Financing

6 Months Ended

Jun. 30, 2020

Our debt consisted of the following:



(in millions)	June 30, 2020			December 31, 2019

Commercial paper	$	241.4		$	149.4
364-Day Credit Agreement	343.9			—
Total short-term borrowings	$	585.3		$	149.4

4.45% notes due December 2023	$	299.0		$	298.9
6.55% notes due November 2036	198.4			198.3
4.20% notes due March 2048	346.1			346.1
Other deferred financing costs associated with credit facilities	(1.0		)	(1.3		)
Total long-term debt	$	842.5		$	842.0
_{Debt discounts and debt issuance costs totaled $6.5 million and $6.7 million as of each of June 30, 2020 and December 31, 2019, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above.}

As of June 30, 2020 and December 31, 2019, there were $241.4 million and $149.4 million, respectively, of outstanding borrowings under the commercial paper program. We issued $100 million in January 2020 and $150 million in December 2019 of commercial paper to fund the acquisitions of I&S and Cummins-Allison, respectively. See discussion in Note 2, “Acquisitions” for further details. Amounts available under the commercial paper program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of the notes outstanding under the commercial paper program at any time not to exceed $550 million.

We also have a revolving credit agreement permitting borrowings of up to $550 million which expires in December 2022. The undrawn portion of this revolving credit agreement is also available to serve as a backstop facility for the issuance of commercial paper. In the second quarter of 2020, we repaid the outstanding amounts related to borrowings of $67 million used to fund the I&S acquisition in January 2020. See discussion in Note 2, “Acquisitions” for further details. As of June 30, 2020 and December 31, 2019, there were no outstanding borrowings.

On April 16, 2020, we entered into a new senior unsecured 364-day credit facility (the “364-Day Credit Agreement”). We borrowed term loans denominated in dollars (the “Dollar Term Loans”) in an aggregate principal amount equal to $300 million, and term loans denominated in euros (the “Euro Term Loans”) in an aggregate principal amount equal to €40 million under the 364-Day Credit Agreement. Interest on the Dollar Term Loans accrues at a rate per annum equal to (a) a base rate (determined in a customary manner), plus a margin dependent upon ratings of our senior unsecured long-term debt (the “Index Debt Rating”) or (2) an adjusted LIBO rate (determined in a customary manner) for an interest period to be selected by us, plus a margin dependent upon the Index Debt Rating. Interest on the Euro Term Loans accrues at an adjusted LIBO rate (determined in a customary manner) for an interest period to be selected by us, plus a margin. The 364-Day Credit Agreement contains customary affirmative and negative covenants and customary events of default and acceleration for credit facilities of this type. As of June 30, 2020, there was $343.9 million outstanding under the 364-Day Credit Agreement.