DEBT

Short-Term Debt is comprised of the following:



In millions	2015		2014
Short Term Borrowings	$	10.8	$	5.6
Current Portion of Capital Lease Obligations	0.8		1.6
Current Portion of Long-Term Debt	25.0		25.0
Total	$	36.6	$	32.2

Short-term borrowings are principally at the Company’s international subsidiaries. The weighted average interest rate on short-term borrowings as of December 31, 2015 and 2014 was 9.2% and 8.1%, respectively.

Long-Term Debt is comprised of the following:



In millions	2015		2014
Senior Notes with interest payable semi-annually at 4.95%, payable in 2022	$	250.0	$	250.0
Senior Notes with interest payable semi-annually at 4.80%, payable in 2021	425.0		425.0
Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (1.7% at December 31, 2015) payable through 2019	975.0		1,000.0
Senior Secured Revolving Credit Facilities with interest payable at floating rates (1.9% at December 31, 2015) payable in 2019(a)	224.8		288.4
Capital Lease Obligations	1.8		3.1
Other	1.8		2.2
	1,878.4		1,968.7
Less: Current Portion	25.8		26.6
	1,852.6		1,942.1
Less: Unamortized Deferred Debt Issuance Costs ^(a)	13.7		16.6
Total	$	1,838.9	$	1,925.5

^(a) As of December 31, 2015, the Company adopted ASU No. 2015-03 Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The adoption required debt issue costs previously reported in Other Assets to be presented as a direct reduction in Total Debt. For more information see Note 1 - Nature of Business and Summary of Significant Accounting Policies.

Long-Term Debt maturities (excluding capital leases) are as follows:



In millions
2016	$	25.0
2017	25.8
2018	125.8
2019	1,024.8
2020	0.1
After 2020	675.1
Total	$	1,876.6

Senior Notes

On April 2, 2013, the Company completed the issuance and sale of $425 million aggregate principal amount of its 4.75% Senior Notes due 2021. In connection with the new notes, the Company recorded deferred financing cost of approximately $7.2 million.

During June of 2013, the Company redeemed 100% of the $425 million aggregate principal of its 9.5% Senior Notes due in 2017. The bonds were redeemed at a price of 104.75%. The early redemption premium, unamortized issue premium and discount, and unamortized deferred financing costs of $25.9 million are reflected as Loss on Modification or Extinguishment of Debt in the Company's Consolidated Statement of Operations.

During November, 2014 the Company completed the issuance and sale of $250 million aggregate principal amount of 4.875% Notes due 2022. The Company also redeemed 100% of $250.0 million aggregate principal of its 7.875% Senior Notes due in 2018. The bonds were redeemed at a price of 103.94%. In conjunction with both of these transactions, $12.1 million of fees were expensed and are reflected as Loss on Modification or Extinguishment of Debt in the Company's Consolidated Statement of Operations. The remaining fees of $4.4 million were deferred and are being amortized using the effective interest method until maturity.

Credit Facilities

The following describes the Senior Secured Term Loan and Revolving Credit Facilities:



Date	Document^(a)	Provision	Expiration	Accounting
March 2012	Amended and Restated Credit Agreement	Ÿ$1.0 billion revolving credit facility Ÿ$1.0 billion amortizing term loan facility ŸLIBOR plus variable spread(between 175 basis points and 275 basis points) depending on consolidated total leverage ratio	March 2017	ŸCharge of $8.9 million recorded in Loss on Modification or Extinguishment of Debt
December 2012	Amendment No. 1 to Credit Agreement	Ÿ$300 million incremental term loan	March 2017	ŸCharge of $2.1 million recorded in Loss on Modification or Extinguishment of Debt ŸDeferred fees of $3.1 million will be amortized
September 2013	Amendment No. 2 to Credit Agreement	ŸAdded €75 million (approximately $100 million) revolving credit facility for borrowings in Euro and Pound Sterling and a ¥2.5 billion (approximately $25 million) revolving credit facility for borrowings in Yen. LIBOR plus variable spread (between 150 basis points and 250 basis points) depending on consolidated total leverage ratio	September 2018	ŸCharge of $1.2 million recorded in Loss on Modification or Extinguishment of Debt ŸDeferred fees of $2.2 million will be amortized
June 2014	Amendment No. 3 to Credit Agreement	ŸIncreased revolving credit facility under which borrowings can be made in Euros or Sterling by €63 million (approximately $86 million)	September 2018	ŸDeferred Fees of $0.2 million will be amortized
October 2014	Second Amended and Restated Credit Agreement	ŸIncreased the domestic revolving credit facility by $250 million and reduced the term loan by approximately $169 million. LIBOR plus variable spread (between 125 basis points and 225 basis points) depending on consolidated total leverage ratio	October 2019	ŸCharge of $2.3 million recorded in Loss on Modification or Extinguishment of Debt ŸDeferred fees of $2.4 million will be amortized

^(a) The Company's obligations under the Credit Agreement are secured by substantially all of the Company's domestic assets.

At December 31, 2015, the Company and its U.S. and international subsidiaries had the following commitments, amounts outstanding and amounts available under revolving credit facilities:



In millions	Total Commitments		Total Outstanding		Total Available
Senior Secured Domestic Revolving Credit Facility ^(b)	$	1,250.0	$	149.6	$	1,076.7
Senior Secured International Revolving Credit Facility	170.7		75.2		95.5
Other International Facilities	21.5		12.6		8.9
Total	$	1,442.2	$	237.4	$	1,181.1

^(b)In accordance with its debt agreements, the Company's availability under its Revolving Credit Facility has been reduced by the amount of standby letters of credit issued of $23.7 million as of December 31, 2015. These letters of credit are primarily used as security against its self-insurance obligations and workers' compensation obligations. These letters of credit expire through mid- 2018 unless extended.

The Credit Agreement and the indentures governing the 4.75% Senior Notes due 2021 and 4.875% Senior Notes due 2022 (the “Indentures”) limit the Company’s ability to incur additional indebtedness. Additional covenants contained in the Credit Agreement and the Indentures, among other things, restrict the ability of the Company to dispose of assets, incur guarantee obligations, prepay other indebtedness, repurchase stock, pay dividends and make other restricted payments, create liens, make equity or debt investments, make acquisitions, modify terms of the Indenture, engage in mergers or consolidations, change the business conducted by the Company and its subsidiaries, and engage in certain transactions with affiliates. Such restrictions could limit the Company’s ability to respond to changing market conditions, fund its capital spending program, provide for unexpected capital investments or take advantage of business opportunities.

As of December 31, 2015, the Company was in compliance with the covenants in the Credit Agreement and the Indentures.