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Debt and Lease Commitments | 12 Months Ended
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Dec. 31, 2017
Debt and Lease Commitments |
7. | Debt and Lease Commitments
December 31 (dollars in millions) |  | 2017 |  |  | 2016 |
Bank credit lines, average year-end interest rates of 2.5% for 2017 and 2.4% for 2016 |  | $ | 15.9 |  |  | $ | 23.6 |
Revolving credit agreement borrowings, average year-end interest rates of 2.5% for 2017 and 1.7% for 2016 |  |  | 190.0 |  |  |  | 80.0 |
Commercial paper, average year-end interest rates of 1.7% for 2017 and 1.1% for 2016 |  |  | 77.0 |  |  |  | 85.6 |
Term notes with insurance companies, expiring 2029-2034, average year-end interest rates of 3.4% for 2017 and 3.5% for 2016 |  |  | 122.7 |  |  |  | 125.5 |
Canadian term notes with insurance companies, expiring through 2018, average year-end interest rates of 5.3% for 2017 and 2016 |  |  | 4.8 |  |  |  | 8.9 |
|  |  | 410.4 |  |  |  | 323.6 |
Less long-term debt due within one year |  |  | 7.5 |  |  |  | 7.2 |
Long-term debt |  | $ | 402.9 |  |  | $ | 316.4 |
In December 2016, the Company completed a $500 million multi-year multi-currency revolving credit agreement with a group of nine banks, which expires on December 15, 2021. The facility has an accordion provision which allows it to be increased up to $700 million if certain conditions (including lender approval) are satisfied. Borrowings under the Company’s bank credit lines and commercial paper borrowings are supported by the revolving credit agreement. As a result of the long-term nature of this facility, the commercial paper and credit line borrowings are classified as long-term debt at December 31, 2017 and 2016. At its option, the Company either maintains cash balances or pays fees for bank credit and services. On November 28, 2016, the Company issued $45 million in term notes in two tranches to two insurance companies. Principal payments commence in 2023 and 2028 and the notes mature in 2029 and 2034. The notes have interest rates of 2.87 percent and 3.10 percent. Proceeds of the notes were used to pay down borrowings under the Company’s revolving credit facility. On January 15, 2015, the Company issued $75 million in term notes to an insurance company. Principle payments commence in 2020 and the notes mature in 2030. The notes have an interest rate of 3.52 percent. Proceeds of the notes were used to pay down borrowings under the Company’s revolving credit facility. Scheduled maturities of long-term debt within each of the five years subsequent to December 31, 2017 are as follows:
Years ending December 31 (dollars in millions) |  | Amount |
2018 |  | $ | 7.5 |
2019 |  |  | — |
2020 |  |  | 6.8 |
2021 |  |  | 290.0 |
2022 |  |  | 6.8 |
Future minimum payments under non-cancelable operating leases relating mostly to office, manufacturing and warehouse facilities total $47.5 million and are due as follows:
Years ending December 31 (dollars in millions) |  | Amount |
2018 |  | $ | 20.2 |
2019 |  |  | 4.9 |
2020 |  |  | 3.6 |
2021 |  |  | 3.1 |
2022 |  |  | 2.5 |
Thereafter |  |  | 13.2 |
Rent expense, including payments under operating leases, was $29.4 million, $29.8 million and $28.8 million in 2017, 2016 and 2015, respectively. Interest paid by the Company was $10.0 million, $7.2 million and $6.4 million in 2017, 2016 and 2015, respectively. The Company capitalized interest expense of $0.7 million, $0.2 million and $0.2 million in 2017, 2016 and 2015, respectively.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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