Debt and Credit Facilities

3 Months Ended

Mar. 31, 2015

Note 10 Debt and Credit Facilities

Our total debt outstanding consisted of the amounts set forth on the following table:

	March 31,		December 31,
(In millions)	2015		2014
Short-term borrowings ⁽¹⁾	$	85.2	$	130.4
Current portion of long-term debt		1.3		1.1
Total current debt		86.5		131.5
Term Loan A Facility due July 2017, less unamortized lender fees of $0.3 in 2015 and $0.3 in 2014⁽²⁾		249.7		249.7
Term Loan A Facility due July 2019, less unamortized lender fees of $10.0 in 2015 and $10.6 in 2014⁽²⁾		1,106.9		1,129.4
6.50% Senior Notes due December 2020		428.0		428.1
8.375% Senior Notes due September 2021		750.0		750.0
4.875% Senior Notes due December 2022		425.0		425.0
5.25% Senior Notes due April 2023		425.0		425.0
5.125% Senior Notes due December 2024		425.0		425.0
6.875% Senior Notes due July 2033, less unamortized discount of $1.3 in 2015 and $1.3 in 2014		448.7		448.7
Other		3.5		1.6
Total long-term debt, less current portion		4,261.8		4,282.5
Total debt⁽³⁾	$	4,348.3	$	4,414.0

⁽¹⁾

Short-term borrowings of $85 million at March 31, 2015 are comprised primarily of borrowings from various lines of credits. Short-term borrowings at December 31, 2014 are comprised primarily of $36 million of borrowings outstanding under our U.S. accounts receivable securitization program, $23 million outstanding under our revolving credit facility and $71 million short-term borrowings from various lines of credits.

⁽²⁾	Term Loan A facilities have required prepayments which are due in 2016.

⁽³⁾	The weighted average interest rate on our total outstanding debt was 5.3% as of March 31, 2015 and 5.2% as of December 31, 2014.

Lines of Credit

The following table summarizes our available lines of credit and committed and uncommitted lines of credit, including the Revolving Credit Facility discussed above, and the amounts available under our accounts receivable securitization programs. We are not subject to any material compensating balance requirements in connection with our lines of credit.

	March 31,		December 31,
(In millions)	2015		2014
Used lines of credit⁽¹⁾	$	85.2	$	130.4
Unused lines of credit		1,137.1		1,101.7
Total available lines of credit⁽²⁾	$	1,222.3	$	1,232.1

⁽¹⁾	Includes total borrowings under the accounts receivable securitization programs, the revolving credit facility and borrowings under lines of credit available to several foreign subsidiaries.

⁽²⁾	Of the total available lines of credit, $883 million were committed as of March 31, 2015.

Covenants

Each issue of our outstanding senior notes imposes limitations on our operations and those of specified subsidiaries. The Amended Credit Facility contains customary affirmative and negative covenants for credit facilities of this type, including limitations on our indebtedness, liens, investments, restricted payments, mergers and acquisitions, dispositions of assets, transactions with affiliates, amendment of documents and sale leasebacks, and a covenant specifying a maximum permitted ratio of Consolidated Net Debt to Consolidated EBITDA (as defined in the Credit Facility). We were in compliance with the above financial covenants and limitations at March 31, 2015.

- 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.

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