XML 22 R10.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Debt | 6 Months Ended
--- | ---
Jun. 30, 2018
Debt Disclosure [Abstract] |
Debt | Debt Debt for the Company consists of the following:
| June 30, 2018 |  | December 31, 2017 |  |
(in millions, except percentages) | Amount |  | Rate |  | Amount |  | Rate |  | Maturity Date
2016 Credit Agreement |  |  |  |  |  |  |  |  |
Term A Facility | $ | 540.0 |  |  | (1) |  | $ | 555.0 |  |  | (2) |  | April 6, 2021
Revolver | — |  |  | (1) |  | — |  |  | (2) |  | April 6, 2021
2026 Senior Notes | 600.0 |  |  | 5.500% |  | 600.0 |  |  | 5.500% |  | June 15, 2026
2023 Senior Notes | 450.0 |  |  | 5.625% |  | 450.0 |  |  | 5.625% |  | October 15, 2023
Securitized debt | 92.4 |  |  | (3) |  | 49.0 |  |  | (3) |  | April 12, 2019
Capital lease obligations (4) | 69.2 |  |  |  |  | 71.8 |  |  |  |  | Various
Other | 41.0 |  |  |  |  | 36.7 |  |  |  |  | Various
Total debt | 1,792.6 |  |  |  |  | 1,762.5 |  |  |  |  |
Less: deferred financing costs | (8.5 | ) |  |  |  | (9.4 | ) |  |  |  |
Total debt, net | 1,784.1 |  |  |  |  | 1,753.1 |  |  |  |  |
Less: current portion | (77.3 | ) |  |  |  | (72.4 | ) |  |  |  |
Total long-term debt, net | $ | 1,706.8 |  |  |  |  | $ | 1,680.7 |  |  |  |  |
(1) | Interest at LIBOR plus applicable margin of 2.00% as of June 30, 2018
(2) | Interest at LIBOR plus applicable margin of 1.75% as of December 31, 2017.
(3) | Interest at one month LIBOR index plus 80 basis points.
(4) | Capital lease obligations are a non-cash financing activity.
2016 Credit Agreement On April 6, 2016, the Company entered into a senior secured credit agreement ("2016 Credit Agreement") with a syndicate of banks. The 2016 Credit Agreement requires compliance with certain financial covenants providing for maintenance of a minimum consolidated interest coverage ratio, maintenance of a maximum consolidated total net leverage ratio, and maintenance of a maximum consolidated secured net leverage ratio. The consolidated total net leverage ratio is calculated using consolidated funded debt less qualified cash. Consolidated funded debt includes debt recorded in the Condensed Consolidated Balance Sheets as of the reporting date, plus letters of credit outstanding and other short-term debt. The Company is allowed to subtract from consolidated funded debt an amount equal to 100.0% of domestic qualified cash and 60.0% of foreign qualified cash, the aggregate of which cannot exceed $150.0 million at the end of the reporting period. As of June 30, 2018, domestic qualified cash was $15.3 million and foreign qualified cash was $10.4 million. The Company is in compliance with all applicable covenants as of June 30, 2018. Securitized Debt On April 12, 2017, the Company and certain of its subsidiaries entered into a securitization transaction with respect to certain accounts receivable due to the Company and certain of its subsidiaries (the "Accounts Receivable Securitization"). In connection with this transaction, the Company and a wholly-owned special purpose subsidiary, entered into a credit agreement that provides for revolving loans to be made from time to time in a maximum amount that varies over the course of the year based on the seasonality of the Company's accounts receivable and is subject to an overall limit of $120.0 million. The Accounts Receivable Securitization matures on April 12, 2019. The obligations of the Company and its relevant subsidiaries under the Accounts Receivable Securitization are secured by the accounts receivable and certain related rights and the facility agreements contain customary events of default. The accounts receivable will continue to be owned by the Company and its subsidiaries and will continue to be reflected as assets on the Company’s Condensed Consolidated Balance Sheets and represent collateral up to the amount of the borrowings under this facility. Borrowings under this facility are classified as long-term debt within the Condensed Consolidated Balance Sheets, based on the Company's ability and intent to refinance on a long-term basis as of June 30, 2018. On April 2, 2018, the Company and its subsidiaries entered into an amendment to its Accounts Receivable Securitization that modified certain covenants and calculations. This amendment was designed to create more flexibility and to increase average availability on the line, while not changing the overall limit or maturity. Fair Value of Financial Instruments Financial instruments, although not recorded at fair value on a recurring basis, include cash and cash equivalents, accounts receivable, accounts payable, and the Company's debt obligations. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value using Level 1 inputs because of the short-term maturity of those instruments. Borrowings under the 2016 Credit Agreement and the securitized debt are at variable interest rates and accordingly their carrying amounts approximate fair value. The fair value of the following material financial instruments were based on Level 2 inputs estimated using discounted cash flows and market-based expectations for interest rates, credit risk, and the contractual terms of debt instruments. The fair values of these material financial instruments are as follows:
|  | Fair Value
(in millions) |  | June 30, 2018 |  | December 31, 2017
2023 Senior Notes |  | $ | 451.1 |  |  | $ | 470.9 |
2026 Senior Notes |  | 581.5 |  |  | 618.1 |

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 long-term debt. + 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_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration