Note 8. Debt

Debt as of March 31, 2019 and December 31, 2018 is summarized as follows.

	March 31, 2019			December 31, 2018
Short-term borrowings	$	-		$	-
Long-term debt:
Revolving credit facility, due 2020	$	-		$	-
Receivables financing agreement, due 2020		-			-
Term loan denominated in U.S. dollars, due 2024⁽¹⁾		927.6			952.6
Term loan denominated in Euros, due 2024⁽²⁾		679.5			696.5
Capitalized leases and other long-term debt		26.1			26.3
Unamortized debt issuance costs		(3.0	)		(3.3	)
Total long-term debt, net, including current maturities		1,630.2			1,672.1
Current maturities of long-term debt		7.9			7.9
Total long-term debt, net	$	1,622.3		$	1,664.2

⁽¹⁾

As of March 31, 2019, the applicable interest rate was 5.25% and the weighted-average interest rate was 5.24% for the three month period ended March 31, 2019.

⁽²⁾

As of March 31, 2019, the applicable interest rate was 3.00% and the weighted-average interest rate was 3.00% for the three month period ended March 31, 2019.

As of March 31, 2019, the Company had no outstanding borrowings, $27.6 million of letters of credit outstanding and $73.6 million of capacity available under the Receivables Financing Agreement (“RFA”). The RFA requires that the Company comply with certain financial performance covenants including, among others, a Days’ Sales Outstanding (“DSO”) ratio. As of March 31, 2019, the Company’s DSO ratio for the receivables under the RFA did not meet the covenant requirement. The lender waived the covenant requirement as of March 31, 2019. Subsequent to the waiver, the next DSO covenant testing date is June 30, 2019. As a result of the waiver, there is no impact of this covenant violation on the Company’s financial condition or liquidity. The Company was in compliance with the covenant requirements as of December 31, 2018.

In March 2019, the Company used excess cash to repay $25.0 million of principal on outstanding borrowings under the Dollar Term Loan Facility.