FINANCING ARRANGEMENTS

Short-Term Debt

Short-term debt consisted of the following:



	December 31,
	2016				2015
	Principal		Interest		Principal		Interest
(in millions except percentage amounts)	Balance		Rate		Balance		Rate

Brazil short-term loans	$	1.5	15.0	%	$	2.5	15.1	%
China short-term loans	6.8		3.5	%
Other short-term loans	1.8		3.1	%	0.4		2.8	%
Add: Current portion of long-term debt	11.0				9.2
Total short-term debt	$	21.1			$	12.1

	2016				2015
Maximum month-end short-term debt outstanding during the year	$	49.0			$	453.2
Average amount of short-term debt outstanding during the year	15.5				265.3
Weighted-average interest rate on short-term debt at year-end			3.9	%			13.4	%

Short-Term Borrowings

The Company has a $500.0 million commercial paper facility. At December 31, 2016 and 2015, there were no outstanding borrowings under this facility. The average balance outstanding for the commercial paper facility during the year ended December 31, 2016 was $0.2 million.

Long-Term Debt

Long-term debt consisted of the following:



	December 31,
	2016				2015
	Principal		Interest		Principal		Interest
(in millions except percentage amounts)	Balance		Rate		Balance		Rate

Private placement notes $250.0 million due February 2016	$	—	—	%	$	75.1	4.1	%
Fixed rate senior notes $300.0 million due August 2016	—		—	%	299.9		2.8	%
Term loan 65.0 million Swiss francs denominated due September 2016	—		—	%	64.9		0.3	%
Term loan 12.6 billion Japanese yen denominated due September 2019	107.5		0.7	%	104.4		0.8	%
Term loan $175.0 million due August 2020	148.8		2.1	%	157.5		1.5	%
Fixed rate senior notes $450 million due August 2021	295.7		4.1	%	295.6		4.1	%
Private placement notes 70.0 million euros due October 2024	73.8		1.0	%	—		—
Private placement notes 25.0 million Swiss franc due December 2025	24.5		0.9	%	25.0		0.9	%
Private placement notes 97.0 million euros due December 2025	102.2		2.1	%	105.3		2.0	%
Private placement notes 26.0 million euros due February 2026	27.4		2.1	%	—		—
Private placement notes 58.0 million Swiss franc due August 2026	57.0		1.0	%	—		—
Private placement notes 106.0 million euros due August 2026	111.7		2.3	%	—		—
Private placement notes 70.0 million euros due October 2027	73.7		1.3	%	—		—
Private placement notes 7.5 million Swiss franc due December 2027	7.4		1.0	%	7.5		1.0	%
Private placement notes 15.0 million euros due December 2027	15.8		2.2	%	16.3		2.2	%
Private placement notes 140.0 million Swiss franc due August 2028	137.6		1.2	%	—		—
Private placement notes 70.0 million euros due October 2029	73.8		1.5	%	—		—
Private placement notes 70.0 million euros due October 2030	73.7		1.6	%	—		—
Private placement notes 45.0 million euros due February 2031	47.4		2.5	%	—		—
Private placement notes 65.0 million Swiss franc due August 2031	63.9		1.3	%	—		—
Private placement notes 70.0 million euros due October 2031	73.8		1.7	%	—		—
Other borrowings, various currencies and rates	12.5				2.0
	$	1,528.2			$	1,153.5
Less: Current portion
(included in “Notes payable and current portion of long-term debt” in the Consolidated Balance Sheets)	11.0				9.2
Less: Long-term portion of deferred financing costs	6.1				3.3
Long-term portion	$	1,511.1			$	1,141.0

In February 2016, the Company paid the final required payment of $75.0 million under the $250.0 million private placement notes by issuing commercial paper. The Company used the proceeds from the February 19, 2016 private placement notes issuance to pay the 2016 payment.

On August 26, 2016, 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 2017 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 2017 payment.

On February 19, 2016, the Company issued the following private placements notes under the December 11, 2015 Note Purchase Agreement: 11.0 million euros aggregate principal amount bearing interest of 2.05%, Series F Senior Notes due February 19, 2026; 15.0 million euros aggregate principal amount bearing interest of 2.05%, Series G Senior Notes due February 19, 2026; and 45.0 million euros aggregate principal amount bearing interest of 2.45%, Series H Senior Notes due February 19, 2031.

On August 15, 2016, the Company issued the following private placements notes under the December 11, 2015 Note Purchase Agreement: 58.0 million Swiss francs aggregate principal amount of 1.01%, Series I Senior Notes due August 15, 2026; 40.0 million euros aggregate principal amount bearing interest of 2.25%, Series J Senior Notes due August 15, 2026; 66.0 million euros aggregate principal amount bearing interest of 2.25%, Series K Senior Notes due August 15, 2026; 140.0 million Swiss francs aggregate principal amount bearing interest of 1.17%, Series L Senior Notes due August 15, 2028; and 65.0 million Swiss francs aggregate principal amount bearing interest of 1.33%, Series M Senior Notes due August 15, 2031.

The 2016 issuance of the private placement notes were used to finance the payments of $75.0 million on the $250.0 million private placement notes due February 19, 2016, the $300.0 million fixed rate senior notes that matured on August 2016 and the 65.0 million Swiss francs term loan that matured on September 1, 2016.

On October 27, 2016, the Company executed a new Note Purchase Agreement in a private placement with institutional investors to sell 350.0 million euros aggregate principal amount of senior notes at a weighted average interest rate of 1.40%. The Company issued 87.5 million euros in the following series: 17.5 million euros aggregate principal amount bearing interest of 0.98%, Series N Senior Notes due October 27, 2024; 14.5 million euros aggregate principal amount bearing interest of 1.31%, Series O Senior Notes due October 27, 2027; 3.0 million euros aggregate principal amount bearing interest of 1.31%, Series P Senior Notes due October 27, 2027; 15.5 million euros aggregate principal amount bearing interest of 1.50%, Series Q Senior Notes due October 27, 2029; 2.0 million euros aggregate principal amount bearing interest of 1.50%, Series R Senior Notes due October 27, 2029; 6.5 million euros aggregate principal amount bearing interest of 1.58%, Series S Senior Notes due October 27, 2030; 11.0 million euros aggregate principal amount bearing interest of 1.58%, Series T Senior Notes due October 27, 2030; 10.5 million euros aggregate principal amount bearing interest of 1.65%, Series U Senior Notes due October 27, 2031; and 7.0 million euros aggregate principal amount bearing interest of 1.65%, Series V Senior Notes due October 27, 2031. The Company issued 262.5 million euros in the following series: 52.5 million euros aggregate principal amount bearing interest of 0.98%, Series A Senior Notes due October 27, 2024; 43.5 million euros aggregate principal amount bearing interest of 1.31%, Series B Senior Notes due October 27, 2027; 9.0 million euros aggregate principal amount bearing interest of 1.31%, Series C Senior Notes due October 27, 2027; 46.5 million euros aggregate principal amount bearing interest of 1.50%, Series D Senior Notes due October 27, 2029; 6.0 million euros aggregate principal amount bearing interest of 1.50%, Series E Senior Notes due October 27, 2029; 19.5 million euros aggregate principal amount bearing interest of 1.58%, Series F Senior Notes due October 27, 2030; 33.0 million euros aggregate principal amount bearing interest of 1.58%, Series G Senior Notes due October 27, 2030; 31.5 million euros aggregate principal amount bearing interest of 1.65%, Series H Senior Notes due October 27, 2031; and 21.0 million euros aggregate principal amount bearing interest of 1.65%, Series I Senior Notes due October 27, 2031. Proceeds from the senior notes were used to finance acquisitions in the fourth quarter of 2016.

Effective June 30, 2016, the Company amended and extended its $500.0 million multicurrency revolving credit facility for an additional year thorough July 23, 2021. In addition, certain non-extending members of the bank group were replaced with existing and new lenders. The Company has access to the full $500.0 million through July 23, 2021. The facility is unsecured and contains certain affirmative and negative covenants relating to the operations and financial condition of the Company. The most restrictive of these covenants pertain to asset dispositions and prescribed ratios of debt outstanding to total capital not to exceed the ratio of 0.6 to 1.0, and operating income excluding depreciation and amortization to interest expense of not less than 3.0 times. Any breach of any such covenants or restrictions would result in a default under the existing debt agreements that would permit the lenders to declare all borrowings under such debt agreements to be immediately due and payable and through cross default provisions, would entitle the Company's other lenders to accelerate their loans. At December 31, 2016 and 2015, there were no outstanding borrowings under the revolving credit facility.

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, 2016, the Company was in compliance with all debt covenants.

At December 31, 2016, the Company had $549.4 million borrowings available under unused lines of credit, including lines available under its short-term arrangements and revolving credit agreement.

The table below reflects the contractual maturity dates of the various borrowings at December 31, 2016:



(in millions)

2017	$	11.0
2018	10.7
2019	117.6
2020	123.9
2021	296.7
2022 and beyond	968.3
	$	1,528.2