Long Term Debt and Financing Arrangements

3 Months Ended

Mar. 31, 2020

Long Term Debt and Financing Arrangements

Long-Term Debt and Financing Arrangements

Long-term debt consists of the following (in millions):



	Maturity	March 31, 2020		December 31, 2019
Senior notes at 3.625%	2022	$	298.9	$	298.8
Senior notes at 3.35%	2026	395.9		395.7
Senior notes at 3.15%	2027	296.0		295.9
Senior notes at 3.50%	2028	444.3		444.0
Term loan, net of current portion of $37.5 and $34.4, respectively	2023	62.2		71.6
2018 Credit Facility	2023	100.0		—
TOTAL LONG-TERM DEBT^(a)		$	1,597.3	$	1,506.0

^(a)Long-term debt is presented net of debt issuance costs and unamortized discounts.

The Company has a five-year revolving credit agreement (the "2018 Credit Facility") with a syndicate of lenders that provides a $750 million committed revolving credit facility. Commitments under the 2018 Credit Facility may be increased (subject to certain conditions) to an aggregate amount not to exceed $1.25 billion. The interest rate applicable to borrowings under the 2018 Credit Facility is generally either the adjusted LIBOR plus an applicable margin (determined by a ratings-based grid) or the alternate base rate. The single financial covenant in the 2018 Credit Facility requires that total debt not exceed 65% of total capitalization as of the last day of each fiscal quarter of the Company. The 2018 Credit Facility expires in February 2023.

In March 2020, the Company borrowed $100 million under the 2018 Credit Facility and in April 2020, the Company borrowed an additional $125 million. The current weighted average interest rate for the Company's borrowings under the 2018 Credit Facility is 2.15%. Borrowings outstanding as of March 31, 2020 are classified within long-term debt in the Condensed Consolidated Balance Sheet. There were no borrowings outstanding at December 31, 2019.

At December 31, 2019, the Company had $65.4 million of short-term debt outstanding. The Company had $106.7 million short-term debt outstanding at March 31, 2020, which consisted primarily of commercial paper and the current portion of the Term Loan.