinance such obligations on a long-term basis. The weighted-average interest rate of commercial paper outstanding at December 31, 2013, was 0.3 percent. The maximum amount of commercial paper outstanding during 2013 was $370.3 million, and the average outstanding during 2013 was $258.1 million. The weighted-average interest rate during 2013 was 0.3 percent.

As of December 31, 2013, the Company had available from its banks a $1.1 billion revolving credit facility. This credit facility is used principally as back-up for the Company’s commercial paper program and expires on August 12, 2018. The revolving credit facility is supported by a group of major U.S. and international banks. Covenants imposed by the revolving credit facility include limits on the sale of businesses, minimum net worth calculations, and a maximum ratio of debt to total capitalization. The revolving credit agreement includes a combined $100 million multicurrency limit to support the financing needs of the Company’s international subsidiaries.

Refer to Note 8 - Derivative Instruments for information regarding the interest rate swap.

Long-term debt maturing in 2014 is $640.5 million. There is no long-term debt maturing from 2015-2018. These amounts have been classified as long term liabilities in accordance with the Company’s ability and intent to refinance such obligations on a long term basis. The Company was in compliance with all debt covenants throughout 2013.