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Debt | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Debt | Debt
| September 30, |  | December 31,
(In millions) | 2019 |  | 2018
Debt: |  |  |
Short-term borrowings |  |  |
Restricted cash borrowings(a) | $ | 10.0 |  |  | 10.5 |
Other | 5.4 |  |  | 18.4 |
Total short-term borrowings | $ | 15.4 |  |  | 28.9 |
Long-term debt |  |  |
Bank credit facilities: |  |  |
Term loan A(b) | $ | 776.9 |  |  | 466.9 |
Senior unsecured notes(c) | 592.7 |  |  | 592.0 |
Revolving Credit Facility | 217.9 |  |  | 340.0 |
Other | 7.3 |  |  | 5.7 |
Financing leases | 139.7 |  |  | 120.5 |
Total long-term debt | $ | 1,734.5 |  |  | 1,525.1 |
Total debt | $ | 1,749.9 |  |  | 1,554.0 |
Included in: |  |  |
Current liabilities | $ | 89.1 |  |  | 82.4 |
Noncurrent liabilities | 1,660.8 |  |  | 1,471.6 |
Total debt | $ | 1,749.9 |  |  | 1,554.0 |
(a) | These amounts are for short-term borrowings related to cash borrowed under lending arrangements used in the process of managing customer cash supply chains, which is currently classified as restricted cash and not available for general corporate purposes. See Note 13 for more details.
(b) | Amounts outstanding are net of unamortized debt costs of $3.1 million as of September 30, 2019 and $1.8 million as of December 31, 2018.
(c) | Amounts outstanding are net of unamortized debt costs of $7.3 million as of September 30, 2019 and $8.0 million as of December 31, 2018.
Long-Term Debt Senior Secured Credit Facility In February 2019, we amended our senior secured credit facility (the “Senior Secured Credit Facility”) with Wells Fargo Bank, National Association, as former administrative agent and Bank of America, N.A. as successor administrative agent. After the amendment, the Senior Secured Credit Facility consisted of a $1 billion revolving credit facility (the "Revolving Credit Facility") and an $800 million term loan facility (the "Term Loan Facility"). Prior to the amendment, the Term Loan Facility had an outstanding balance of approximately $469 million. The proceeds from the amendment were used to repay outstanding principal under the Revolving Credit Facility as well as certain fees related to the closing of the transaction. Loans under the Revolving Credit Facility mature five years after the amendment date (February 8, 2024). Principal payments are due quarterly for the amended Term Loan Facility equal to 1.25% of the initial loan amount with a final lump sum payment due on February 8, 2024. Interest rates for the Senior Secured Credit Facility are based on LIBOR plus a margin or an alternate base rate plus a margin. The Revolving Credit Facility allows us to borrow money or issue letters of credit (or otherwise satisfy credit needs) on a revolving basis over the term of the facility. As of September 30, 2019, $782 million was available under the Revolving Credit Facility. The obligations under the Senior Secured Credit Facility are secured by a first-priority lien on all or substantially all of the assets of the Company and certain of its domestic subsidiaries, including a first-priority lien on equity interests of certain of the Company’s direct and indirect subsidiaries. The Company and certain of its domestic subsidiaries also guarantee the obligations under the Senior Secured Credit Facility. The margin on both LIBOR and alternate base rate borrowings under the Senior Secured Credit Facility is based on the Company’s consolidated net leverage ratio. The margin on LIBOR borrowings, which can range from 1.25% to 2.00%, was 1.75% at September 30, 2019. The margin on alternate base rate borrowings, which can range from 0.25% to 1.00%, was 0.75% as of September 30, 2019. We also pay an annual commitment fee on the unused portion of the Revolving Credit Facility based on the Company’s consolidated net leverage ratio. The commitment fee, which can range from 0.15% to 0.30%, was 0.25% as of September 30, 2019. Senior Unsecured Notes In October 2017, we issued at par ten-year senior unsecured notes (the "Senior Notes") in the aggregate principal amount of $600 million. The Senior Notes will mature on October 15, 2027 and bear an annual interest rate of 4.625%. The Senior Notes are general unsecured obligations guaranteed by certain of the Company’s existing and future U.S. subsidiaries, which are also guarantors under the Senior Secured Credit Facility. The Senior Notes have not been and will not be registered under the Securities Act of 1933 (the “Securities Act”) or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The notes were offered in the United States only to persons reasonably believed to be qualified institutional buyers in reliance on the exception from registration set forth in Rule 144A under the Securities Act and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. Letter of Credit Facilities and Bank Guarantee Facilities We have three committed letter of credit facilities totaling $80 million, of which approximately $28 million was available at September 30, 2019. At September 30, 2019, we had undrawn letters of credit and guarantees of $52 million issued under these facilities. A $10 million facility expires in April 2022, a $54 million facility expires in December 2019 and a $16 million facility expires in January 2024. We have two uncommitted letter of credit facilities totaling $55 million, of which approximately $33 million was available at September 30, 2019. At September 30, 2019, we had undrawn letters of credit and guarantees of $22 million issued under these facilities. A $40 million facility expires in January 2020 and a $15 million facility has no expiration date. The Senior Secured Credit Facility is also available for issuance of letters of credit and bank guarantees. The Senior Secured Credit Facility, Senior Unsecured Notes, the Letter of Credit Facilities and Bank Guarantee Facilities contain various financial and other covenants. The financial covenants, among other things, limit our ability to provide liens, restrict fundamental changes, limit transactions with affiliates and unrestricted subsidiaries, restrict changes to our fiscal year and to organizational documents, limit asset dispositions, limit the use of proceeds from asset sales, limit sale and leaseback transactions, limit investments, limit the ability to incur debt, restrict certain payments to shareholders, limit negative pledges, limit the ability to change the nature of our business, provide for a maximum consolidated net leverage ratio and provide for minimum coverage of interest costs. If we were not to comply with the terms of our various financing agreements, the repayment terms could be accelerated and the commitments could be withdrawn. An acceleration of the repayment terms under one agreement could trigger the acceleration of the repayment terms under the other financing agreements. We were in compliance with all financial covenants at September 30, 2019.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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