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Notes Payable
 12 Months Ended
Dec. 31, 2021
Notes Payable [Abstract]  
Notes Payable
9. Notes Payable
The following is a summary of our indebtedness:
 December 31,
(in millions)20212020
Commercial banks
1.85% Term loan, due 2022$39.9 $39.7 
Senior unsecured notes
3.15% Notes, due 2022$349.3 $348.6 
5.07% Notes, due 2023249.3 248.9 
4.36% Notes, due 2024249.5 249.2 
3.68% Notes, due 2024248.8 248.4 
3.74% Notes, due 2028397.8 397.3 
3.67% Notes, due 2029 (1)
594.9 594.3 
2.91% Notes, due 2030744.1 743.5 
3.41% Notes, due 2049296.8 296.7 
$3,130.5 $3,126.9 
Total notes payable (2)
$3,170.4 $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 $19.6 million and $23.4 million are included in senior unsecured notes payable as of December 31, 2021 and 2020, respectively.
We have a $900 million unsecured credit facility which matures in March 2023 with two separate options to extend the facility for a period of six-months and may be expanded three times by up to an additional $500 million in the aggregate upon satisfaction of certain conditions. The interest rate on our unsecured credit facility is currently 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 December 31, 2021 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 December 31, 2021, we had no borrowings outstanding on our $900 million credit facility and we had outstanding letters of credit totaling approximately $14.8 million, leaving approximately $885.2 million available under our credit facility.
At December 31, 2021 and 2020, we had $39.9 million and $39.7 million of outstanding floating rate debt, respectively, with weighted average interest rates of approximately 1.9% for each period.
Our indebtedness had a weighted average maturity of 7.4 years at December 31, 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 December 31, 2021:
(in millions) (1)
Amount (2)
Weighted Average
Interest Rate (3)
2022$386.3 3.0 %
2023247.3 5.1 
2024497.9 4.0 
2025(1.8)— 
2026(1.7)— 
Thereafter 2,042.4 3.4 
Total$3,170.4 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.