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Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt
10.     DEBT
Debt is composed of the following obligations.
December 31,
($ in millions)20212020
Short-term debt:
Local overdraft facilities$9.2 12.0 
Other short-term borrowings138.7 50.0 
Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $0.3 and $—
274.7 — 
Total short-term debt$422.6 62.0 
Credit facility, net of debt issuance costs of $11.8 and $8.7
138.2 (8.7)
Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $— and $0.8
— 274.2 
Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.6 and $0.8
197.9 213.9 
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.8 and $0.9
197.7 213.9 
Total debt$956.4 755.3 
Credit Facility
We have a $2.75 billion unsecured revolving credit facility (the "Facility") that matures on April 14, 2026. Pricing on the Facility ranges from LIBOR plus 0.875% to 1.35%, with pricing as of December 31, 2021, at LIBOR plus 0.88%. In addition to outstanding borrowings under the Facility presented in the above table, we had outstanding letters of credit under the Facility of $0.7 million as of both December 31, 2021 and 2020.
The following table provides additional information on our Facility.
Year Ended December 31,
($ in millions)20212020
Average outstanding borrowings under the Facility$432.0 865.1 
Average effective interest rate on the Facility0.9 %1.6 %
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, share repurchases and capital expenditures.
Short-Term and Long-Term Debt
In addition to our Facility, we have the capacity to borrow up to an additional $55.5 million under local overdraft facilities. Amounts outstanding are presented in the debt table above.
As of December 31, 2021, our senior notes due November 2022 were classified as a current liability as the maturity was within one year.
As of December 31, 2021, our issuer and senior unsecured ratings were investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services.
Covenants
Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of December 31, 2021.
Warehouse Facilities
December 31, 2021December 31, 2020
($ in millions)Outstanding BalanceMaximum CapacityOutstanding BalanceMaximum Capacity
Warehouse facilities:
BSBY plus 1.30%, expires September 19, 2022(1)
$516.9 700.0 144.4 400.0 
LIBOR plus 1.30%, expires September 16, 2022(2)
74.7 1,200.0 768.9 1,600.0 
LIBOR plus 1.30%, expires August 27, 2022(3)
192.8 300.0 195.9 900.0 
LIBOR plus 1.60%, expires July 30, 2022(4)
— 400.0 — — 
Fannie Mae ASAP(5) program, SOFR plus 1.25%(6)
12.5 n/a128.8 n/a
LIBOR plus 1.50%
— — 261.6 300.0 
Gross warehouse facilities796.9 2,600.0 1,499.6 3,200.0 
Debt issuance costs(1.2)n/a(1.2)n/a
Total warehouse facilities$795.7 2,600.0 1,498.4 3,200.0 
(1) In 2021, JLL extended the Warehouse facility with an increase to the maximum capacity; previously, the facility had a maturity date of September 20, 2021 and a maximum capacity of $400.0 million. JLL amended the interest rate to Bloomberg Short-Term Bank Yield Index rate ("BSBY") plus 1.30%; previously, the facility had an interest rate of LIBOR plus 1.40%.
(2) In 2021, JLL extended the Warehouse facility with a decrease to the interest rate; previously, the facility had a maturity date of September 18, 2021 and interest rate of LIBOR plus 1.40%. The temporary maximum capacity increase to $1,600.0 million in the fourth quarter of 2020 expired on January 31, 2021 and the temporary maximum increase to $2,000.0 million in the third quarter of 2021 expired on December 31, 2021; thereafter, the maximum capacity reverted to its original contractual amount.
(3) In 2021, JLL extended the Warehouse facility with a decrease to the interest rate and increase to the maximum capacity; previously, the facility had a maturity date of August 27, 2021 and interest rate of LIBOR plus 1.40%. The temporary maximum capacity of $900.0 million expired on January 6, 2021.
(4) In 2021, JLL added a new secured borrowing for $400.0 million under a master repurchase agreement that is scheduled to expire on July 30, 2022. Advances are made at 100% of the loan balance and borrowings are secured by the related warehouse receivables and bear interest at LIBOR plus 1.60%.
(5) As Soon As Pooled ("ASAP") funding program.
(6) JLL amended the Fannie Mae ASAP program interest rate to Secured Overnight Financing Rate ("SOFR") plus 1.25%; previously, the facility had an interest rate of LIBOR plus 1.15%.
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 facilities, we are required to comply with certain financial covenants regarding (i) minimum net worth, (ii) minimum servicing-related loans and (iii) minimum adjusted leverage ratios. We remained in compliance with all covenants under our facilities as of December 31, 2021.
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, ultimate, sale back to Fannie Mae. The difference between the price paid upon the original sale to Fannie Mae and the ultimate sale reflects borrowing costs.