NOTE 7 – DEBT

Long-term debt consisted of the following at December 31:

In millions
	2017		2016
Obligations under capital leases	$	9.4	$	11.1
$1.2 billion senior credit facility weighted average rate 2.55%, due in 2022		471.7		407.1
$1.0 billion term loan weighted average rate 2.83%, due in 2022		950.0		1,000.0
$175 million private placement notes 3.89%, due in 2017		-		175.0
$125 million private placement notes 2.68%, due in 2019		125.0		125.0
$225 million private placement notes 4.47%, due in 2020		225.0		225.0
$150 million private placement notes 2.89%, due in 2021		150.0		150.0
$125 million private placement notes 3.26%, due in 2022		125.0		125.0
$200 million private placement notes 2.72%, due in 2022		200.0		200.0
$100 million private placement notes 2.79%, due in 2023		100.0		100.0
$150 million private placement notes 3.18%, due in 2023		150.0		150.0
Promissory notes and deferred consideration weighted average rate of 1.49% and weighted average maturity of 2.9 years		155.9		191.7
Foreign bank debt weighted average rate 6.11% and weighted average maturity of 1.7 years		85.2		99.4
Total debt		2,747.2		2,959.3
Less: current portion of total debt		119.5		72.8
Less: unamortized debt issuance costs		12.4		9.2
Long-term portion of total debt	$	2,615.3	$	2,877.3

Our senior credit facility, term loan, and the private placement notes all require us to comply with the same financial, reporting and other covenants and restrictions, including a restriction on dividend payments. At December 31, 2017, we were in compliance with all of our financial debt covenants. Our senior credit facility, term loan, and private placement notes rank pari passu to each other and all other unsecured debt obligations.

At December 31, 2017 and 2016, we had $130.8 million and $138.0 million, respectively, committed to outstanding letters of credit under our senior credit facility. The unused portion of the revolving credit facility was $597.5 million and $654.9 million at December 31, 2017 and 2016, respectively.

The Company entered into a Credit Agreement (the “Credit Agreement”) dated as of November 17, 2017 that amended, restated and consolidated the Company’s existing revolver agreement dated as of June 4, 2014 and the Company’s existing term loan credit agreement dated as of August 15, 2015. The Credit Agreement provided for a term loan facility of $950.0 million and a revolving credit facility of $1.2 billion. The proceeds from this Credit Agreement were used on the closing date to refinance the loans and other credit extensions made under the existing revolver and term loan credit facilities. The Company applied the provisions of ASC 470-50, “Modifications and Extinguishments” and accounted for the refinance as a modification.

The obligations under the Credit Agreement are unsecured. The Credit Agreement contains a financial covenant to maintain a Consolidated Leverage Ratio of 3.75 to 1.00 at the end of any fiscal quarter, which may be increased to 4.00 to 1.00 for up to 2 consecutive quarters in any fiscal quarter ending on or before September 30, 2018, at the Company’s option, if following the settlement payment with respect to the pending small quantity customer class action lawsuit (see Note 18 – Legal Proceedings), and if the Consolidated Leverage Ratio, on a pro forma basis, is greater than 3.50 to 1.00. The Credit Agreement matures on November 17, 2022.

Payments due on long-term debt, excluding capital lease obligations, during each of the five years subsequent to December 31, 2017 are as follows:

In millions
2018	$	117.0
2019		269.9
2020		318.7
2021		211.8
2022		1,563.0
Thereafter		257.4
	$	2,737.8

During the years ended December 31, 2017, 2016 and 2015, we paid interest of $85.8 million, $88.8 million, and $68.0 million, respectively.

Property under capital leases included within property, plant and equipment on the Consolidated Balance Sheets is as follows at December 31:

In millions
	2017			2016
Land	$	0.2		$	0.1
Buildings		0.9			0.8
Machinery and equipment		6.7			6.6
Vehicles		9.4			9.9
Less: accumulated depreciation		(6.0	)		(5.5	)
	$	11.2		$	11.9

Amortization related to these capital leases is included within depreciation expense.

Minimum future lease payments under capital leases are as follows:

In millions
2018	$	3.0
2019		3.4
2020		1.9
2021		1.9
2022		0.1
Thereafter		0.3
Total minimum lease payments		10.6
Less: amounts representing interest		(1.2	)
Present value of net minimum lease payments		9.4
Less: current portion included in current portion of long-term debt		(2.5	)
Long-term obligations under capital leases	$	6.9