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Debt and Credit Facilities | 9 Months Ended
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Sep. 30, 2015
Debt Disclosure [Abstract] |
Debt and Credit Facilities | Note 10 Debt and Credit Facilities Our total debt outstanding consisted of the amounts set forth on the following table:
|  | September 30, |  |  | December 31, |
(In millions) |  | 2015 |  |  | 2014 |
Short-term borrowings (1) |  | $ | 280.5 |  |  | $ | 130.4 |
Current portion of long-term debt |  |  | 34.7 |  |  |  | 1.1 |
Total current debt |  |  | 315.2 |  |  |  | 131.5 |
Term Loan A due July 2017, less unamortized lender fees of $0.2 million in 2015 and $0.3 million in 2014 |  |  | 249.8 |  |  |  | 249.7 |
Term Loan A due July 2019, less unamortized lender fees of $8.8 million in 2015 and $10.6 million in 2014(2) |  |  | 1,080.1 |  |  |  | 1,129.4 |
6.50% Senior Notes due December 2020 |  |  | 427.8 |  |  |  | 428.1 |
8.375% Senior Notes due September 2021 |  |  | — |  |  |  | 750.0 |
4.875% Senior Notes due December 2022 |  |  | 425.0 |  |  |  | 425.0 |
5.25% Senior Notes due April 2023 |  |  | 425.0 |  |  |  | 425.0 |
4.50% Senior Notes due September 2023 |  |  | 449.9 |  |  |  | — |
5.125% Senior Notes due December 2024 |  |  | 425.0 |  |  |  | 425.0 |
5.50% Senior Notes due September 2025 |  |  | 400.0 |  |  |  | — |
6.875% Senior Notes due July 2033, less unamortized discount of $1.3 million in 2015 and $1.3 million in 2014 |  |  | 448.7 |  |  |  | 448.7 |
Other |  |  | 3.6 |  |  |  | 1.6 |
Total long-term debt, less current portion |  |  | 4,334.9 |  |  |  | 4,282.5 |
Total debt(3) |  | $ | 4,650.1 |  |  | $ | 4,414.0 |
(1) | Short-term borrowings of $281 million at September 30, 2015 are comprised primarily of $67 million of borrowings outstanding under our U.S. accounts receivable securitization program, $40 million of borrowings outstanding under our European accounts receivable securitization program, $90 million outstanding under our revolving credit facility and $83 million short-term borrowing from various lines of credit. Short-term borrowings at December 31, 2014 are comprised primarily of $36 million of borrowings outstanding under our U.S. accounts receivable securitization program, $23 million outstanding under our revolving credit facility and $71 million short-term borrowings from various lines of credit.
(2) | Term Loan A facility due July 2019 has required prepayments which are due in 2016.
(3) | The weighted average interest rate on our total outstanding debt was 4.5% as of September 30, 2015 and 5.2% as of December 31, 2014.
Senior Notes In the second quarter 2015, Sealed Air issued $400 million of 5.50% Senior Notes due September 15, 2025 and €400 million of 4.50% Senior Notes due September 15, 2023. The proceeds from these notes were used to repurchase the Company’s $750 million 8.375% Notes due September 2021. The aggregate repurchase price was $866 million, which included the principal amount of $750 million, a premium of $99 million and accrued interest of $17 million. We recognized a total pre-tax loss of $111 million on the repurchase, which included the premiums mentioned above. Also included in the loss on debt redemption was $11 million of accelerated amortization of original non-lender fees related to the 8.375% Senior Notes. We also capitalized $8 million of fees incurred in connection with the 5.50% Senior Notes and 4.50% Senior Notes that are included in other assets on our consolidated balance sheet. Lines of Credit The following table summarizes our available lines of credit and committed and uncommitted lines of credit, including the Revolving Credit Facility discussed above, and the amounts available under our accounts receivable securitization programs. We are not subject to any material compensating balance requirements in connection with our lines of credit.
|  | September 30, |  |  | December 31, |
(In millions) |  | 2015 |  |  | 2014 |
Used lines of credit (1) |  | $ | 280.5 |  |  | $ | 130.4 |
Unused lines of credit |  |  | 977.8 |  |  |  | 1,101.7 |
Total available lines of credit(2) |  | $ | 1,258.3 |  |  | $ | 1,232.1 |
(1) | Includes total borrowings under the accounts receivable securitization programs, the revolving credit facility and borrowings under lines of credit available to several foreign subsidiaries.
(2) | Of the total available lines of credit, $887 million were committed as of September 30, 2015.
Covenants Each issue of our outstanding senior notes imposes limitations on our operations and those of specified subsidiaries. The Second Amended and Restated Syndicated Credit Facility (“Amended Credit Facility”) contains customary affirmative and negative covenants for credit facilities of this type, including limitations on our indebtedness, liens, investments, restricted payments, mergers and acquisitions, dispositions of assets, transactions with affiliates, amendment of documents and sale leasebacks, and a covenant specifying a maximum permitted ratio of Consolidated Net Debt to Consolidated EBITDA (as defined in the Amended Credit Facility). We were in compliance with the above financial covenants and limitations at September 30, 2015.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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