Debt

Total debt is summarized in the following table ($ in millions):



	June 30, 2015			December 31, 2014
Credit Agreement - U.S. dollar borrowings	$	369.0		$	354.0
Credit Agreement - euro borrowings	16.7			71.1
French Employee Profit Sharing	11.7			14.6
Bank Overdrafts	0.7			0.4
Total Debt	398.1			440.1
Less: Current debt	(3.2		)	(2.9		)
Long-Term Debt	$	394.9		$	437.2

Credit Agreement

The Company currently has in place a five-year unsecured revolving credit facility, or Credit Agreement, which provides for borrowing capacity of $500 million in U.S. dollars or a $300 million equivalent sublimit in euros, with an option to increase borrowing capacity by $200 million, subject to the discretion of the lenders. The Credit Agreement contains representations and warranties customary for facilities of this type and covenants and provisions that, among other things, require the Company to maintain (a) a maximum net debt to EBITDA ratio of 3.00 and (b) a minimum interest coverage ratio of 3.50. The Company was in compliance with all of its covenants under the Credit Agreement at June 30, 2015. The outstanding amounts under the facility are due upon maturity in December 2018.

Under the Credit Agreement, interest rates are based on the London Interbank Offered Rate plus an applicable margin that varies from 1.25% to 2.00% depending on the Net Debt to EBITDA Ratio, as defined in the Credit Agreement. The Company will incur commitment fees at an annual rate of 0.20% to 0.30% of the applicable margin on the committed amounts not drawn, depending on the Net Debt to EBITDA Ratio. As of June 30, 2015, the applicable interest rate on Credit Agreement borrowings was 1.44% on U.S. dollar borrowings and 1.19% on euro borrowings.

Fair Value of Debt

At June 30, 2015 and December 31, 2014, the estimated fair values of the Company’s current and long-term debt approximated the respective carrying amounts as the interest rates were variable and based on current market indices.