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Notes Payable | 6 Months Ended
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Jun. 30, 2021
Notes Payable [Abstract] |
Notes Payable | 7. Notes Payable The following is a summary of our indebtedness:
(in millions) |  | June 30, 2021 |  | December 31, 2020
Commercial banks |  |  |  |
1.85% Term Loan, due 2022 |  | $ | 39.8 |  |  | $ | 39.7 |
Senior unsecured notes |  |  |  |
3.15% Notes, due 2022 |  | $ | 349.0 |  |  | $ | 348.6 |
5.07% Notes, due 2023 |  | 249.1 |  |  | 248.9 |
4.36% Notes, due 2024 |  | 249.4 |  |  | 249.2 |
3.68% Notes, due 2024 |  | 248.6 |  |  | 248.4 |
3.74% Notes, due 2028 |  | 397.5 |  |  | 397.3 |
3.67% Notes, due 2029 (1) |  | 594.6 |  |  | 594.3 |
2.91% Notes, due 2030 |  | 743.8 |  |  | 743.5 |
3.41% Notes, due 2049 |  | 296.7 |  |  | 296.7 |
|  | $ | 3,128.7 |  |  | $ | 3,126.9 |
Total unsecured notes payable (2) |  | $ | 3,168.5 |  |  | $ | 3,166.6 |
(1) The 2029 Notes have an effective annual interest rate of approximately 3.84% through June 2026, which includes the effect of a settled forward interest rate swap, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%. (2) Unamortized debt discounts and debt issuance costs of $21.5 million and $23.4 million are included in senior unsecured notes payable as of June 30, 2021 and December 31, 2020, respectively. We have a $900 million unsecured credit facility which matures in March 2023, with two options to further extend the facility at our election for two additional six-month periods and may be expanded three times by up to an additional $500 million upon satisfaction of certain conditions. The interest rate on our unsecured credit facility is based upon the London Interbank Offered Rate ("LIBOR") plus a margin which is subject to change as our credit ratings change. Advances under our credit facility may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $450 million or the remaining amount available under our credit facility. Our credit facility is subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations as of June 30, 2021 and through the date of this filing. Our credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our credit facility, it does reduce the amount available. At June 30, 2021, we had no borrowings outstanding on our $900 million credit facility and we had outstanding letters of credit totaling approximately $12.2 million, leaving approximately $887.8 million available under our credit facility. We had outstanding floating rate debt of approximately $39.8 million and $99.8 million at June 30, 2021 and 2020, respectively. The weighted average interest rate on such debt was approximately 1.9% and 1.2% for the six months ended June 30, 2021 and 2020, respectively. Our indebtedness had a weighted average maturity of approximately 7.9 years at June 30, 2021. The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at June 30, 2021:
(in millions) (1) |  | Amount (2) |  | Weighted Average Interest Rate (3)
Remainder of 2021 |  | $ | (1.9) |  |  | — | %
2022 |  | 386.3 |  |  | 3.0 |
2023 |  | 247.3 |  |  | 5.1 |
2024 |  | 497.9 |  |  | 4.0 |
2025 |  | (1.7) |  |  | — |
Thereafter |  | 2,040.6 |  |  | 3.4 |
Total |  | $ | 3,168.5 |  |  | 3.6 | %
(1)Includes all available extension options. (2)Includes amortization of debt discounts and debt issuance costs. (3)Includes the effects of the applicable settled forward interest rate swaps.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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