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Debt | 3 Months Ended
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Mar. 30, 2018
Text Block [Abstract] |
DEBT, COMMITMENTS AND CONTINGENCIES | DEBT Debt consisted of the following:
| First Quarter of |  | Fiscal Year End
As of | 2018 |  | 2017
(In millions) |  |  |
Notes: |  |  |
Principal amount | $ | 400.0 |  |  | $ | 400.0 |
Unamortized discount on Notes | (2.1 | ) |  | (2.2 | )
Debt issuance costs | (2.0 | ) |  | (2.1 | )
Credit Facilities: |  |  |
2014 Credit Facility | 295.0 |  |  | 389.0 |
2018 Interim Credit facilities | 300.0 |  |  | — |
Uncommitted facilities | 130.0 |  |  | 128.0 |
Promissory notes and other debt | 1.4 |  |  | 1.2 |
Total debt | 1,122.3 |  |  | 913.9 |
Less: Short-term debt | 430.5 |  |  | 128.4 |
Long-term debt | $ | 691.8 |  |  | $ | 785.5 |
Notes In November 2014, the Company issued $400.0 million of Senior Notes (the "Notes") in a public offering registered with the Securities and Exchange Commission. The Notes mature on December 1, 2024 and accrue interest at a rate of 4.75% per annum, payable semiannually in arrears in cash on December 1 and June 1 of each year. The Notes are classified as long-term in the Condensed Consolidated Balance Sheet and are presented net of unamortized discount and debt issuance costs. The discount and debt issuance costs are being amortized to interest expense using the effective interest rate method over the term of the Notes. In connection with the Notes offering, Trimble entered into an Indenture with U.S. Bank National Association, as trustee. Trimble may redeem the Notes at its option at any time, in accordance with the terms and conditions set forth in the Indenture. The Indenture contains no financial covenants. Further details regarding the terms of the Notes, including the redemption rights, and the Indenture, are provided in the Company’s fiscal 2017 Annual Report on Form 10-K. Credit Facilities 2014 Credit Facility In November 2014, the Company entered into a five-year credit agreement with a group of lenders, which provides for an unsecured revolving loan facility of $1.0 billion (the "2014 Credit Facility"). Under the 2014 Credit Facility, the Company may borrow, repay and reborrow funds under the revolving loan facility until its maturity on November 24, 2019, at which time the revolving facility will terminate, and all outstanding loans, together with all accrued and unpaid interest, must be repaid. The interest rate on the non-current debt outstanding under the 2014 Credit Facility was 2.85% and 2.55% at the end of the first quarter of fiscal 2018 and fiscal year end 2017, respectively, and is payable on a quarterly basis. Amounts not borrowed under the revolving facility will be subject to a commitment fee. The outstanding balance of $295.0 million as of the end of the first quarter of fiscal 2018 and $389.0 million at the end of fiscal 2017 are classified as long-term debt in the Condensed Consolidated Balance Sheet. Unamortized debt issuance costs associated with the 2014 Credit Facility are presented as assets in the Condensed Consolidated Balance sheet and are being amortized to interest expense using the effective interest rate method over the term of the 2014 Credit Facility. In February 2016, the Company entered into an amendment to the 2014 Credit Facility to facilitate the Company's reincorporation from California to Delaware and to effect other non-financial terms. In August 2016, the Company entered into a second amendment to revise a definition used in determining when a change of control of the Company may occur. The Company was in compliance with all covenants pertaining to the 2014 Credit Facility at the end of the first quarter of fiscal 2018. Uncommitted Facilities The Company has two $75.0 million revolving credit facilities which are uncommitted (the "Uncommitted Facilities"). The Uncommitted Facilities may be called by the lenders at any time, have no covenants and no specified expiration date. The $130.0 million outstanding at the end of the first quarter of fiscal 2018 and the $128.0 million outstanding at the end of fiscal 2017 under the Uncommitted Facilities are classified as short-term debt in the Condensed Consolidated Balance Sheet. The weighted average interest rate on the Uncommitted Facilities was 2.27% at the end of the first quarter of fiscal 2018 and 2.24% at the end of fiscal 2017 and is payable on a monthly basis. Interim Credit Facility On February 2, 2018, the Company entered into a $300.0 million Revolving Credit Agreement (the “2018 Interim Credit Facility”), by and between the Company and The Bank of Nova Scotia in connection with the acquisition of e-Builder, Inc., a Florida corporation. The Company may borrow, repay and reborrow funds under the 2018 Interim Credit Facility until its maturity on January 31, 2019. Borrowings under the 2018 Interim Credit Facility will bear interest, at the Company's option, at either: (i) a floating per annum base rate determined by reference to the highest of: (a) The Bank of Nova Scotia’s prime rate; (b) 0.50% per annum above the federal funds effective rate; and (c) LIBOR for an interest period of one month; plus a margin equal to 0.125%, (ii) a fixed per annum rate based on LIBOR plus a margin of 1.125% or (iii) an interest rate agreed between us and The Bank of Nova Scotia. The 2018 Interim Credit Facility contains various customary representations and warranties and affirmative and negative covenants that are substantially the same as those contained in the 2014 Credit Facility. The outstanding balance of $300.0 million as of the end of the first quarter of fiscal 2018 is classified as short-term debt in the Condensed Consolidated Balance Sheet. The interest rate under the 2018 Interim Credit Facility was 2.75% at the end of the first quarter of fiscal 2018 and is payable on a monthly basis. The Company was in compliance with all covenants pertaining to the 2018 Credit Facility at the end of the first quarter of fiscal 2018. Promissory Notes and Other Debt At the end of the first quarter of fiscal 2018 and the year end of fiscal 2017, the Company had promissory notes and other notes payable totaling approximately $1.4 million and $1.2 million, respectively, of which $0.9 million and $0.8 million, respectively, was classified as long-term in the Condensed Consolidated Balance Sheet. Debt Maturities At the end of the first quarter of fiscal 2018, the Company's debt maturities based on outstanding principal were as follows (in millions):
Year Payable |
2018 (Remaining) | $ | 130.5 |
2019 | 595.5 |
2020 | 0.4 |
2021 | — |
2022 | — |
Thereafter | 400.0 |
Total | $ | 1,126.4 |
On April 23, 2018, the Company entered into a definitive agreement to acquire privately-held Viewpoint from Bain Capital in an all-cash transaction valued at $1.2 billion. The all-cash purchase price of $1.2 billion is expected to be funded through a combination of cash on hand and new borrowings. For additional discussion, see Note 16 to the consolidated financial statements.

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- 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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