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Debt | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
Debt | Debt We have a Credit facility which permits borrowing up to $1.26 billion with a sublimit of $400.0 million for the issuance of letters of credit and bankers’ acceptances. Under the Credit Facility, we have the right to request increases in available borrowings up to an additional $200.0 million, subject to the satisfaction of certain conditions. The Credit Facility matures in October 2021. We had outstanding borrowings under our Credit Facility totaling $325.2 million and $416.0 million as of December 31, 2016 and 2015, respectively. Our issued letters of credit under the Credit Facility totaled $8.3 million and $5.5 million as of December 31, 2016 and 2015, respectively. We also had $840.0 million and $333.2 million in Term Loans outstanding as of December 31, 2016 and 2015, respectively. As of December 31, 2016 and 2015, the unused portion of our Credit Facility was $926.5 million and $838.5 million, respectively. Availability under our Credit Facility is also limited by, among other things our financial leverage ratio, which limits the total amount of indebtedness we may incur, and may therefore fluctuate from period to period. Borrowings under our Credit Facility and Term Loans related to base rate loans or Eurodollar rate loans bear floating interest rates plus applicable margins. As of December 31, 2016, the applicable margins for base rate loans and Eurodollar rate loans were 1.25% and 2.25%, respectively. Letters of credit issued under our Credit Facility are subject to letter of credit fees of 2.50% as of December 31, 2016, and the unused portion of our Credit Facility is subject to commitment fees of 0.30% as of December 31, 2016. 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 December 31, 2016, we were in compliance with all financial and other covenants contained in our Credit Facility and our Term Loans. Outside of our Credit Facility 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 December 31, 2016 and 2015, our outstanding letters of credit and bank guarantees under these credit lines totaled $176.5 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 December 31, |
| 2016 |  |  | 2015 |
Credit Facility | $ | 325.2 |  |  | $ | 416.0 |
Term Loans | 840.0 |  |  | 333.2 |
Capital leases | 12.6 |  |  | 12.0 |
Other | 8.5 |  |  | 11.0 |
Total debt | $ | 1,186.3 |  |  | $ | 772.2 |
Short-term debt | $ | 15.4 |  |  | $ | 25.5 |
Long-term debt | $ | 1,170.8 |  |  | $ | 746.7 |
The capital lease obligations are payable in varying amounts through November 2023 and bear interest at annual rates ranging from 3.0% to 6.7% as of December 31, 2016. The other debt primarily relates to acquisition promissory notes and loans payable to noncontrolling shareholders of a consolidated subsidiary which are payable in varying amounts from July 2017 to October 2017 and bear interest at annual rates ranging from 2.0% to 8.6% as of December 31, 2016. The weighted average interest rate on our short‑term debt was 2.3% and 2.7% as of December 31, 2016 and 2015, respectively. As of December 31, 2016, the aggregate annual maturities of debt are as follows (in millions):
Year Ended December 31, |
2017 | $ | 15.4 |
2018 | 24.1 |
2019 | 39.5 |
2020 | 56.1 |
2021 | 1,049.0 |
Thereafter | 2.1 |
| $ | 1,186.3 |
The following table provides additional information about our interest income and expense and other financing costs, net (in millions):
| 2016 |  |  | 2015 |  |  | 2014 |
Interest income | $ | 4.5 |  |  | $ | 5.0 |  |  | $ | 6.0 |
Interest expense and other financing costs | (43.7 | ) |  | (34.9 | ) |  | (31.2 | )
| $ | (39.2 | ) |  | $ | (29.9 | ) |  | $ | (25.2 | )

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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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