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Debt
6 Months Ended
Jun. 30, 2016
Debt Disclosure [Abstract]  
Debt
Debt
 
The Company has revolving lines of credit with various banks in the United States and Europe. Total available credit at June 30, 2016, was $303.9 million including revolving credit lines and an irrevocable standby letter of credit in support of various insurance deductibles.
 
The Company’s primary credit facility is a revolving line of credit with $300 million in available credit. This credit facility expires in July 2017. Amounts borrowed under this credit facility will bear interest at an annual rate equal to either, at the Company’s option, (a) the rate for Eurocurrency deposits for the corresponding deposits of U.S. dollars appearing on Reuters LIBOR1screen page (the “LIBOR Rate”), adjusted for any reserve requirement in effect, plus a spread of 0.60% to 1.45%, determined quarterly based on the Company’s leverage ratio (at June 30, 2016, the LIBOR Rate was 0.45%), or (b) a base rate, plus a spread of 0.00% to 0.45%, determined quarterly based on the Company’s leverage ratio. The base rate is defined in a manner such that it will not be less than the LIBOR Rate. The Company will pay fees for standby letters of credit at an annual rate equal to the LIBOR Rate plus the applicable spread described above, and will pay market-based fees for commercial letters of credit. The Company is required to pay an annual facility fee of 0.15% to 0.30% of the available commitments under the credit facility, regardless of usage, with the applicable fee determined on a quarterly basis based on the Company’s leverage ratio. See Note 10 "Subsequent Events" for information regarding revisions made to the credit facility after June 30, 2016.
 
The Company’s unused borrowing capacity under other revolving credit lines and a term note totaled $3.9 million at June 30, 2016. The other revolving credit lines and term note charge interest ranging from 0.51% to 7.50% have maturity dates from December 2016 to July 2017, and had no outstanding balances at June 30, 2016 and 2015 or December 31, 2015. The Company was in compliance with its financial covenants at June 30, 2016.