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Debt | 3 Months Ended
--- | ---
Mar. 31, 2017
Debt Disclosure [Abstract] |
Debt |
8. | DEBT
Short-term borrowings and long-term debt obligations are composed of the following.
(in millions) | March 31, 2017 | December 31, 2016
Short-term borrowings: |  |
Local overdraft facilities | $ | 40.8 |  | 31.6 |
Other short-term borrowings | 21.7 |  | 57.9 |
Total short-term borrowings | 62.5 |  | 89.5 |
Credit facility, net of debt issuance costs of $18.5 and $19.6 | 1,156.5 |  | 905.4 |
Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $2.2 and $2.3 | 272.8 |  | 272.7 |
Total debt | $ | 1,491.8 |  | 1,267.6 |
Credit Facility We have a $2.75 billion unsecured revolving credit facility (the "Facility") that matures on June 21, 2021. In addition to outstanding borrowings under the Facility presented in the above table, we had outstanding letters of credit under the Facility of $11.9 million and $18.2 million as of March 31, 2017 and December 31, 2016, respectively. The average outstanding borrowings under the Facility were $1,117.5 million and $554.3 million during the three months ended March 31, 2017 and 2016, respectively. The pricing on the Facility ranges from LIBOR plus 0.95% to 2.05%, with pricing as of March 31, 2017, at LIBOR plus 1.05%. The effective interest rates on our Facility were 1.7% and 1.4% during the three months ended March 31, 2017 and 2016, respectively. We remained in compliance with all covenants under our Facility as of March 31, 2017, including a minimum cash interest coverage ratio of 3.00 to 1 and the maximum leverage ratio cannot exceed 3.50 to 1, except immediately following a material acquisition, in which case, the leverage ratio maximum is 4.00 to 1 for up to four consecutive quarters. We will continue to use the Facility for, but not limited to, business acquisitions, working capital needs (including payment of accrued incentive compensation), co-investment activities, dividend payments, share repurchases and capital expenditures. Short-Term Borrowings and Long-Term Notes In addition to our Facility, we have the capacity to borrow up to an additional $94.8 million under local overdraft facilities. Amounts outstanding are presented in the debt table presented above. As of March 31, 2017, our issuer and senior unsecured ratings are investment grade: BBB+ (negative outlook) from Standard & Poor’s Ratings Services and Baa2 (positive outlook) from Moody’s Investors Service, Inc. Warehouse Facilities
| March 31, 2017 |  | December 31, 2016
($ in millions) | Outstanding Balance | Maximum Capacity |  | Outstanding Balance | Maximum Capacity
Warehouse Facilities: |  |  |  |  |
LIBOR plus 1.4%, expires September 25, 2017 | $ | 125.8 |  | 275.0 |  |  | 135.2 |  | 275.0 |
LIBOR plus 1.4%, expires September 22, 2017 1 | 77.0 |  | 400.0 |  |  | 314.7 |  | 650.0 |
LIBOR plus 1.5%, expires August 31, 2018 2 | — |  | 100.0 |  |  | 15.0 |  | 100.0 |
Fannie Mae ASAP program, LIBOR plus 1.30% to 1.45% | 35.2 |  | n/a |  |  | 116.1 |  | n/a |
Gross warehouse facilities | $ | 238.0 |  | 775.0 |  |  | 581.0 |  | 1,025.0 |
Debt issuance costs | (0.7 | ) | n/a |  |  | (0.9 | ) | n/a |
Total warehouse facilities | $ | 237.3 |  | 775.0 |  |  | 580.1 |  | 1,025.0 |
1 JLL entered into an additional temporary agreement from March 1, 2017 through April 30, 2017 that increased the commitment balance to $400.0 million. Once this temporary agreement expires, the commitment balance will revert back to $250.0 million. 2 In the first quarter of 2017, JLL extended the Warehouse facility; the facility originally had an interest rate of LIBOR plus 1.6% and an expiration date of March 31, 2017. We have lines of credit established for the sole purpose of funding our Warehouse receivables, which we sell to a U.S. government corporation or GSEs. These lines of credit exist with multiple financial institutions and are secured by the related warehouse receivables. Pursuant to these warehouse facilities, we are required to comply with certain financial covenants regarding (1) minimum net worth, (2) minimum servicing-related loans, and (3) minimum adjusted leverage ratios. We remained in compliance with all covenants under our Warehouse facilities as of March 31, 2017. As a supplement to our lines of credit, we have an uncommitted facility with Fannie Mae under its As Soon As Pooled ("ASAP") funding program. After origination, we sell certain warehouse receivables to Fannie Mae; the proceeds are used to repay the original lines of credit used to fund the loan. The ASAP funding program requires us to repurchase these loans, generally within 45 days, followed by an immediate sale back to Fannie Mae. The difference between the price paid upon the original sale to Fannie Mae and the ultimate sale reflects a discount representative of borrowing costs.

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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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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