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Debt | 6 Months Ended
--- | ---
Jun. 30, 2016
Debt Disclosure [Abstract] |
Debt | Debt The components of total debt are summarized in the following table ($ in millions):
| June 30, 2016 |  | December 31, 2015
Term Loan A-1 | $ | 60.0 |  |  | $ | 60.0 |
Term Loan A-2 | 248.1 |  |  | 249.4 |
Revolving Credit Agreement - U.S. dollar borrowings | 199.0 |  |  | 197.0 |
Revolving Credit Agreement - euro borrowings | — |  |  | 62.4 |
French Employee Profit Sharing | 10.7 |  |  | 11.4 |
Bank Overdrafts | 0.5 |  |  | — |
Total Debt | 518.3 |  |  | 580.2 |
Less: Debt issuance costs | (7.8 | ) |  | (8.7 | )
Less: Current debt | (3.7 | ) |  | (3.3 | )
Long-Term Debt | $ | 506.8 |  |  | $ | 568.2 |
Credit Agreement On October 28, 2015, the Company, together with two of its Luxembourg-based wholly-owned holding subsidiaries, entered into a Second Amended and Restated Credit Agreement, or the Amended Credit Agreement, with JPMorgan Chase Bank, N.A., as administrative agent, providing for credit facilities in the aggregate principal amount of $1 billion, consisting of a $650 million revolving credit facility, or Revolving Credit Facility, available to the Company; a $100 million Term Loan A-1 (Term Loan A-1) made to the Company; and a $250 million Term Loan A-2 (Term Loan A-2 and, together with Term Loan A-1, the Term Loans) made to the Company. The Revolving Credit Facility matures on October 28, 2020. The Term Loan A-1 amortizes at the rate of 5.0% for the first two years, at the rate of 10.0% for the final three years and matures on October 28, 2020. The Term Loan A-2 amortizes at the rate of 1.0% per year and matures on October 28, 2022. The Term Loans are generally subject to mandatory repayment out of the net cash proceeds of asset sales which are not reinvested in operating assets. The credit facilities are secured by substantially all of the personal property of the Company and its domestic subsidiaries while the obligations of the Luxembourg-based holding subsidiaries are secured by a pledge of certain of the equity interests held in their operating subsidiaries. In December 2015, the Company prepaid the full amount of amortization for Term Loan A-1, which totaled $40 million. The Amended Credit Agreement amended and restated the Company’s Amended and Restated Credit Agreement, dated as of December 11, 2013, which provided for a $500 million unsecured revolving credit facility which was scheduled to mature on December 11, 2018. The interest rate margins applicable to the Revolving Credit Facility and the Term Loans under the Amended Credit Agreement are based on a fluctuating rate of interest measured by reference to either, at the Company's option, (i) a base rate, plus an applicable margin, which ranges from 0.25% to 1.25%, in the case of the Revolving Credit Facility and Term Loan A-1, and from 0.50% to 1.50%, in the case of Term Loan A-2, or (ii) an adjusted London interbank offered rate (adjusted for maximum reserves) (LIBOR), plus an applicable margin, which ranges from 1.25% to 2.25%, in the case of the Revolving Credit Facility and Term Loan A-1, and from 1.50% to 2.50%, in the case of Term Loan A-2. The applicable margin, in each case, will be adjusted from time to time based on the Company's ratio of net debt to EBITDA as defined in the Amended Credit Agreement. As of June 30, 2016, the average interest rate on outstanding Amended Credit Agreement borrowings was 2.25% on US Revolving Credit Facility borrowings, 1.75% on Euro Revolving Credit Facility borrowings, 2.25% on Term Loan A-1 borrowings and 2.50% on Term Loan A-2 borrowings. The weighted average effective interest rate on our debt facilities was approximately 2.31% and 1.42% for the six months ended June 30, 2016 and 2015, respectively. The Amended Credit Agreement also contains representations and warranties which are 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 3.50, reducing to 3.00 after September 30, 2016 and (b) minimum interest coverage of 3.00. The Amended Credit Agreement contains provisions allowing the Company to increase the leverage ratio upon the incurrence of certain unsecured indebtedness or temporarily upon the occurrence of a material acquisition. The Company was in compliance with all of its covenants under the Amended Credit Agreement at June 30, 2016. In conjunction with the Amended Credit Agreement, the Company capitalized approximately $7.4 million in deferred debt issuance costs associated with the new facility which will be amortized over the term of the related debt instrument. As of June 30, 2016 and December 31, 2015, the Company's total deferred debt issuance costs, net of accumulated amortization, were $7.8 million and $8.7 million, respectively. Amortization expense of $0.9 million and $0.3 million was recorded during the six months ended June 30, 2016 and 2015, respectively, and has been included as a component of Interest Expense in the accompanying consolidated statements of income. Fair Value of Debt At June 30, 2016 and December 31, 2015, 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.

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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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