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Debt | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Debt | 10. DEBT Short-term borrowings and long-term debt obligations are composed of the following.
(in millions) | June 30, 2019 | December 31, 2018
Short-term borrowings: |  |
Local overdraft facilities | $ | 34.8 |  | 17.0 |
Other short-term borrowings | 83.9 |  | 15.7 |
Total short-term borrowings | $ | 118.7 |  | 32.7 |
Credit facility, net of debt issuance costs of $14.1 and $15.9 | 485.9 |  | (15.9 | )
Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $1.3 and $1.5 | 273.7 |  | 273.5 |
Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $1.0 and $1.1 | 198.0 |  | 199.0 |
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $1.1 and $1.1 | 197.9 |  | 199.0 |
Total debt | $ | 1,274.2 |  | 688.3 |
Credit Facility We have a $2.75 billion unsecured revolving credit facility (the "Facility") that matures on May 17, 2023. Pricing on the Facility ranges from LIBOR plus 0.875% to 1.35%, with pricing as of June 30, 2019, at LIBOR plus 0.95%. In addition to outstanding borrowings under the Facility presented in the above table, we had outstanding letters of credit under the Facility of $0.5 million and $8.6 million as of June 30, 2019 and December 31, 2018, respectively. The following tables provides additional information on our Facility.
| Three Months Ended June 30, | Six Months Ended June 30,
($ in millions) | 2019 | 2018 | 2019 | 2018
Average outstanding borrowings under the Facility | $ | 661.1 |  | 523.0 |  | $ | 436.3 |  | 363.5 |
Effective interest rate on the Facility | 3.3 | % | 2.8 | % | 3.3 | % | 2.7 | %
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 Debt In addition to our Facility, we have the capacity to borrow up to an additional $70.6 million under local overdraft facilities. Amounts outstanding are presented in the debt table above. As of June 30, 2019, our issuer and senior unsecured ratings are investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services. Covenants Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of June 30, 2019. Warehouse Facilities
| June 30, 2019 |  | December 31, 2018
($ in millions) | Outstanding Balance | Maximum Capacity |  | Outstanding Balance | Maximum Capacity
Warehouse Facilities: |  |  |  |  |
LIBOR plus 1.3%, expires September 23, 2019 | $ | 197.9 |  | 375.0 |  |  | 217.3 |  | 375.0 |
LIBOR plus 1.25%, expires September 20, 2019 | 186.4 |  | 775.0 |  |  | 82.9 |  | 775.0 |
LIBOR plus 1.3%, expires August 31, 2019 | — |  | 100.0 |  |  | — |  | 100.0 |
Fannie Mae ASAP(1) program, LIBOR plus 1.30% to 1.45% | — |  | n/a |  |  | 18.9 |  | n/a |
Gross warehouse facilities | $ | 384.3 |  | 1,250.0 |  |  | 319.1 |  | 1,250.0 |
Debt issuance costs | (0.3 | ) | n/a |  |  | (1.2 | ) | n/a |
Total warehouse facilities | $ | 384.0 |  | 1,250.0 |  |  | 317.9 |  | 1,250.0 |
1 As Soon As Pooled ("ASAP") funding program We have lines of credit established for the sole purpose of funding our Warehouse receivables. These lines of credit exist with 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 June 30, 2019.

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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://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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