Debt

12 Months Ended

Dec. 31, 2020

The principal amounts of the Company’s borrowings subject to variable rates (after consideration of hedging arrangements) totaled approximately $114,002 and $554,902 at December 31, 2020 and 2019, respectively. The weighted average interest rate on the Company’s outstanding borrowings was approximately 2.65% and 2.18% at December 31, 2020 and 2019, respectively.

Certain borrowings require the Company to comply with a financial covenant with respect to a maximum debt to Adjusted EBITDA ratio. At December 31, 2020, the Company was in compliance with all such covenants. Due to the workers’ compensation and insurance reserve requirements in certain states, the Company also had unused letters of credit of approximately $69,899 and $65,322 outstanding at December 31, 2020 and 2019, respectively.

On October 27, 2020, the Company issued $500,000 aggregate principal amount of 1.875% Senior Unsecured Notes due 2030 at a price to the public of 99.069% of their face value with U.S. Bank National Association as trustee. Interest on the 1.875% Senior Unsecured Notes due 2030 is payable semi-annually on May 1 and November 1 of each year, which begins on May 1, 2021, and is computed on the basis of a 360-day year.

On October 30, 2020, the Company entered into a new $1.5 billion Syndicated Facility Agreement (the "October 30, 2020 Syndicated Facility"). Simultaneously with the entry into the October 30, 2020 Syndicated Facility, the Company terminated and paid in full all outstanding indebtedness under the previous October 30, 2017 Syndicated Facility and repaid the existing term loan A facility.

Amounts outstanding under the Company’s credit facilities, net of debt issuance costs consist of the following:


	December 31, 2020		December 31, 2019
Unsecured Revolving Credit Facility, $1,500,000, LIBOR plus 1.50% variable, due October 30, 2025	$	—	$	—
Unsecured Revolving Credit Facility, $1,500,000, LIBOR plus 1.50% variable, due October 30, 2022 (Terminated as of October 30, 2020)	—		477,873
Unsecured Term Loan A, $1,100,000, LIBOR plus 1.50% variable, due October 30, 2022	—		962,500
October 27, 2020, Senior Unsecured Notes, $500,000, 1.875% fixed, due November 1, 2030	500,000		—
July 29, 2016, Series G Senior Unsecured Notes, $50,000, 3.14% fixed, due July 29, 2021	50,000		50,000
December 2, 2013, Series F Senior Unsecured Notes, $250,000, 3.74% fixed, due December 2, 2023	250,000		250,000
June 30, 2019, Series A Senior Unsecured Notes, A$155,000, 3.60% fixed, due June 30, 2024	119,133		108,422
October 30, 2017, Series J Senior Unsecured Notes, €225,000, 1.90% fixed, due October 30, 2024	276,773		252,000
June 30, 2019, Series B Senior Unsecured Notes, A$155,000, 3.93% fixed, due June 30, 2026	119,133		108,422
November 30, 2016, Series H Senior Unsecured Notes, $250,000, 3.74% fixed, due November 30, 2026	250,000		250,000
October 30, 2017, Series K Senior Unsecured Notes, €250,000, 2.31% fixed, due October 30, 2027	307,525		280,000
October 30, 2017, Series I Senior Unsecured Notes, $120,000, 4.20% fixed, due October 30, 2027	120,000		120,000
May 31, 2019, Series A Senior Unsecured Notes, €50,000, 2.05% fixed, due May 31, 2029	61,505		56,000
October 30, 2017, Series L Senior Unsecured Notes, €125,000, 2.52% fixed, due October 30, 2029	153,762		140,000
May 31, 2019, Series B Senior Unsecured Notes, €100,000, 2.24% fixed, due May 31, 2031	123,010		112,000
October 30, 2017, Series M Senior Unsecured Notes, €100,000, 2.82% fixed, due October 30, 2032	123,010		112,000
May 31, 2019, Series C Senior Unsecured Notes, €100,000, 2.45% fixed, due May 31, 2034	123,010		112,000
Other unsecured debt	114,002		40,340
Total unsecured debt	2,690,863		3,431,557
Unamortized debt issuance costs	(9,136)		(5,458)
Unamortized discounts	(4,582)		—
Total debt	2,677,145		3,426,099
Less debt due within one year	160,531		624,043
Long-term debt, excluding current portion	$	2,516,614	$	2,802,056

Approximate maturities under the Company’s credit facilities are as follows:


2021	$	162,429
2022	1,573
2023	250,000
2024	395,906
2025	—
Thereafter	1,880,955
	$	2,690,863