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Debt | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Debt | Debt Debt for the Company consists of the following:
| June 30, 2019 |  | December 31, 2018 |  |
(in millions, except percentages) | Amount |  | Rate |  | Amount |  | Rate |  | Maturity Date
2016 Credit Agreement |  |  |  |  |  |  |  |  |
Term A Facility | $ | 435.0 |  |  | (1) |  | $ | 525.0 |  |  | (2) |  | April 6, 2021
Revolver | — |  |  | (1) |  | — |  |  | (2) |  | April 6, 2021
2026 Senior Notes | 600.0 |  |  | 5.500% |  | 600.0 |  |  | 5.500% |  | June 15, 2026
2023 Senior Notes | 450.0 |  |  | 5.625% |  | 450.0 |  |  | 5.625% |  | October 15, 2023
Securitized debt | 93.9 |  |  | (3) |  | 9.1 |  |  | (3) |  | April 6, 2021
Finance/capital lease obligations (4) | 65.9 |  |  |  |  | 66.7 |  |  |  |  | Various
Other | 7.7 |  |  |  |  | 3.0 |  |  |  |  | Various
Total debt | 1,652.5 |  |  |  |  | 1,653.8 |  |  |  |  |
Less: deferred financing costs | 6.9 |  |  |  |  | 7.6 |  |  |  |  |
Total debt, net | 1,645.6 |  |  |  |  | 1,646.2 |  |  |  |  |
Less: current portion | 60.1 |  |  |  |  | 47.1 |  |  |  |  |
Total long-term debt, net | $ | 1,585.5 |  |  |  |  | $ | 1,599.1 |  |  |  |  |
(1) | Interest at LIBOR plus applicable margin of 1.75% as of June 30, 2019.
(2) | Interest at LIBOR plus applicable margin of 2.00% as of December 31, 2018.
(3) | Interest at one month LIBOR index plus 80 basis points.
(4) | Finance/capital lease obligations are a non-cash financing activity.
2016 Credit Agreement On April 6, 2016, the Company entered into the 2016 Credit Agreement with a syndicate of banks. The 2016 Credit Agreement requires compliance with certain financial covenants providing for maintenance of a minimum consolidated interest coverage ratio, maintenance of a maximum consolidated total net leverage ratio, and maintenance of a maximum consolidated secured net leverage ratio. As of June 30, 2019, domestic qualified cash was $20.7 million and foreign qualified cash was $9.4 million. During the six months ended June 30, 2019, the Company prepaid $75.0 million on the Term A Facility. The Company was in compliance with all applicable covenants as of June 30, 2019. Securitized Debt On April 12, 2017, the Company and certain of its subsidiaries entered into a securitization transaction with respect to certain accounts receivable due to the Company and certain of its subsidiaries (as amended, the "Accounts Receivable Securitization"). On April 5, 2019, the Company and its subsidiaries entered into a new amendment to the Accounts Receivable Securitization. The amendment, among other things, extended the maturity date of the Accounts Receivable Securitization to April 6, 2021. Fair Value of Financial Instruments Financial instruments, although not recorded at fair value on a recurring basis, include cash and cash equivalents, accounts receivable, accounts payable, and the Company's debt obligations. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value using Level 1 inputs because of the short-term maturity of those instruments. Borrowings under the 2016 Credit Agreement and the securitized debt are at variable interest rates and accordingly their carrying amounts approximate fair value. The fair value of the following material financial instruments were based on Level 2 inputs estimated using discounted cash flows and market-based expectations for interest rates, credit risk, and the contractual terms of debt instruments. The fair values of these material financial instruments are as follows:
|  | Fair Value
(in millions) |  | June 30, 2019 |  | December 31, 2018
2023 Senior Notes |  | $ | 466.2 |  |  | $ | 435.6 |
2026 Senior Notes |  | 623.4 |  |  | 549.3 |

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- Definition The entire disclosure for long-term debt. + 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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