DEBT

The following table summarizes the components of Long-term borrowings and capital lease obligations:



(in millions)	March 31, 2015		December 31, 2014
Senior Secured Credit Facility:
Revolving credit facility	$	—	$	—
Term loan	49.2		49.2
Capital lease obligations	0.9		1.0
Total long-term borrowings and capital lease obligations, including current portion	50.1		50.2
Less: Current maturities	5.8		5.8
Less: Current capital lease obligations	0.4		0.4
Total long-term borrowings and capital lease obligations, net	$	43.9	$	44.0

As more fully described within Note 1 – Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, the Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The carrying value of short-term borrowings approximates fair value due to its short maturity (Level 2 input). The fair value of long-term debt is based on interest rates that we believe are currently available to us for issuance of debt with similar terms and remaining maturities (Level 2 input).

The following table summarizes the carrying amounts and fair values of the Company’s financial instruments:



	March 31, 2015				December 31, 2014
(in millions)	Notional Amount		Fair Value		Notional Amount		Fair Value
Short-term borrowings	$	2.8	$	2.8	$	—	$	—
Long-term borrowings^(a)	50.1		50.1		50.2		50.2


(a)	Long-term borrowings includes current portions of long-term debt and current portions of capital lease obligations of $6.2 million and $6.2 million as of March 31, 2015 and December 31, 2014, respectively.

In March 2013, the Company executed a $225.0 million senior secured credit facility (the “Senior Secured Credit Facility”) comprised of a five-year fully funded term loan of $75.0 million and a five-year $150.0 million revolving credit facility. As of March 31, 2015, there was no cash drawn and $24.0 million of undrawn letters of credit under the $150.0 million revolving credit facility portion of the Senior Secured Credit Facility, with $126.0 million of net availability for borrowings.

As of March 31, 2015, there were $2.8 million of borrowings against the Company’s non-U.S. lines of credit which provide for borrowings of up to $11.1 million.

For the three months ended March 31, 2015, there were no gross borrowings or gross payments under the Company’s domestic revolving credit facility. For the three months ended March 31, 2014, gross borrowings and gross payments under the Company’s domestic revolving credit facility were $6.5 million and $16.5 million, respectively.

The Senior Secured Credit Facility requires the Company to comply with financial covenants related to the maintenance of a minimum fixed charge coverage ratio and maximum leverage ratio. The financial covenants are measured at each fiscal quarter-end. Restricted payments, including dividends, are permitted only if the pro-forma leverage ratio after giving effect to such payment is less than 3.25x, pro-forma compliance after giving effect to such payment is maintained for all other financial covenants and there are no existing defaults under the Senior Secured Credit Facility. The Company was in compliance with all of its debt covenants as of March 31, 2015.