Debt, Interest Income, Expense and Other Finance Costs

12 Months Ended

Dec. 31, 2019

Debt, Interest Income, Expense and Other Finance Costs [Abstract]

Debt, Interest Income, Expense and Other Finance Costs

In July 2019, we amended our Credit Agreement to, among other things, (i) increase the borrowing capacity of the Credit Facility to $1.3 billion, (ii) increase the Term Loans to $525.0 million, (iii) extend the maturity date to July 2024, and (iv) modify certain financial and other covenants to reduce costs and provide greater operating flexibility.

Our Credit Agreement, as amended through December 31, 2019 and which matures in July 2024, consists of a revolving loan under which up to $1.3 billion aggregate principal amount could be borrowed, repaid and redrawn, based upon specific financial ratios and subject to the satisfaction of other customary conditions to borrowing. Our Credit Facility includes a sublimit of $400.0 million for the issuance of letters of credit and bankers' acceptances, and we have the right to request increases in available borrowings up to an additional $200.0 million, subject to the satisfaction of certain conditions. We had outstanding borrowings under our Credit Facility totaling $55.0 million and $170.0 million as of December 31, 2019 and 2018, respectively.

Our issued letters of credit under the Credit Facility totaled $4.3 million and $4.1 million as of December 31, 2019 and 2018, respectively. Additionally, as of December 31, 2019 and 2018, we had $515.6 million and $514.8 million in Term Loans outstanding, respectively.

As of December 31, 2019 and 2018, the unused portion of our Credit Facility was $1.2 billion and $985.9 million, respectively. The unused portion of our Credit Facility is limited by, among other things, our financial leverage ratio, which limits the total amount of indebtedness we may incur, and may, therefore, fluctuate from period to period.

Borrowings under our Credit Facility and Term Loans related to base rate loans or Eurodollar rate loans bear floating interest rates plus applicable margins. As of December 31, 2019, the applicable margins for base rate loans and Eurodollar rate loans were 0.75% and 1.75%, respectively.

Our Credit Facility and Term Loans contain certain financial and other covenants with which we are required to comply. Our failure to comply with the covenants contained in our Credit Facility and our Term Loans could result in an event of default. An event of default, if not cured or waived, would permit acceleration of any outstanding indebtedness under the Credit Facility and our Term Loans, trigger cross-defaults under certain other agreements to which we are a party and impair our ability to obtain working capital advances and issue letters of credit, which would have a material adverse effect on our business, financial condition, results of operations and cash flows. As of December 31, 2019, we were in compliance with all financial covenants contained in our Credit Facility and our Term Loans.

Outside of our Credit Facility, we have other uncommitted credit lines primarily for the issuance of letters of credit, bank guarantees and bankers’ acceptances. These credit lines are renewable on an annual basis and are subject to fees at market rates. As of December 31, 2019 and 2018, our outstanding letters of credit and bank guarantees under these credit lines totaled $375.2 million and $303.6 million, respectively. Substantially all of the letters of credit and bank guarantees issued under our Credit Facility and the uncommitted credit lines were provided to suppliers in the normal course of business and generally expire within one year of issuance. Expired letters of credit and bank guarantees are renewed as needed.

Our debt consisted of the following (in millions):



	As of December 31,
	2019		2018
Credit Facility	$	55.0	$	170.0
Term Loans	515.6		514.8
Finance leases	18.7		13.8
Other*	39.5		2.3
Total debt	628.8		701.0
Current maturities of long-term debt and finance leases*	54.1		41.1
Long-term debt	$	574.7	$	659.9

*Includes secured borrowing of $37.3 million (EUR 33.6 million) for the transfer of tax receivables.

As of December 31, 2019, the aggregate annual maturities of debt are as follows (in millions):



Year Ended December 31,
2020	$	54.1
2021	23.5
2022	29.7
2023	29.0
2024	489.9
Thereafter	2.6
	$	628.8

The following table provides additional information about our interest income, interest expense and other financing costs, net (in millions):



	2019			2018			2017
Interest income	$	6.2		$	3.9		$	6.0
Interest expense and other financing costs	(80.0		)	(74.8		)	(66.3		)
	$	(73.9	)	$	(71.0	)	$	(60.3	)