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Long Term Debt and Financing Arrangements
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Long Term Debt and Financing Arrangements Long-Term Debt and Financing Arrangements
Long-term debt consists of the following (in millions):
        
 MaturityJune 30, 2020December 31, 2019
Senior notes at 3.625%
2022$299.0  $298.8  
Senior notes at 3.35%
2026396.1  395.7  
Senior notes at 3.15%
2027296.2  295.9  
Senior notes at 3.50%
2028444.4  444.0  
Term loan, net of current portion of $40.6 and $34.4, respectively
202349.7  71.6  
2018 Credit Facility2023125.0  —  
TOTAL LONG-TERM DEBT(a)
       $1,610.4  $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 $100.0 million and in April 2020, the Company borrowed an additional $125.0 million under the 2018 Credit Facility. In the second quarter of 2020, the Company repaid $100.0 million of such borrowings. The current interest rate for the Company's borrowings under the 2018 Credit Facility is 2.375%. Borrowings outstanding as of June 30, 2020 are classified within long-term debt in the Condensed Consolidated Balance Sheet. There were no borrowings outstanding at December 31, 2019. In July 2020, the Company settled the remaining $125.0 million of outstanding borrowings, using a combination of cash on hand and proceeds from commercial paper; as a result the Company has $750.0 million of borrowing capacity under the 2018 Credit Facility at July 30, 2020.
The Company had $145.2 million short-term debt outstanding at June 30, 2020, which consisted primarily of commercial paper and the current portion of the Term Loan. At December 31, 2019, the Company had $65.4 million of short-term debt outstanding.