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Long-Term Debt and Commercial Paper
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Long-Term Debt and Commerical Paper LONG-TERM DEBT AND COMMERCIAL PAPER
Long-term debt at December 31 consisted of the following:
Debt DescriptionMaturity DateInterest Payable20212020
3.35% Senior Notes
January 15, 2021January 15 and July 15$— $300.0 
3.5% Senior Notes
November 15, 2024May 15 and November 15450.0 450.0 
4.5% Senior Notes
October 1, 2025April 1 and October 1450.0 450.0 
3.8% Senior Notes
November 15, 2027May 15 and November 15300.0 300.0 
1.95% Senior Notes
August 1, 2028February 1 and August 1400.0 — 
4.75% Senior Notes
June 1, 2030June 1 and December 1 500.0 500.0 
2.4% Senior Notes
August 1, 2031February 1 and August 1450.0 — 
Revolving credit facilityMarch 26, 2025Monthly— — 
Finance leases and other debtVarious dates through 2041330.6 116.6 
2,880.6 2,116.6 
Less: unamortized debt discounts and debt issuance costs(22.2)(14.8)
Less: current maturities(12.2)(309.2)
Long-term debt, net of current maturities$2,846.2 $1,792.6 

At December 31, 2021, aggregate maturities of non-vehicle long-term debt were as follows:
Year Ending December 31:
2022$12.2 
202311.9 
2024462.3 
2025463.2 
202614.1 
Thereafter1,916.9 
$2,880.6 
Senior Unsecured Notes and Credit Agreement
On July 29, 2021, we issued $400.0 million aggregate principal amount of 1.95% Senior Notes due 2028 and $450.0 million aggregate principal amount of 2.4% Senior Notes due 2031, which were sold at 99.805% and 99.735% of the aggregate principal amount, respectively. In January 2021, we repaid the outstanding $300.0 million of 3.35% Senior Notes due 2021.
The interest rates payable on our 3.5% Senior Notes, 4.5% Senior Notes, 3.8% Senior Notes, and 4.75% Senior Notes are subject to adjustment upon the occurrence of certain credit rating events as provided in the indentures for these senior unsecured notes.
Under our amended and restated credit agreement, we have a $1.8 billion revolving credit facility that matures on March 26, 2025. The credit agreement also contains an accordion feature that allows us, subject to credit availability and certain other conditions, to increase the amount of the revolving credit facility, together with any added term loans, by up to $500.0 million in the aggregate. We have a $200.0 million letter of credit sublimit as part of our revolving credit facility. The amount available to be borrowed under the revolving credit facility is reduced on a dollar-for-dollar basis by the
cumulative amount of any outstanding letters of credit, which was $39.7 million at December 31, 2021, leaving an additional borrowing capacity under the revolving credit facility of $1.8 billion at December 31, 2021.
Our revolving credit facility under the amended credit agreement provides for a commitment fee on undrawn amounts ranging from 0.125% to 0.20% and interest on borrowings at LIBOR or the base rate, in each case plus an applicable margin. The applicable margin ranges from 1.125% to 1.50% for LIBOR borrowings and 0.125% to 0.50% for base rate borrowings. The interest rate charged for our revolving credit facility is affected by our leverage ratio. For instance, an increase in our leverage ratio from greater than or equal to 2.0x but less than 3.25x to greater than or equal to 3.25x would result in a 12.5 basis point increase in the applicable margin.
Within the meaning of Regulation S-X, Rule 3-10, AutoNation, Inc. (the parent company) has no independent assets or operations. If guarantees of our subsidiaries were to be issued under our existing registration statement, we expect that such guarantees would be full and unconditional and joint and several, and any subsidiaries other than the guarantor subsidiaries would be minor.
Other Long-Term Debt
At December 31, 2021, we had finance leases and other debt obligations of $330.6 million, which are due at various dates through 2041. See Note 8 of the Notes to Consolidated Financial Statements for more information related to finance lease obligations.
Commercial Paper
We have a commercial paper program pursuant to which we may issue short-term, unsecured commercial paper notes on a private placement basis up to a maximum aggregate amount outstanding at any time of $1.0 billion. The interest rate for the commercial paper notes varies based on duration and market conditions. The maturities of the commercial paper notes may vary, but may not exceed 397 days from the date of issuance. Proceeds from the issuance of commercial paper notes are used to repay borrowings under the revolving credit facility, to finance acquisitions and for working capital, capital expenditures, share repurchases, and/or other general corporate purposes. We plan to use the revolving credit facility under our credit agreement as a liquidity backstop for borrowings under the commercial paper program. A downgrade in our credit ratings could negatively impact our ability to issue, or the interest rates for, commercial paper notes.
At December 31, 2021, we had $340.0 million of commercial paper notes outstanding with a weighted-average annual interest rate of 0.47% and a weighted-average remaining term of 10 days. We had no commercial paper notes outstanding at December 31, 2020.