Long-Term Debt



	December 31,
(In millions)	2015		2014

Bank credit facilities:
Revolving Facility (year-end weighted average interest
rate of 1.8% in 2015 and 1.6% in 2014)	$	163.3	233.0
Private Placement Notes (Series A effective interest rate of 4.6%, Series B effective interest
rate of 5.2%), due 2021, less unamortized debt costs of $0.1 in 2015 and $0.2 million in 2014	92.8		99.8
Term loan (year-end effective interest rate of 2.2% in 2015)
less unamortized debt costs of $0.2 million in 2015	70.9		—
Other primarily non-U.S. dollar-denominated facilities (year-end weighted
average interest rate of 4.0% in 2015 and 6.9% in 2014)	14.9		9.5
Capital leases (year-end weighted average interest rate of 3.6% in 2015 and 3.5% in 2014)	59.5		64.9
Total long-term debt	$	401.4	407.2

Included in:
Current liabilities	$	43.3	34.1
Noncurrent liabilities	358.1		373.1
Total long-term debt	$	401.4	407.2

Revolving Facility

In March 2015, we refinanced our previous $480 million unsecured revolving bank credit facility with a $525 million unsecured revolving bank credit facility (the “Revolving Facility”) that matures in March 2020. The Revolving Facility’s interest rate is based on LIBOR plus a margin or an alternate base rate plus a margin. The Revolving Facility allows us to borrow or issue letters of credit (or otherwise satisfy credit needs) on a revolving basis over the term of the facility. As of December 31, 2015, $362 million was available under the Revolving Facility. Amounts outstanding under the Revolving Facility, as of December 31, 2015, were denominated primarily in U.S. dollars and to a lesser extent in euros.

The margin on LIBOR borrowings under the Revolving Facility, which can range from 1.0% to 1.70% depending on our credit rating, was 1.30% at December 31, 2015. The margin on alternate base rate borrowings under the Revolving Facility can range from 0.0% to 0.70%. We also pay an annual facility fee on the Revolving Facility based on our credit rating or our leverage ratio . The facility fee can range from 0.125% to 0.30% and was 0.20% at December 31, 2015.

Private Placement Notes

We have principal of $93 million in unsecured notes through a private placement debt transaction (the “Notes”). The Notes comprise $43 million in series A notes with a fixed interest rate of 4.57% and $50 million in series B notes with a fixed interest rate of 5.20%. Annual principal payments under the series A notes began in January 2015 and continue through maturity. The series B notes are due in January 2021.

Term Loan

In March 2015, we entered into a $75 million unsecured term loan facility. Interest on this facility is based on LIBOR plus a margin of 1.75%. Monthly principal payments began April 2015 and continue through to maturity, with the remaining balance of $33.7 million due in March 2022. As of December 31, 2015, the principal amount outstanding is $71 million.

Other Facilities

As of December 31, 2015, we had two unsecured multi-currency revolving bank credit facilities with a total of $40 million in available credit, of which approximately $33 million was available at December 31, 2015. A $20 million facility is scheduled to expire at the end of February 2016 and we plan to renew in the first quarter of 2016. A $20 million facility expires in February 2017. Interest on these facilities is based on LIBOR plus a margin. The margin ranges from 0.9% to 2.0%. We also have the ability to borrow from other banks, at the banks’ discretion, under short-term uncommitted agreements. Various foreign subsidiaries maintain other lines of credit and overdraft facilities with a number of banks.

We have a $25 million unsecured committed credit facility that expires in April 2016. Interest on this facility is based on LIBOR plus a margin, which ranges from 1.20% to 1.575%. As of December 31, 2015, $20 million was available under the facility.

In June 2015, we entered into a $40 million uncommitted letter of credit facility with an expiration date of May 2016. As of December 31, 2015, $5 million was utilized.

We have two unsecured letter of credit facilities totaling $94 million, of which approximately $23 million was available at December 31, 2015. A $54 million facility expires in December 2016 and a $40 million facility expires in December 2018. The Revolving Facility and the multi-currency revolving credit facilities are also used for issuance of letters of credit and bank guarantees.

Minimum repayments of long-term debt are as follows:



(In millions)	Capital leases		Other long-term debt	Total

2016	$	20.2	23.7	43.9
2017	12.2		14.1	26.3
2018	10.0		13.1	23.1
2019	7.1		12.4	19.5
2020	4.9		161.0	165.9
Later years	5.1		117.6	122.7
Total	$	59.5	341.9	401.4

The Revolving Facility, the Notes, the unsecured multi-currency revolving bank credit facilities, the unsecured committed credit facility, the

letter of credit facilities and the unsecured term loan contain certain subsidiary guarantees and various financial and other covenants. The financial covenants, among other things, limit our total indebtedness, restrict certain payments to shareholders, limit priority debt, limit asset sales,limit the use of proceeds from asset sales, provide for a maximum leverage ratio and provide for minimum coverage of interest costs. The credit agreements do not provide for the acceleration of payments should our credit rating be reduced. If we were not to comply with the

terms of our various credit agreements, the repayment terms could be accelerated and the commitments could be withdrawn. An acceleration

of the repayment terms under one agreement could trigger the acceleration of the repayment terms under the other loan agreements. We were in compliance with all financial covenants at December 31, 2015.

At December 31, 2015, we had undrawn letters of credit and guarantees of $70.7 million issued under the letter of credit facilities and $7.3 million issued under the multi-currency revolving bank credit facilities. These letters of credit primarily support our obligations under various self-insurance programs and credit facilities.

Capital Leases

Property and equipment acquired under capital leases are included in property and equipment as follows:



	December 31,
(In millions)	2015			2014

Asset class:
Buildings	$	2.0		2.3
Vehicles	114.1			107.5
Machinery and equipment	13.6			31.5
	129.7			141.3
Less: accumulated amortization	(66.0		)	(71.2	)
Total	$	63.7		70.1