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Debt | 9 Months Ended
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Sep. 30, 2016
Debt Disclosure [Abstract] |
Debt | Debt On October 26, 2016, we amended our Credit Facility which added a new $520 million Term Loan facility, thereby increasing the aggregate outstanding Term Loans to approximately $840.0 million, and expanded our right to request increases in available borrowings up to an additional $200.0 million, subject to the satisfaction of certain conditions. The amended Credit Facility matures in October 2021. We had outstanding borrowings under our Credit Facility totaling $796.0 million and $416.0 million as of September 30, 2016 and December 31, 2015, respectively. Our issued letters of credit under the Credit Facility totaled $5.1 million and $5.5 million as of September 30, 2016 and December 31, 2015, respectively. We also had $323.0 million and $333.2 million in Term Loans outstanding as of September 30, 2016 and December 31, 2015, respectively. As of September 30, 2016 and December 31, 2015, the unused portion of our Credit Facility was $457.6 million and $838.5 million, respectively. Our Credit Facility and our Term Loans contain certain financial and other covenants with which we are required to comply. Our failure to comply with the covenants contained in our Credit Facility and our Term Loans could result in an event of default. An event of default, if not cured or waived, would permit acceleration of any outstanding indebtedness under the Credit Facility and our Term Loans, trigger cross‑defaults under certain other agreements to which we are a party and impair our ability to obtain working capital advances and issue letters of credit, which would have a material adverse effect on our business, financial condition, results of operations and cash flows. As of September 30, 2016, we were in compliance with all financial covenants contained in our Credit Facility and our Term Loans. We have other uncommitted credit lines primarily for the issuance of letters of credit, bank guarantees and bankers’ acceptances. These credit lines are renewable on an annual basis and are subject to fees at market rates. As of September 30, 2016 and December 31, 2015, our outstanding letters of credit and bank guarantees under these credit lines totaled $156.8 million and $208.4 million, respectively. Substantially all of the letters of credit and bank guarantees issued under our Credit Facility and the uncommitted credit lines were provided to suppliers in the normal course of business and generally expire within one year of issuance. Expired letters of credit and bank guarantees are renewed as needed. Our debt consisted of the following (in millions):
|  | As of |
|  | September 30, |  |  | December 31, |
|  | 2016 |  |  | 2015 |
Credit Facility |  | $ | 796.0 |  |  | $ | 416.0 |
Term Loans |  | 323.0 |  |  | 333.2 |
Capital leases |  | 14.3 |  |  | 12.0 |
Other |  | 5.6 |  |  | 11.0 |
Total debt |  | 1,138.9 |  |  | 772.2 |
Short-term debt |  | 28.8 |  |  | 25.5 |
Long-term debt |  | $ | 1,110.1 |  |  | $ | 746.7 |
The following table provides additional information about our interest income (expense), and other financing costs, net, for the periods presented (in millions):
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Interest income |  | $ | 0.8 |  |  | $ | 1.3 |  |  | $ | 3.6 |  |  | $ | 4.0 |
Interest expense and other financing costs |  | (11.0 | ) |  | (9.2 | ) |  | (29.5 | ) |  | (25.5 | )
|  | $ | (10.3 | ) |  | $ | (7.9 | ) |  | $ | (26.0 | ) |  | $ | (21.5 | )
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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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