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Debt and Credit Facilities | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Debt and Credit Facilities | Debt and Credit Facilities Our total debt outstanding consisted of the amounts set forth on the following table:
(In millions) |  | September 30, 2017 |  | December 31, 2016
Short-term borrowings(1) |  | $ | 84.0 |  |  | $ | 83.0 |
Current portion of long-term debt |  | 2.0 |  |  | 297.0 |
Total current debt |  | 86.0 |  |  | 380.0 |
Term Loan A due July 2019 |  | 222.2 |  |  | 818.3 |
6.50% Senior Notes due December 2020 |  | 423.4 |  |  | 423.1 |
4.875% Senior Notes due December 2022 |  | 420.2 |  |  | 419.6 |
5.25% Senior Notes due April 2023 |  | 420.2 |  |  | 419.7 |
4.50% Senior Notes due September 2023 |  | 467.9 |  |  | 416.7 |
5.125% Senior Notes due December 2024 |  | 420.6 |  |  | 420.2 |
5.50% Senior Notes due September 2025 |  | 396.6 |  |  | 396.4 |
6.875% Senior Notes due July 2033 |  | 445.4 |  |  | 445.3 |
Other |  | 2.9 |  |  | 3.3 |
Total long-term debt, less current portion(3) |  | 3,219.4 |  |  | 3,762.6 |
Total debt(2)(4) |  | $ | 3,305.4 |  |  | $ | 4,142.6 |
(1) | Short-term borrowings of $84.0 million at September 30, 2017 are comprised of $43.0 million of Diversey accounts payable obligations under financing arrangements which Sealed Air was fully reimbursed for as part of the sale of Diversey as well as $41.0 million of short term borrowings from various lines of credit. Short-term borrowings at December 31, 2016 were comprised primarily of $83.0 million of short-term borrowings from various lines of credit.
(2) | As of September 30, 2017, our weighted average interest rate on our short-term borrowings outstanding, excluding the amounts related to the Diversey accounts payable obligations discussed above, was 7.4% and on our long-term debt outstanding was 5.3%. As of December 31, 2016, our weighted average interest rate on our short-term borrowings outstanding was 4.8% and on our long-term debt outstanding was 4.7%.
(3) | Amounts are net of unamortized discounts and issuance costs of $30.9 million as September 30, 2017 and $36.3 million as of December 31, 2016.
(4) | Long-term debt instruments are listed in order of priority.
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.
(In millions) |  | September 30, 2017 |  | December 31, 2016
Used lines of credit (1)(2) |  | $ | 41.0 |  |  | $ | 83.0 |
Unused lines of credit |  | 1,075.3 |  |  | 1,074.4 |
Total available lines of credit(3) |  | $ | 1,116.3 |  |  | $ | 1,157.4 |
(1) | Includes total borrowings under the accounts receivable securitization programs, the revolving credit facility and borrowings under lines of credit available to several subsidiaries.
(2) | As of September 30, 2017 and December 31, 2016, there were $27.2 million and $25.4 million of cash held on deposit, respectively, as a compensating balance for certain short-term borrowings, which is recorded in other current assets on the Condensed Consolidated Balance Sheet.
(3) | Of the total available lines of credit, $853.3 million were committed as of September 30, 2017.
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, 2017. Recent Activity In July 2017, we paid the full $250.0 million principal balance of the Term Loan A facility due in July 2017, upon its maturity. On July 1, 2017, we executed an amendment to the Amended Credit Facility in order to close on the sale of Diversey. The amendment primarily allowed us to take steps necessary for the legal separation of the Diversey business and release the loan security effective with the sale closing. These changes do not impact the Condensed Consolidated Financial Statements as of September 30, 2017. Subsequent to the execution of the amendment, we prepaid the Brazilian tranche of our Term Loan A facility due in July 2019 in the amount of $96.3 million in connection with the anticipated Diversey transaction. An additional $755.2 million of this facility was prepaid in conjunction with the Diversey closing. As of September 30, 2017, the remaining balance of this facility was $222.2 million and no further amortization payments will be required before the maturity of the facility.

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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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