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Debt | 12 Months Ended
--- | ---
Dec. 31, 2015
Debt Disclosure [Abstract] |
Debt | Debt The following table summarizes our long-term debt obligations, net of unamortized debt issuance costs, at December 31. The interest rates shown in parentheses are as of December 31, 2015.
($ in millions) | 2015 |  | 2014
Series B floating rate notes, due July 28, 2015 | $ | — |  |  | $ | 25.0 |
Euro note B, due February 27, 2016 (4.38%) | 66.8 |  |  | 74.3 |
Capital leases, due through 2016 (6%) | — |  |  | 0.2 |
Revolving credit facility, due April 26, 2017 | — |  |  | 29.7 |
Term loan, due January 1, 2018 (1.74%) | 37.0 |  |  | 39.0 |
Note payable, due December 31, 2019 | 0.2 |  |  | 0.3 |
Revolving credit facility, due October 15, 2020 (1.71%) | 27.1 |  |  | — |
Series A notes, due July 5, 2022 (3.67%) | 41.8 |  |  | 41.8 |
Series B notes, due July 5, 2024 (3.82%) | 52.7 |  |  | 52.7 |
Series C notes, due July 5, 2027 (4.02%) | 72.6 |  |  | 72.5 |
Total debt | 298.2 |  |  | 335.5 |
Less: current portion of long-term debt | 69.3 |  |  | 27.2 |
Long-term debt | $ | 228.9 |  |  | $ | 308.3 |
Euro-denominated Note Our Euro note B of €61.1 million ($66.8 million at December 31, 2015) has a term of 10 years due February 27, 2016 at a fixed annual interest rate of 4.38%. This Euro-denominated note, in conjunction with the Euro-denominated revolver borrowings mentioned below, is accounted for as a hedge of our net investment in our European subsidiaries. Revolving Credit Facility In October 2015, we entered into the New Credit Agreement that replaced our prior revolving credit facility, which was scheduled to expire in April 2017. The New Credit Agreement, which expires in October 2020, contains a $300.0 million credit facility, which may be increased from time to time by up to $100.0 million in the aggregate, subject to the satisfaction of certain conditions and upon approval by the banks. Up to $30.0 million of the credit facility is available for swing-line loans and up to $30.0 million is available for the issuance of standby letters of credit. Borrowings under the revolving credit facility bear interest at either the base rate or at the applicable LIBOR rate, plus a tiered margin based on the ratio of our total debt to modified EBITDA, ranging from 0 to 75 basis points for base rate loans and 100 to 175 basis points for LIBOR rate loans. Consistent with our previous revolving credit facility, the New Credit Agreement contains representations and covenants that require compliance with, among other restrictions, a maximum leverage ratio and a minimum interest coverage ratio. The New Credit Agreement also contains usual and customary default provisions, and limitations on liens securing indebtedness, asset sales, distributions and acquisitions. As of December 31, 2015, total unamortized debt issuance costs of $1.6 million, a portion of which relates to our prior credit facility, were recorded in other noncurrent assets and are being amortized as additional interest expense over the term of the new credit facility. At December 31, 2015, we had $27.1 million in outstanding long-term borrowings under this new facility, of which $4.2 million was denominated in Yen and $22.9 million in Euro. These borrowings, together with outstanding letters of credit of $3.0 million, resulted in a borrowing capacity available under this facility of $269.9 million at December 31, 2015. Term Loan In 2013, we entered into a $42.8 million five-year term loan due January 2018 related to our corporate office and research building. Borrowings under the loan bear interest at a variable rate equal to LIBOR plus a margin of 1.50 percentage points. Please refer to Note 9, Derivative Financial Instruments, for a discussion of the interest-rate swap agreement associated with this loan. At December 31, 2015, $37.1 million was outstanding under this loan, of which $2.4 million was classified as current. As of December 31, 2015 and 2014, there were unamortized debt issuance costs remaining of $0.1 million and $0.2 million, respectively, which are being amortized as additional interest expense over the term of the loan. Private Placement In 2012, we concluded a private placement issuance of $168.0 million in senior unsecured notes. The total amount of the private placement issuance was divided into three tranches - $42.0 million 3.67% Series A Notes due July 5, 2022, $53.0 million 3.82% Series B Notes due July 5, 2024, and $73.0 million 4.02% Series C Notes due July 5, 2027 (the “Notes”). The Notes rank pari passu with our other senior unsecured debt. The weighted average of the coupon interest rates on the Notes is 3.87%. Related interest-rate hedging and transaction costs incurred increased the annual effective rate of interest on the Notes to an estimated 4.16%. Refer to Note 9, Derivative Financial Instruments, for additional discussion of the related interest rate hedge. As of December 31, 2015 and 2014, there were unamortized debt issuance costs remaining of $0.9 million and $1.0 million, respectively, which are being amortized as additional interest expense over the term of the Notes. Covenants Pursuant to the financial covenants in our debt agreements, we are required to maintain established interest coverage ratios and to not exceed established leverage ratios. In addition, the agreements contain other customary covenants, none of which we consider restrictive to our operations. At December 31, 2015, we were in compliance with all of our debt covenants, and we expect to continue to be in compliance with the terms of these agreements throughout 2016. Interest costs incurred during 2015, 2014 and 2013 were $15.6 million, $18.1 million and $18.6 million, respectively. The aggregate annual maturities of long-term debt were as follows: 2016 - $69.3 million, 2017 - $2.2 million, 2018 - $32.6 million, 2019 - immaterial, 2020 - $27.1 million, and thereafter - $168.0 million.

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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 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 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
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