XML 44 R11.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Debt | 3 Months Ended
--- | ---
Apr. 04, 2015
Debt [Abstract] |
Debt Disclosure | 5 Debt In Ju ne 201 3, the Company entered into a credit agreement (the “20 1 3 Credit Agreement”) that provides for a $1.1 b illion revolving facility and a $3 00 million term loan facility. The revolving facility and term loan facilit y both mature on J une 2 5, 201 8 and require no schedule d prepayments before that date. The interest rates applicable to the 20 1 3 Credit Agreement are, at the Company's option, equal to either th e alternate base rate calculated daily (which is a rate per annum equal to the greatest of (a) the prime rate in effect on such day, (b) the federal funds effective rate in effect on such day plus 1/2% per annum, or (c) the adjusted LIBO rate on such day (or if such day is not a business day, the immediately preceding business day) for a deposit in U.S. dollars with a maturity of one month plus 1% per annum) or the applicable 1, 2, 3 or 6 month adjusted LIBO rate, in each case, plus an interest rate margin based upon the Company's leverage ratio, which can range between 0 to 12.5 basis points for alternate base rate loans and between 7 5 b asis points and 1 12.5 basis points for adjusted LIBO rate loans. The facility fee on the 20 1 3 C redit Agreement ranges between 1 2.5 basis points and 25 basis points. The 20 1 3 Credit Agreement requires that the Company comply with an interest coverage ratio test of not less than 3.50:1 as of the end of any fiscal quarter for any period of four consecutive fiscal quarters and a leverage ratio test of not more than 3.5 0:1 as of the end of any fiscal quarter. In addition, the 20 1 3 Credit Agreement includes negative covenants, affirmative covenants, representations and warranties and events of default that are customary for investment grade credit facilities. A s of April 4, 2015, $125 million of the outstanding po rtion of the revolving facility were classified as short-term liabilities in the consolidated balance sheet due to the fact that the Company expects to repay this portion of the borrowing under the revolving line of credit within the next twelve months. The remaining $560 million of the outstanding portion of the revolving facilit y were classified as long-term liabilities in the consolidated balance sheet, as this portion is not expected to be repaid within the next twelve months. As of April 4, 2015 and December 31, 2014, the Company had a total of $500 million and $600 million of outstanding senior unsecured notes, respectively. Interest on the fixed rate senior unsecured notes is payable semi-annually each year. Interest on the floating rate senior unsecured notes is payable quarterly. The Company may prepay all or some of the senior unsecured notes at any time in an amount not less than 10% of the aggregate principal amount outstanding, plus the applicable make-whole amount or prepayment premium for Series H senior unsecured notes. In the event of a change in control of the Company (as defined in the note purchase agreement), the Company may be required to prepay the senior unsecured notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest. These senior unsecured notes require that the Company comply with an interest coverage ratio test of not less than 3.50:1 for any period of four consecuti ve fiscal quarters and a leverage ratio test of not more than 3.50:1 as of the end of any fiscal quarter. In addition, these senior unsecured notes include customary negative covenants, affirmative covenants, representations and warranties and events of default. T he Company had the following outstanding debt a t April 4, 2015 and December 31, 2014 (in thousands):
|  |  |  | April 4, 2015 |  | December 31, 2014
Foreign subsidiary lines of credit |  | $ | 316 |  | $ | 243
Senior unsecured notes - Series A - 3.75%, due February 2015 |  |  | - |  |  | 100,000
Senior unsecured notes - Series C - 2.50%, due March 2016 |  |  | 50,000 |  |  | -
2013 Credit Agreement |  |  | 125,000 |  |  | 125,000
| Total notes payable and debt |  |  | 175,316 |  |  | 225,243
Senior unsecured notes - Series B - 5.00%, due February 2020 |  |  | 100,000 |  |  | 100,000
Senior unsecured notes - Series C - 2.50%, due March 2016 |  |  | - |  |  | 50,000
Senior unsecured notes - Series D - 3.22%, due March 2018 |  |  | 100,000 |  |  | 100,000
Senior unsecured notes - Series E - 3.97%, due March 2021 |  |  | 50,000 |  |  | 50,000
Senior unsecured notes - Series F - 3.40%, due June 2021 |  |  | 100,000 |  |  | 100,000
Senior unsecured notes - Series G - 3.92%, due June 2024 |  |  | 50,000 |  |  | 50,000
Senior unsecured notes - Series H - floating rate*, due June 2024 |  |  | 50,000 |  |  | 50,000
2013 Credit Agreement |  |  | 860,000 |  |  | 740,000
| Total long-term debt |  |  | 1,310,000 |  |  | 1,240,000
Total debt |  | $ | 1,485,316 |  | $ | 1,465,243
* Series H senior unsecured notes bear interest at 3 month LIBOR for that floating rate interest period plus 1.25%.
As of April 4, 2015 and December 31, 2014, the Company had a total amount available to borrow of $413 million and $533 million, respectively, after outstanding letters of credit, under the 2013 Credit Agreement. The weighted-average interest rates applicable to the senior unsecured notes and 2013 C redit A greement borrowings collectively were 2.09% and 2.31% at April 4, 2015 and December 31, 2014, respectively. As of April 4, 2015, the Company was in compliance with all debt covenants. The Company and its foreign subsidiaries also had available short-term lines of credit totaling $87 million and $88 million at April 4, 2015 and December 31, 2014, respectively, for the purpose of short-term borrowing and issuance of commercial guarantees. At April 4, 2015 and December 31, 2014, the weighted-average interest rate s applicable to these short-term borrowings were 1.12% and 1.48%, respectively. On April 23, 2015, Waters entered into an amendment to the 2013 C redit A greement. The amended credit agreement provides for an increase of the revolving commitments from $1.1 billion to $1.3 billion and extends the maturity of the original credit a greement from June 25, 2018 until April 23, 2020. The Company plans to use future proceeds from the revolving facility for general corporate purposes.

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration