Debt

12 Months Ended

Dec. 31, 2018

As of December 31, 2018, we have a Credit Facility which permits borrowings up to approximately $1.16 billion, with a sub-limit 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 $170.0 million and $60.0 million as of December 31, 2018 and 2017, respectively. In connection with the Credit Facility, 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.

Our issued letters of credit under the Credit Facility totaled $4.1 million and $8.6 million as of December 31, 2018 and 2017, respectively. We also had $514.8 million and $835.8 million in Term Loans outstanding as of December 31, 2018 and 2017, respectively. As of December 31, 2018 and 2017, the unused portion of our Credit Facility was $985.9 million and $1.2 billion, 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, 2018, the applicable margins for base rate loans and Eurodollar rate loans were 1.25% and 2.25%, 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 December 31, 2018, 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, 2018 and 2017, our outstanding letters of credit and bank guarantees under these credit lines totaled $303.6 million and $272.0 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,
	2018		2017
Credit Facility	$	170.0	$	60.0
Term Loans	514.8		835.8
Capital leases	13.8		10.4
Other	2.3		4.0
Total debt	701.0		910.2
Current maturities of long-term debt and capital leases	41.1		25.6
Long-term debt	$	659.9	$	884.6

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, 2018.

As of December 31, 2018, the aggregate annual maturities of debt are as follows (in millions):



Year Ended December 31,
2019	$	41.1
2020	60.6
2021	424.3
2022	1.9
2023	171.4
Thereafter	1.7
	$	701.0

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



	2018			2017			2016
Interest income	$	3.9		$	6.0		$	4.5
Interest expense and other financing costs	(74.8		)	(66.3		)	(43.7		)
	$	(71.0	)	$	(60.3	)	$	(39.2	)