XML 24 R11.htm IDEA: XBRL DOCUMENT
v3.20.2

Long-term Debt | 9 Months Ended
--- | ---
Sep. 30, 2020
Debt Disclosure [Abstract] |
Long-term Debt | Long-term Debt Our long-term debt outstanding consists of the following (in millions):
| September 30, 2020 |  | December 31, 2019
Credit Agreement— |  |  |
Advances under revolving credit facility | $ | — |  |  | $ | 45.0 |
Term loan facilities | 254.8 |  |  | 265.2 |
Bonds payable— |  |  |
5.125% Senior Notes due 2023 | 297.9 |  |  | 297.3 |
5.75% Senior Notes due 2024 | 697.7 |  |  | 697.3 |
5.75% Senior Notes due 2025 | 346.1 |  |  | 345.6 |
4.50% Senior Notes due 2028 | 784.6 |  |  | 491.7 |
4.75% Senior Notes due 2030 | 782.8 |  |  | 491.7 |
Other notes payable | 40.2 |  |  | 44.7 |
Finance lease obligations | 372.3 |  |  | 384.1 |
| 3,576.4 |  |  | 3,062.6 |
Less: Current portion | (37.0) |  |  | (39.3) |
Long-term debt, net of current portion | $ | 3,539.4 |  |  | $ | 3,023.3 |
In April 2020, we amended our existing credit agreement. The following are the changes made to the material provisions of the credit agreement: 1.Amendment of the financial covenants to update the applicable interest coverage ratio and leverage ratio included in that covenant. The revised applicable ratios are set forth below.
Fiscal Quarters Ending | Interest Coverage Ratio
December 31, 2019 and March 31, 2020 | 3.00 to 1.00
June 30, 2020, September 30, 2020, December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021 | 2.00 to 1.00
March 31, 2022 and thereafter | 3.00 to 1.00
Fiscal Quarters Ending | Leverage Ratio
December 31, 2019 and March 31, 2020 | 4.50 to 1.00
June 30, 2020 | 4.75 to 1.00
September 30, 2020 | 5.50 to 1.00
December 31, 2020 | 6.50 to 1.00
March 31, 2021 | 6.50 to 1.00
June 30, 2021 | 6.00 to 1.00
September 30, 2021 | 5.50 to 1.00
December 31, 2021 | 5.00 to 1.00
March 31, 2022 and thereafter | 4.25 to 1.00
2.Amendment of the definition of “Material Adverse Effect” to carve out the direct and indirect impacts of COVID-19 and the related legislative, regulatory and executive actions on us from that definition for a period of 364 days; and 3.Amendment of the investment limitation covenant and the restricted payment limitation covenant, to add to each a leverage ratio condition (not in excess of 4.50x) to the provisions allowing unlimited investments and restricted payments in the event certain conditions are met including a senior secured leverage ratio (not in excess of 2:00x) and the existence of no events of default in addition to the new leverage ratio condition. All other material terms of the existing credit agreement remain the same and are described in Note 10, Long-term Debt, to the consolidated financial statements accompanying the 2019 Form 10‑K. In May 2020, we issued an additional $300 million of our existing 4.50% Senior Notes due 2028 at a price of 99.0% of the principal amount and an additional $300 million of our existing 4.75% Senior Notes due 2030 at a price of 98.5% of the principal amount, which resulted in approximately $583 million in net proceeds. We used a portion of the net proceeds from this borrowing, together with cash on hand, to repay borrowings under our revolving credit facility. In October 2020, we issued $400 million aggregate principal amount of 4.625% Senior Notes due 2031 (the “2031 Notes”) at par. The 2031 Notes mature on April 1, 2031 and bear interest at a per annum rate of 4.625%. Interest is payable semiannually in arrears on April 1 and October 1 of each year. In October 2020, we issued notice for redemption of all $700 million in outstanding principal amount of the 5.75% Senior Notes due 2024 (the “2024 Notes”). Pursuant to the terms of the 2024 Notes, this full redemption will settle on November 1, 2020 and will be made at a price of par. We plan to use the net proceeds from the 2031 Notes offering together with cash on hand to fund the redemption. We expect to record an approximate $2 million Loss on early extinguishment of debt in the fourth quarter of 2020.

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