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Debt Commitments
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Commitments
Note 9. Debt Commitments
Credit Facility, Notes Payable, and Commitments
Debt obligations and letters of credit outstanding at year end consisted of the following:
Average Interest Rate at December 31, 2022
Debt Outstanding
Maturity
Date		20222021
Unsecured revolving credit facility5.35 %September 28, 2027$225.0 25.0 
Senior unsecured promissory notes payable, Series B2.45 %July 20, 2022— 35.0 
Senior unsecured promissory notes payable, Series C3.22 %March 1, 202460.0 60.0 
Senior unsecured promissory notes payable, Series D2.66 %May 15, 202575.0 75.0 
Senior unsecured promissory notes payable, Series E2.72 %May 15, 202750.0 50.0 
Senior unsecured promissory notes payable, Series F1.69 %June 24, 202370.0 70.0 
Senior unsecured promissory notes payable, Series G2.13 %June 24, 202625.0 25.0 
Senior unsecured promissory notes payable, Series H2.50 %June 24, 203050.0 50.0 
Total555.0 390.0 
   Less: Current portion of debt(201.8)(60.0)
Long-term debt$353.2 330.0 
Outstanding letters of credit under unsecured revolving credit facility - contingent obligation$36.3 36.3 
Unsecured Revolving Credit Facility
On September 28, 2022, we amended and restated our unsecured revolving Credit Agreement dated May 1, 2015. The Credit Agreement was amended and restated to, among other things: (1) increase the aggregate revolving credit commitment under the Credit Agreement, (2) extend the revolving credit maturity date to September 28, 2027, (3) provide a benchmark replacement for LIBOR with SOFR, and (4) make certain covenant changes.
After giving effect to the amendment and restatement described above, we have an $835.0 committed unsecured revolving credit facility (Credit Facility) with an uncommitted accordion option to increase the aggregate revolving commitment by an additional $365.0 for a total amount of $1,200.0. The Credit Facility includes a committed letter of credit subfacility of $55.0. Any borrowings outstanding under the Credit Facility for which we have the ability and intent to pay using cash within the next 12 months will be classified as a current liability. The Credit Facility contains certain financial and other covenants, and our right to borrow under the Credit Facility is conditioned upon, among other things, our compliance with these covenants. We are currently in compliance with these covenants.
Borrowings under the Credit Facility generally bear interest at a rate per annum equal to Daily Simple SOFR plus a 0.10% spread adjustment plus 0.95%. We pay a commitment fee for the unused portion of the Credit Facility. This fee is either 0.10% or 0.125% per annum based on our usage of the Credit Facility.
Senior Unsecured Promissory Notes Payable
On September 28, 2022, we amended our Master Note Agreement dated July 20, 2016. The Master Note Agreement was amended to, among other things: (1) increase the aggregate principal amount of notes that may be issued under the agreement from time to time, (2) extend the issuance period to September 28, 2027, (3) replace the benchmark rate for any floating rate notes that may be issued in the future under the agreement from LIBOR to SOFR, and (4) make certain changes to covenants.
We have issued senior unsecured promissory notes under our master note agreement (the Master Note Agreement) in the aggregate principal amount of $330.0 as of December 31, 2022. Our aggregate borrowing capacity under the Master Note Agreement is $900.0; however, none of the institutional investors party to that agreement are committed to purchase notes thereunder. There is no amortization of these notes prior to their maturity date and interest is payable quarterly. The notes currently issued under our Master Note Agreement, including the maturity date and fixed interest rate per annum of each series of note, are contained in the table above. The Master Note Agreement contains certain financial and other covenants and we are in compliance with these covenants.
Principal payments required on our outstanding indebtedness, based on the maturity dates defined within our long-term debt arrangements, for the succeeding five years, are displayed in the table below, as of December 31, 2022:
Principal Payments
2023$70.0 
202460.0 
202575.0 
202625.0 
202750.0 
2028 and thereafter50.0 
Total$330.0