XML 36 R24.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Note 15 - Debt | 12 Months Ended
--- | ---
Dec. 31, 2021
Notes to Financial Statements |
Debt Disclosure [Text Block] | 15. Debt: The following table presents short-term and long-term debt by issuance as of December 31:
|  | Issuance |  | Maturity |  |  |  |  |  |  |  |
|  | Date |  | Date |  | 2021 |  |  | 2020 |
Short-term debt and current portion of long-term debt: |  |  |  |  |  |  |  |  |  |  |  |
Syndicated revolving credit facility |  | Various |  | Various |  | $ | 610.0 |  |  | $ | 50.0 |
Senior notes: |  |  |  |  |  |  |  |  |  |  |  |
4.125% senior notes, less unamortized discount and debt issuance costs of $(0.4) |  | 9/12/2012 |  | 9/12/2022 |  |  | 349.6 |  |  |  | — |
5.800% senior notes, less unamortized discount and debt issuance costs of $0.1 |  | 4/6/2011 |  | 5/1/2021 |  |  | — |  |  |  | 449.9 |
Finance lease liabilities (1) |  | Various |  | Various |  |  | 11.7 |  |  |  | 14.4 |
Short-term debt and current portion of long-term debt |  |  | 971.3 |  |  |  | 514.3 |
Long-term debt: |  |  |  |  |  |  |  |  |  |  |  |
Senior notes: |  |  |  |  |  |  |  |  |  |  |  |
3.625% senior notes, less unamortized discount and debt issuance costs of $(10.3) and $(10.7), respectively |  | 5/13/2020 |  | 5/15/2050 |  |  | 489.7 |  |  |  | 489.3 |
4.125% senior notes, inclusive of unamortized premium, and net of unamortized discount and debt issuance costs of $10.9 and $12.4, respectively |  | 3/6/2019 |  | 3/15/2029 |  |  | 610.9 |  |  |  | 612.4 |
4.000% senior notes, less unamortized discount and debt issuance costs of $(4.1) and $(5.4), respectively |  | 5/15/2015 |  | 6/15/2025 |  |  | 895.9 |  |  |  | 894.6 |
5.500% senior notes, less unamortized discount and debt issuance costs of $(4.1) and $(4.3), respectively |  | 5/15/2015 |  | 6/15/2045 |  |  | 345.9 |  |  |  | 345.7 |
4.125% senior notes, less unamortized discount and debt issuance costs of $(1.1) |  | 9/12/2012 |  | 9/12/2022 |  |  | — |  |  |  | 348.9 |
Finance lease liabilities (1) |  | Various |  | Various |  |  | 1.6 |  |  |  | 10.3 |
Syndicated revolving credit facility debt issuance costs |  | Various |  | Various |  |  | (1.2 | ) |  |  | (1.6 | )
Long-term debt |  |  | 2,342.8 |  |  |  | 2,699.6 |
Total debt |  | $ | 3,314.1 |  |  | $ | 3,213.9 |
_______________ (1) Refer to Note 8. Leases Accrued interest associated with our outstanding debt obligations was $16.3 million and $20.7 million as of December 31, 2021 and 2020, respectively, and included in “Accounts payable and accrued liabilities” within our accompanying consolidated balance sheets. Interest expense associated with our finance lease and outstanding debt obligations, including amortization of debt issuance costs and original discounts, wa s $127.0 m illion, $138.3 million, and $125.7 million for the years ended December 31, 2021, 2020, and 2019, respectively. Senior Notes As of December 31, 2021 and December 31, 2020, we had senior notes with an aggregate principal amount of $2,700.0 million and $3,150.0 million outstanding, respectively, and were in compliance with our financial and other debt covenants. On May 3, 2021, we repaid the 5.800% senior notes in full in the amount of $450.0 million utilizing a combination of $250.0 million in borrowings from the credit facility and cash from operations. Syndicated Revolving Credit Facility We have a Credit Facility with a borrowing capacity of $1,000.0 million with Bank of America N.A., HSBC Bank USA, N.A., JP Morgan Chase Bank, N.A., Wells Fargo Bank, National Association, Citibank, N.A., Credit Suisse AG, Cayman Islands Branch, Morgan Stanley Bank, N.A., First Commercial Bank, Ltd., Los Angeles Branch, TD Bank, N.A., and the Northern Trust Company. Interest on borrowings under the Credit Facility is payable at an interest rate of the administrative agent's prime rate plus 1.0% to 1.625%, depending upon the public debt rating. A commitment fee on any unused balance is payable periodically and may range from 8.0 to 20.0 basis points based upon the public debt rating. The Credit Facility also contains certain financial and other covenants that, among other things, impose certain restrictions on indebtedness, liens, investments, and capital expenditures. These covenants place restrictions on mergers, asset sales, sale/leaseback transactions, and certain transactions with affiliates. The financial covenants require that, at the end of any fiscal quarter, we have a consolidated funded debt leverage ratio of less than 3.5 to 1.0. At our election, the maximum consolidated funded debt leverage ratio could be permitted to increase one time each to 4.0 to 1.0 and 4.25 to 1.0. The Credit Facility may be used for general corporate purposes, including working capital needs and capital expenditures, acquisitions, dividends, and the share repurchase program (the "Repurchase Program"). As of December 31, 2021, we were in compliance with all financial and other debt covenants under the Credit Facility. As of December 31, 2021 and 2020, the available capacity under the Credit Facility was $384.9 million and $944.6 million, net of the letters of credit of $5.1 million and $5.4 million, respectively. Subsequent to December 31, 2021 we have made repayments of $130.0 million under the Credit Facility resulting in $480.0 million in borrowings under the Revolving Credit Facility. Debt Maturities The following table reflects our debt maturities:
Years Ending |  | Amount |
2022 |  | $ | 971.7 |
2023 |  |  | 1.3 |
2024 |  |  | 0.4 |
2025 |  |  | 900.1 |
2026 |  |  | — |
2027 and thereafter |  |  | 1,450.0 |
Total |  | $ | 3,323.5 |

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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration