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Long-Term Debt
12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Long-Term Debt
Long-Term Debt
 
Long-term debt, weighted average interest rates and due dates at December 31 are as follows:
 
2015
 
2014
 
Stated Interest
Rate
 
Due Date
Through
 
Balance
 
Stated Interest
Rate
 
Due Date
Through
 
Balance
Term notes
3.8
%
 
2024
 
$
748.3

 
4.7
%
 
2024
 
$
948.0

Industrial development bonds, principally variable interest rates
.3
%
 
2030
 
14.8

 
.2
%
 
2030
 
14.7

Commercial paper
.5
%
 
2019
 
181.5

 
.2
%
 
2019
 

Capitalized leases (primarily machinery, vehicle and office equipment)
 
 
 
 
4.2

 
 
 
 
 
5.2

Other, partially secured
 
 
 
 

 
 
 
 
 
.5

 
 
 
 
 
948.8

 
 
 
 
 
968.4

Less current maturities
 
 
 
 
3.4

 
 
 
 
 
201.7

 
 
 
 
 
$
945.4

 
 
 
 
 
$
766.7


Maturities of long-term debt are as follows:
 
Year ended December 31
 
2016
$
3.4

2017
3.1

2018
153.2

2019
182.4

2020

Thereafter
606.7

 
$
948.8




During the years ended December 31, 2015 and 2014, we repaid $200 of 5.00% notes and $180 of 4.65% notes, respectively.

We can raise cash by issuing up to $600 of commercial paper through a program that is backed by a $600 revolving credit agreement with a syndicate of 12 lenders. This agreement expires in 2019. The credit agreement allows us to issue total letters of credit up to $250. When we issue letters of credit in this manner, our capacity under the agreement, and consequently, our ability to issue commercial paper, is reduced by a corresponding amount. We had no outstanding letters of credit under the agreement at year end for the periods presented.
 
Amounts outstanding at December 31 related to our commercial paper program were:
 
2015
 
2014
Total program authorized
$
600.0

 
$
600.0

Commercial paper outstanding (classified as long-term debt)
(181.5
)
 

Letters of credit issued under the credit agreement

 

Total program usage
(181.5
)
 

Total program available
$
418.5

 
$
600.0



  The revolving credit agreement and certain other long-term debt contain restrictive covenants which, among other things, limit a) the total amount of indebtedness to 60% of our total capitalization (each as defined in the revolving credit agreement), b) the amount of total secured debt to 15% of our total consolidated assets, and c) the amount of assets sold, transferred or disposed of in any trailing four quarter period to 25% of total consolidated assets. We have remained well within compliance with all such covenants.

We may elect one of four types of borrowing under the revolving credit agreement, which determines the rate of interest to be paid on the outstanding principal balance. The interest rate would be commensurate with the currency borrowed and the term of the borrowing, as well as either i.) a competitive variable or fixed rate, or ii.) various published rates plus a pre-defined spread.
 
We are required to periodically pay accrued interest on any outstanding principal balance under the revolving credit agreement at different time intervals based upon the elected interest rate and the elected interest period. Any outstanding principal under this agreement will be due upon the maturity date. We may also terminate or reduce the lending commitments under this agreement, in whole or in part, upon three business days’ notice.