Debt

12 Months Ended

Dec. 31, 2017

As of December 31, 2017, we have a Credit Facility which permits borrowings up to approximately $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 $60.0 million and $325.2 million as of December 31, 2017 and 2016, respectively.

Our issued letters of credit under the Credit Facility totaled $8.6 million and $8.3 million as of December 31, 2017 and 2016, respectively. We also had $835.8 million and $840.0 million in Term Loans outstanding as of December 31, 2017 and 2016, respectively. As of December 31, 2017 and 2016, the unused portion of our Credit Facility was $1.19 billion and $926.5 million, respectively. Availability under our Credit Facility is principally limited by the ratio of adjusted total debt to adjusted EBITDA, as defined in the revolving credit facility, 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, 2017, the applicable margins for base rate loans and Eurodollar rate loans were 1.50% and 2.50%, respectively. Letters of credit issued under our Credit Facility are subject

to letter of credit fees of 0.25% as of December 31, 2017, and the unused portion of our Credit Facility is subject to commitment fees of 0.35% as of December 31, 2017.

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, 2017, we were in compliance with all financial and other covenants contained in our Credit Facility and our Term Loans.

On January 30, 2018, we elected to amend our Credit Facility (the “Amendment”), and prepay certain amounts on our Term Loans. The Amendment lowers the borrowing capacity of our Credit Facility to approximately $1.16 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. In connection with the Amendment, we also elected to make a $300.0 million payment on the outstanding amounts owed on the Term Loans, representing additional capacity that is accessible by us. This payment was facilitated by an ability to use foreign cash without incurring additional U.S. tax costs as a result of the recently enacted Tax Act.

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, 2017 and 2016, our outstanding letters of credit and bank guarantees under these credit lines totaled $272.0 million and $176.5 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,
	2017		2016
Credit Facility	$	60.0	$	325.2
Term Loans	835.8		840.0
Capital leases	10.4		12.6
Other	4.0		8.5
Total debt	910.2		1,186.3
Current maturities of long-term debt and capital leases	25.6		15.4
Long-term debt	$	884.6	$	1,170.8

The capital lease obligations are payable in varying amounts through November 2023 and bear interest at annual rates ranging from 3.0% to 6.3% as of December 31, 2017.

As of December 31, 2017, the aggregate annual maturities of debt are as follows (in millions):



Year Ended December 31,
2018	$	25.6
2019	41.6
2020	55.8
2021	723.5
2022	61.7
Thereafter	1.9
	$	910.2

The following table provides additional information about our interest income, interest expense and other financing costs, net (in millions):



	2017			2016			2015
Interest income	$	6.0		$	4.5		$	5.0
Interest expense and other financing costs	(66.3		)	(43.7		)	(34.9		)
	$	(60.3	)	$	(39.2	)	$	(29.9	)