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FINANCING ARRANGEMENTS
 12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS
FINANCING ARRANGEMENTS

Short-Term Debt

Short-term debt consisted of the following:
 
 
December 31,
 
 
2017
 
2016
 
 
Principal
 
Interest
 
Principal
 
Interest
(in millions except percentage amounts)
 
Balance
 
Rate
 
Balance
 
Rate
 
 
 
 
 
 
 
 
 
Corporate commercial paper facility
 
$
7.3

 
1.9
%
 
—

 
—
%
Brazil short-term loans
 
0.3

 
11.2
%
 
$
1.5

 
15.0
%
China short-term loans
 
9.7

 
0.4
%
 
6.8

 
3.5
%
Other short-term loans
 
3.6

 
1.3
%
 
1.8

 
3.1
%
Add: Current portion of long-term debt
 
9.2

 
 
 
11.0

 
 
Total short-term debt
 
$
30.1

 
 
 
$
21.1

 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
 
 
2016
 
 
Maximum month-end short-term debt outstanding during the year
 
$
54.4

 
 
 
$
49.0

 
 
Average amount of short-term debt outstanding during the year
 
24.9

 
 
 
15.5

 
 
Weighted-average interest rate on short-term debt at year-end
 
 
 
1.6
%
 
 
 
13.4
%

Short-Term Borrowings

The Company has a $500.0 million commercial paper facility. At December 31, 2017, there was $7.3 million outstanding and at December 31, 2016, there was no outstanding borrowings under this facility. The average balance outstanding for the commercial paper facility during the year ended December 31, 2017 was $0.9 million.
Long-Term Debt

Long-term debt consisted of the following:
 
 
December 31,
 
 
2017
 
2016
 
 
Principal
 
Interest
 
Principal
 
Interest
(in millions except percentage amounts)
 
Balance
 
Rate
 
Balance
 
Rate
 
 
 
 
 
 
 
 
 
Term loan 12.6 billion Japanese yen denominated due September 2019
 
111.4

 
0.7
%
 
107.5

 
0.7
%
Term loan $175.0 million due August 2020
 
140.0

 
2.6
%
 
148.8

 
2.1
%
Fixed rate senior notes $450 million due August 2021
 
295.7

 
4.1
%
 
295.7

 
4.1
%
Private placement notes 70.0 million euros due October 2024
 
84.0

 
1.0
%
 
73.8

 
1.0
%
Private placement notes 25.0 million Swiss franc due December 2025
 
25.6

 
0.9
%
 
24.5

 
0.9
%
Private placement notes 97.0 million euros due December 2025
 
116.5

 
2.1
%
 
102.2

 
2.1
%
Private placement notes 26.0 million euros due February 2026
 
31.2

 
2.1
%
 
27.4

 
2.1
%
Private placement notes 58.0 million Swiss franc due August 2026
 
59.5

 
1.0
%
 
57.0

 
1.0
%
Private placement notes 106.0 million euros due August 2026
 
127.3

 
2.3
%
 
111.7

 
2.3
%
Private placement notes 70.0 million euros due October 2027
 
84.0

 
1.3
%
 
73.7

 
1.3
%
Private placement notes 7.5 million Swiss franc due December 2027
 
7.7

 
1.0
%
 
7.4

 
1.0
%
Private placement notes 15.0 million euros due December 2027
 
18.0

 
2.2
%
 
15.8

 
2.2
%
Private placement notes 140.0 million Swiss franc due August 2028
 
143.6

 
1.2
%
 
137.6

 
1.2
%
Private placement notes 70.0 million euros due October 2029
 
84.1

 
1.5
%
 
73.8

 
1.5
%
Private placement notes 70.0 million euros due October 2030
 
84.1

 
1.6
%
 
73.7

 
1.6
%
Private placement notes 45.0 million euros due February 2031
 
54.0

 
2.5
%
 
47.4

 
2.5
%
Private placement notes 65.0 million Swiss franc due August 2031
 
66.7

 
1.3
%
 
63.9

 
1.3
%
Private placement notes 70.0 million euros due October 2031
 
84.1

 
1.7
%
 
73.8

 
1.7
%
Other borrowings, various currencies and rates
 
8.6

 
 
 
12.5

 
 
 
 
$
1,626.1

 
 
 
$
1,528.2

 
 
Less: Current portion
 
 
 
 
 
 
 
 
(included in “Notes payable and current portion of long-term debt” in the Consolidated Balance Sheets)
 
9.2

 
 
 
11.0

 
 
Less: Long-term portion of deferred financing costs
 
5.3

 
 
 
6.1

 
 
Long-term portion
 
$
1,611.6

 
 
 
$
1,511.1

 
 

On August 26, 2017, the Company paid the third annual principal amortization of $8.8 million representing a 5% mandatory principal amortization due in each of the first six years under the terms of the $175.0 million Term Loan with a final maturity of August 26, 2020. An amount of $8.8 million will be due in August 2018 and has been classified as current in the Consolidated Balance Sheets. The Company intends to use available cash, commercial paper and the revolving credit facilities to pay the 2018 Term Loan payment.

At December 31, 2017, the Company had $531.2 million borrowings available under unused lines of credit, including lines available under its short-term arrangements and revolving credit agreement.

The Company’s revolving credit facility, term loans and senior notes contain certain affirmative and negative covenants relating to the Company's operations and financial condition. At December 31, 2017, the Company was in compliance with all debt covenants.

The table below reflects the contractual maturity dates of the various borrowings at December 31, 2017:
(in millions)
 
 
 
2018
$
9.2

2019
120.9

2020
123.2

2021
296.4

2022
2.5

2023 and beyond
1,073.9

 
$
1,626.1