10.	Credit Agreements

Short-term

borrowings are included in the consolidated balance sheets as follows:

	December 31,
	201 7		201 6
ABL facilit y	$	-	$	-
Other lines of credi t		20,602		31,198
Tota l	$	20,602	$	31,198

Long-term borrowi

ngs are included in the consolidated balance sheets as follows:

	December 31,
	201 7			201 6
Term loa n	$	929,000		$	929,000
Original issue discount and deferred financing cost s		(26,937	)		(26,677	)
ABL facilit y		-			100,000
Capital lease obligatio n		4,690			4,647
Othe r		1,367			14,753
Tota l		908,120			1,021,723
Less: current portion of deb t		936			14,399
Less: current portion of capital lease obligatio n		636			566
Tota l	$	906,548		$	1,006,758

Maturities of long-term borrowings (before considering original issue discount and deferred financing costs) outstanding at

December 31,

2017,

are as follows:

201 8	$	1,572
201 9		1,078
20 20		599
20 21		614
After 20 21		931,194
Total	$	935,057

The

Company’s credit agreements originally provided for a

$1,200,000

term loan B credit facility (Term Loan) and currently include a

$300,000

uncommitted incremental term loan facility. In

November 2016,

the Company amended its Term Loan to extend the maturity date from

May 31, 2020

May 31, 2023.

The Term Loan is guaranteed by all of the Company’s wholly-owned domestic restricted subsidiaries, and is secured by associated collateral agreements which pledge a

first

priority lien on virtually all of the Company’s assets, including fixed assets and intangibles, other than all cash, trade accounts receivable, inventory, and other current assets and proceeds thereof, which are secured by a

second

priority lien. The Term Loan initially bore interest at rates based upon either a base rate plus an applicable margin of

1.75%

or adjusted LIBOR rate plus an applicable margin of

2.75%,

subject to a LIBOR floor of

0.75%.

Beginning in the

second

quarter of

2014,

and measured each quarterly period thereafter, the applicable margin related to base rate loans was reduced to

1.50%

and the applicable margin related to LIBOR rate loans is reduced to

2.50%,

in each case, if the Company’s net debt leverage ratio, as defined in the Term Loan, falls below

3.00

1.00

for that measurement period.

Because the Company

’s net debt leverage ratio was above

3.00

1.00

July 1, 2015,

it realized a

basis point increase in borrowing costs in the

third

quarter of

2015.

As a result, the Company recorded a cumulative catch-up loss of

$2,381

in the

third

quarter of

2015,

which represented the additional cash interest expected to be paid while the net debt leverage ratio was expected to be above

3.00

1.00

using current forecasts at that time. The loss was recorded against original issue discount and deferred financing costs on long-term borrowings in the consolidated balance sheets and as a loss on change in contractual interest rate in the consolidated statement of comprehensive income.

As the Company

’s net debt leverage ratio continued to be above

3.00

1.00

July 1, 2016,

the Company recorded a cumulative catch-up loss of

$2,957

in the

third

quarter of

2016,

which represented the additional cash interest expected to be paid while the net debt leverage ratio was expected to be above

3.00

1.00

May 2015,

the Company amended certain provisions and covenants of the Term Loan. In connection with this amendment and in accordance with ASC

470

50,

Debt Modifications and Extinguishments

, the Company capitalized

$1,528

of fees paid to creditors as deferred financing costs on long-term borrowings and expensed

$49

of transaction fees in the

second

quarter of

2015.

November 2016,

the Company amended its Term Loan to extend the maturity date from

May 31, 2020

May 31, 2023.

In connection with this amendment and in accordance with ASC

470

50,

the Company capitalized

$4,242

of fees paid to creditors as original issue discount and deferred financing costs on long-term borrowings and expensed

$315

of transaction fees in the

fourth

quarter of

2016.

May 2017,

the Company amended its Term Loan, modifying the pricing of the facility by reducing the applicable margin rates to base rate plus a fixed applicable margin of

1.25%

or adjusted LIBOR rate plus a fixed applicable margin of

2.25%.

Further, the amendment removed the pricing grid that would reduce the applicable margin if a net debt leverage ratio of

3.00

1.00

was achieved. As a result, the Company does

not

anticipate any future catch-up gains or losses resulting from changes in contractual interest rates to be recorded in the statements of comprehensive income. The amended Term Loan pricing is still subject to the

0.75%

LIBOR floor. In connection with this amendment and in accordance with ASC

470

50,

the Company capitalized

$1,432

of fees

paid to creditors as deferred financing costs on long-term borrowings and expensed

$85

of transaction fees in the

second

quarter of

2017.

December 2017,

the Company amended its Term Loan,

which further reduced the applicable margin rates to base rate plus a fixed applicable margin of

1.00%

or adjusted LIBOR rate plus a fixed applicable margin of

2.00%.

Additionally, the amendment eliminated the Excess Cash Flow payment requirement for

2017,

and will eliminate future requirements if the Company’s secured leverage ratio is maintained below

3.75

1.00

times. In connection with this amendment and in accordance with ASC

470

50,

the Company capitalized

$2,346

of fees paid to creditors as original issue discount and deferred financing costs on long-term borrowings and expensed

$38

of transaction fees in the

fourth

quarter of

2017.

As of

December 31, 2017,

the Company's secured leverage ratio was

2.50

1.00

times, and the Company was in compliance with all covenants of the Term Loan. There are

financial maintenance covenants on the Term Loan.

he Company’s credit agreements also originally provided for a

$150,000

senior secured ABL revolving credit facility (ABL Facility). The maturity date of the ABL Facility originally was

May 31, 2018.

Borrowings under the ABL Facility are guaranteed by all of the Company’s wholly-owned domestic restricted subsidiaries, and are secured by associated collateral agreements which pledge a

first

priority lien on all cash, trade accounts receivable, inventory, and other current assets and proceeds thereof, and a

second

priority lien on all other assets, including fixed assets and intangibles of the Company and certain domestic subsidiaries. ABL Facility borrowings initially bore interest at rates based upon either a base rate plus an applicable margin of

1.00%

or adjusted LIBOR rate plus an applicable margin of

2.00%,

in each case, subject to adjustments based upon average availability under the ABL Facility.

May 2015,

the Company amended its ABL Facility (Amended ABL Facility). The amendment (i) increased the ABL Facility from

$150,000

$250,000

, (ii) extended the maturity date from

May 31, 2018

May 29, 2020, (

iii) increased the uncommitted incremental facility from

$50,000

$100,000,

(iv) reduced the interest rate spread by

basis points and (v) reduced the unused line fee by

12.5

basis points across all tiers. Additionally, the amendment relaxes certain restrictions on the Company’s ability to, among other things, (i) make additional investments and acquisitions (including foreign acquisitions), (ii) make restricted payments and (iii) incur additional secured and unsecured debt (including foreign subsidiary debt). In connection with this amendment and in accordance with ASC

470

50,

the Company capitalized

$540

of new debt issuance costs in

2015.

May 2015,

the Company borrowed

$100,000

under the Amended ABL Facility, the proceeds of which were used as a voluntary prepayment towards the Term Loan. In the

fourth

quarter of

2017,

the Company repaid the entire outstanding Amended ABL Facility balance. As of

December 31, 2017,

the Company had

$249,650

of availability under the Amended ABL Facility, net of outstanding letters of credit.

March

and

May 2015,

the Company made voluntary prepayments of the Term Loan of

$50,000

and

$100,000,

respectively, which were applied to the Excess Cash Flow payment requirement in the Term Loan. As a result of the prepayments, the Company wrote off

$4,795

of original issue discount and capitalized debt issuance costs during the year ended

December 31, 2015

as a loss on extinguishment of debt in the consolidated statement of comprehensive income. Similarly, i

November 2016,

the Company made a voluntary prepayment of

$25,000,

which resulted in a

$574

write-off of original issue discount and capitalized debt issuance costs during the year ended

December 31, 2016

as a loss on extinguishment of debt.

As of

December 31,

201

and

December 31, 2016,

short-term borrowings consisted primarily of borrowings by our foreign subsidiaries on local lines of credit, which totaled

$20,602

and

$31,198,

respectively.