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Indebtedness | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Indebtedness | INDEBTEDNESS Indebtedness consisted of the following at September 30, 2017 and December 31, 2016 (in millions):
| September 30, 2017 |  | December 31, 2016
1.056% Senior term loan due 2020 | $ | 235.9 |  |  | $ | 211.0 |
Credit facility, expiring 2020 | 587.4 |  |  | 329.2 |
Senior term loans due 2021 | 353.9 |  |  | 316.5 |
5 7/8% Senior notes due 2021 | 305.6 |  |  | 306.6 |
Senior term loans due between 2019 and 2026 | 442.4 |  |  | 395.6 |
Other long-term debt | 137.5 |  |  | 141.6 |
Debt issuance costs | (4.5 | ) |  | (5.1 | )
| 2,058.2 |  |  | 1,695.4 |
Less: Current portion of other long-term debt | (107.9 | ) |  | (85.4 | )
Total indebtedness, less current portion | $ | 1,950.3 |  |  | $ | 1,610.0 |
1.056% Senior Term Loan In December 2014, the Company entered into a term loan with the European Investment Bank, which provided the Company with the ability to borrow up to €200.0 million. The €200.0 million (or approximately $235.9 million as of September 30, 2017) of funding was received on January 15, 2015 with a maturity date of January 15, 2020. The Company has the ability to prepay the term loan before its maturity date. Interest is payable on the term loan at 1.056% per annum, payable quarterly in arrears. Credit Facility The Company’s revolving credit and term loan facility consists of an $800.0 million multi-currency revolving credit facility and a €312.0 million (or approximately $368.1 million as of September 30, 2017) term loan facility. The maturity date of the credit facility is June 26, 2020. Under the credit facility agreement, interest accrues on amounts outstanding, at the Company’s option, depending on the currency borrowed, at either (1) LIBOR or EURIBOR plus a margin ranging from 1.0% to 1.75% based on the Company’s leverage ratio, or (2) the base rate, which is equal to the higher of (i) the administrative agent’s base lending rate for the applicable currency, (ii) the federal funds rate plus 0.5%, and (iii) one-month LIBOR for loans denominated in U.S. dollars plus 1.0% plus a margin ranging from 0.0% to 0.25% based on the Company’s leverage ratio. As is more fully described in Note 11, the Company entered into an interest rate swap in 2015 to convert the term loan facility’s floating interest rate to a fixed interest rate of 0.33% plus the applicable margin over the remaining life of the term loan facility. As of September 30, 2017, the Company had $587.4 million of outstanding borrowings under the credit facility and the ability to borrow approximately $580.7 million under the facility. Approximately $219.3 million was outstanding under the multi-currency revolving credit facility and €312.0 million (or approximately $368.1 million) was outstanding under the term loan facility as of September 30, 2017. As of December 31, 2016, no amounts were outstanding under the Company’s multi-currency revolving credit facility, and the Company had the ability to borrow approximately $800.0 million under the facility. Approximately €312.0 million (or approximately $329.2 million) was outstanding under the term loan facility as of December 31, 2016. During 2015, the Company designated its €312.0 million ($368.1 million as of September 30, 2017) term loan facility as a hedge of its net investment in foreign operations to offset foreign currency translation gains or losses on the net investment. See Note 11 for additional information about the net investment hedge. Senior Term Loans Due 2021 In April 2016, the Company entered into two term loan agreements with Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank”), in the amount of €100.0 million and €200.0 million, respectively. The €300.0 million (or approximately $353.9 million as of September 30, 2017) of funding was received on April 26, 2016 and was partially used to repay a senior term loan with Rabobank which was due May 2, 2016. The Company received net proceeds of approximately €99.6 million (or approximately $112.2 million) after debt issuance costs. The provisions of the two term loans are identical in nature. The Company has the ability to prepay the term loans before their maturity date on April 26, 2021. Interest is payable on the term loans per annum, equal to the EURIBOR plus a margin ranging from 1.0% to 1.75% based on the Company’s net leverage ratio. Interest is paid quarterly in arrears. 5 7/8% Senior Notes The Company’s $305.6 million of 5 7/8% senior notes due December 1, 2021 constitute senior unsecured and unsubordinated indebtedness. Interest is payable on the notes semi-annually in arrears. At any time prior to September 1, 2021, the Company may redeem the notes, in whole or in part from time to time, at its option, at a redemption price equal to the greater of (i) 100% of the principal amount plus accrued and unpaid interest, including additional interest, if any, to, but excluding, the redemption date, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of interest accrued to the date of redemption) discounted to the redemption date at the treasury rate plus 0.5%, plus accrued and unpaid interest, including additional interest, if any. Beginning September 1, 2021, the Company may redeem the notes, in whole or in part from time to time, at its option, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, including additional interest, if any. As is more fully described in Note 11, the Company entered into an interest rate swap in 2015 to convert the senior notes’ fixed interest rate to a floating interest rate over the remaining life of the senior notes. During 2016, the Company terminated the interest rate swap. As a result, the Company recorded a deferred gain of approximately $7.3 million associated with the termination, which will be amortized as a reduction to “Interest expense, net” over the remaining term of the 5 7/8% senior notes through December 1, 2021. As of September 30, 2017, the unamortized portion of the deferred gain was approximately $5.6 million and the amortization for the three and nine months ended September 30, 2017 was approximately $0.3 million and $1.0 million, respectively. Senior Term Loans Due Between 2019 and 2026 In October 2016, the Company borrowed an aggregate amount of €375.0 million (or approximately $442.4 million as of September 30, 2017) through a group of seven related term loan agreements. The Company received net proceeds of approximately €373.2 million (or approximately $409.5 million as of October 19, 2016) after debt issuance costs which were used to repay borrowings made under the Company’s revolving credit facility. The provisions of the term loan agreements are identical in nature, with the exception of interest rate terms and maturities. The Company has the ability to prepay the term loans before their maturity dates. Interest is payable on the term loans in arrears either semi-annually or annually as provided below (in millions):
Maturity Date |  | Floating or Fixed Interest Rate |  | Interest Rate |  | Interest Payment |  | Term Loan Amount
October 19, 2019 |  | Floating |  | EURIBOR + 0.75% |  | Semi-Annually |  | € | 1.0 |
October 19, 2019 |  | Fixed |  | 0.75% |  | Annually |  | 55.0 |
October 19, 2021 |  | Floating |  | EURIBOR + 1.00% |  | Semi-Annually |  | 25.5 |
October 19, 2021 |  | Fixed |  | 1.00% |  | Annually |  | 166.5 |
October 19, 2023 |  | Floating |  | EURIBOR + 1.25% |  | Semi-Annually |  | 1.0 |
October 19, 2023 |  | Fixed |  | 1.33% |  | Annually |  | 73.5 |
October 19, 2026 |  | Fixed |  | 1.98% |  | Annually |  | 52.5 |
|  |  |  |  |  |  |  | € | 375.0 |
Standby Letters of Credit and Similar Instruments The Company has arrangements with various banks to issue standby letters of credit or similar instruments, which guarantee the Company’s obligations for the purchase or sale of certain inventories and for potential claims exposure for insurance coverage. At September 30, 2017 and December 31, 2016, outstanding letters of credit totaled $15.2 million and $17.1 million, respectively.

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