. Credit Agreements

Short-term borrowings are included in the condensed consolidated balance sheets as follows:

	March 31,		December 31,
	2018		2017
ABL facility	$	-	$	-
Other lines of credit		31,414		20,602
Total	$	31,414	$	20,602

Long-term borrowings are included in the condensed consolidated balance sheets as follows:

	March 31,			December 31,
	2018			2017
Term loan	$	929,000		$	929,000
Original issue discount and deferred financing costs		(25,760	)		(26,937	)
Capital lease obligation		4,650			4,690
Other		1,162			1,367
Total		909,052			908,120
Less: current portion of debt		944			936
Less: current portion of capital lease obligation		649			636
Total	$	907,459		$	906,548

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. The maturity date of the Term Loan is

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 is 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.

May 2017,

the Company amended the 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, however, 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 in the

second

quarter of

2017.

December 2017,

the Company once again amended the 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 eliminates future related payment 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 in

fourth

quarter of

2017.

As of

March 31, 2018,

the Company’s secured leverage ratio was

2.47

1.00

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

financial maintenance covenants on the Term Loan.

The Company’s credit agreements also provide for a

$250,000

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

May 29, 2020.

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 bear interest at rates based upon either a base rate plus an applicable margin of

0.50%

or adjusted LIBOR rate plus an applicable margin of

1.50%,

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

amounts were outstanding under the ABL Facility at

March 31, 2018

and

December 31, 2017,

respectively.

As of

March 31, 2018

and

December 31, 2017,

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

$31,414

and

$20,602,

respectively.