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Borrowings Under Credit Facilities and Related Items
 9 Months Ended
Sep. 30, 2018
Line of Credit Facility [Abstract]  
Borrowings Under Credit Facilities and Related Items
Borrowings Under Credit Facilities and Related Items 
 At September 30, 2018, we had a primary unsecured credit facility with a consortium of 31 banks that includes a $3,000,000,000 unsecured revolving credit facility, a $500,000,000 unsecured term credit facility and a $250,000,000 Canadian-denominated unsecured term credit facility.  We have an option, through an accordion feature, to upsize the unsecured revolving credit facility and the $500,000,000 unsecured term credit facility by up to an additional $1,000,000,000, in the aggregate, and the $250,000,000 Canadian-denominated unsecured term credit facility by up to an additional $250,000,000.  The primary unsecured credit facility also allows us to borrow up to $1,000,000,000 in alternate currencies (none outstanding at September 30, 2018).  Borrowings under the unsecured revolving credit facility are subject to interest payable at the applicable margin over LIBOR interest rate (3.09% at September 30, 2018). The applicable margin is based on our debt ratings and was 0.825% at September 30, 2018.  In addition, we pay a facility fee quarterly to each bank based on the bank’s commitment amount.  The facility fee depends on our debt ratings and was 0.15% at September 30, 2018.  The term credit facilities mature on July 19, 2023. The revolving credit facility is scheduled to mature on July 19, 2022 and can be extended for two successive terms of six months each at our option.
The following information relates to aggregate borrowings under the primary unsecured revolving credit facility for the periods presented (dollars in thousands): 
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2018
 
2017
 
2018
 
2017
Balance outstanding at quarter end
 
$
1,312,000

 
$
420,000

 
$
1,312,000

 
$
420,000

Maximum amount outstanding at any month end
 
$
2,148,000

 
$
645,000

 
$
2,148,000

 
$
1,010,000

Average amount outstanding (total of daily
 
 
 
 
 
 
 
 
principal balances divided by days in period)
 
$
1,519,000

 
$
450,130

 
$
819,516

 
$
601,346

Weighted average interest rate (actual interest
 
 
 
 
 
 
 
 
expense divided by average borrowings outstanding)
 
3.00
%
 
2.19
%
 
2.95
%
 
1.95
%