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.