XML 24 R12.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Long-Term Debt | 9 Months Ended
--- | ---
Sep. 30, 2018
Debt Disclosure [Abstract] |
Long-Term Debt |
6. | Long-Term Debt
|  | September 30, |  |  | December 31, |  |  | September 30, |
|  | 2018 |  |  | 2017 |  |  | 2017 |
|  | (Dollars in Thousands) |
6.60% Senior Notes, due 2018 |  | $ | — |  |  | $ | 299,871 |  |  | $ | 299,774 |
7% Debentures, due 2025 |  |  | 124,249 |  |  |  | 124,180 |  |  |  | 124,157 |
6.25% Senior Notes, due 2037 |  |  | 228,079 |  |  |  | 228,033 |  |  |  | 228,018 |
4.25% Senior Notes, due 2024 |  |  | 396,251 |  |  |  | 395,814 |  |  |  | 395,673 |
4.250% Senior Notes, due 2047 |  |  | 591,499 |  |  |  | 591,688 |  |  |  | — |
3.500% Senior Notes, due 2027 |  |  | 494,643 |  |  |  | 494,352 |  |  |  | — |
3.450% Senior Notes, due 2027 |  |  | 296,861 |  |  |  | 296,628 |  |  |  | 296,551 |
Floating Rate Senior Notes, due 2019, interest rate of 2.84% and 2.13% at September 30, 2018 and December 31, 2017, respectively |  |  | 299,074 |  |  |  | 298,102 |  |  |  | — |
Floating Rate Notes, due 2020, interest rate of 2.96%, 2.10% and 1.96% at September 30, 2018, December 31, 2017 and September 30, 2017, respectively |  |  | 298,773 |  |  |  | 298,227 |  |  |  | 298,046 |
Revolving Facility, due 2022, interest rate of 3.29% at September 30, 2018 |  |  | 100,000 |  |  |  | — |  |  |  | — |
Trade Receivable Facility, interest rate of 2.83% and 1.96% at September 30, 2018 and 2017, respectively |  |  | 380,000 |  |  |  | — |  |  |  | 80,000 |
Other notes |  |  | 269 |  |  |  | 308 |  |  |  | 321 |
Total debt |  |  | 3,209,698 |  |  |  | 3,027,203 |  |  |  | 1,722,540 |
Less: Current maturities of long-term debt and short-term facilities |  |  | (380,041 | ) |  |  | (299,909 | ) |  |  | (80,038 | )
Long-term debt |  | $ | 2,829,657 |  |  | $ | 2,727,294 |  |  | $ | 1,642,502 |
On April 17, 2018, the Company, through a wholly-owned special-purpose subsidiary, increased its trade receivable securitization facility (the Trade Receivable Facility) to $400,000,000. The Trade Receivable Facility, with SunTrust Bank, Regions Bank, PNC Bank, N.A., The Bank of Tokyo-Mitsubishi UFJ, LTD. (New York Branch), and certain other lenders that may become a party to the facility from time to time, is backed by eligible trade receivables, as defined, and is limited to the lesser of the facility limit or the borrowing base, as defined, of $465,217,000, $338,784,000 and $402,754,000 at September 30, 2018, December 31, 2017 and September 30, 2017, respectively. These receivables are originated by the Company and then sold to the wholly-owned special-purpose subsidiary by the Company. The Company con tinues to be responsible for the servicing and administration of the receivables purchased by the wholly-owned special-purpose subsidiary. Borrowings under the Trade Receivable Facility bear interest at a rate equal to one-month London Inter-bank Offered Rate, or LIBOR, plus 0.725%, subject to change in the event that this rate no longer reflects the lender’s cost of lending. On September 25, 2018, the Company extended the maturity date of Trade Receivable Facility, which contains a cross-default provision to the Company’s other debt agreements, to September 25, 2019. On April 16, 2018, the maturity date, the Company repaid the $300,000,000 of the 6.6% Senior Notes with cash on hand.
6. | Long-Term Debt (continued)
The Company has a $700,000,000 five-year senior unsecured revolving facility (the Revolving Facility) with JPMorgan Chase Bank, N.A., as Administrative Agent, Branch Banking and Trust Company (BB&T), Deutsche Bank Securities, Inc., SunTrust Bank and Wells Fargo Bank, N.A., as Co-Syndication Agents, and the lenders party thereto. The Revolving Facility requires the Company’s ratio of consolidated debt-to-consolidated earnings before interest, taxes, depreciation and amortization (EBITDA), as defined by the Revolving Facility, for the trailing-twelve months (the Ratio) to not exceed 3.50x as of the end of any fiscal quarter, provided that the Company may exclude from the Ratio debt incurred in connection with certain acquisitions during such quarter or the three preceding quarters so long as the Ratio calculated without such exclusion does not exceed 3.75x. Additionally, if no amounts are outstanding under both the Revolving Facility and the Trade Receivable Facility, consolidated debt, including debt for which the Company is a co-borrower, may be reduced by the Company’s unrestricted cash and cash equivalents in excess of $50,000,000, such reduction not to exceed $200,000,000, for purposes of the covenant calculation. The Company was in compliance with this Ratio at September 30, 2018. Available borrowings under the Revolving Facility are reduced by any outstanding letters of credit issued by the Company under the Revolving Facility. The Company had $2,301,000 of outstanding letters of credit issued under the Revolving Facility at September 30, 2018 and December 31, 2017 and $1,963,000 at September 30, 2017. Accumulated other comprehensive loss includes the unamortized value of terminated forward starting interest rate swap agreements. The amortization of the terminated value of the forward starting interest rate swap agreements was complete with the maturity of the related debt in April 2018. For the nine-months ended September 30, 2018, the Company recognized $458,000 as additional interest expense. For the three- and nine-months ended September 30, 2017, the Company recognized $369,000 and $1,089,000, respectively, as additional interest expense.

X
- References No definition available. + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration