XML 39 R20.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Debt | 12 Months Ended
--- | ---
Dec. 31, 2016
Debt [Abstract] |
Debt | Note 11 – Debt
(In thousands) |  | 2016 |  |  | 2015 |
Revolving Credit Facility with interest at 2.49%, due 2021 |  | $ | 200,000 |  |  | $ | — |
Term Loan Facility, due 2017 |  |  | — |  |  |  | 200,000 |
Mueller-Xingrong credit facility with interest at 4.35%, due 2017 |  |  | 3,048 |  |  |  | 5,275 |
Jungwoo-Mueller credit facility with interest at 2.82%, due 2017 |  |  | 4,724 |  |  |  | — |
Jungwoo-Mueller credit facility with interest at 3.28%, due 2018 |  |  | 7,990 |  |  |  | — |
2001 Series IRB's with interest at 1.23%, due through 2021 |  |  | 4,250 |  |  |  | 5,250 |
Debt Issuance Costs |  |  | (957 | ) |  |  | — |
Other |  |  | 8,309 |  |  |  | 5,485 |
|  |  | 227,364 |  |  |  | 216,010 |
Less current portion of debt |  |  | (13,655 | ) |  |  | (11,760 | )
Long-term debt |  | $ | 213,709 |  |  | $ | 204,250 |
On December 6, 2016, the Company entered into a credit agreement (Credit Agreement) providing for an unsecured $350.0 million revolving credit facility (Revolving Credit Facility) which matures on December 6, 2021. The Company used the borrowings under the Revolving Credit Facility to replace the amounts previously advanced under the Term Loan Facility, the Company's previous credit facility. Borrowings under the Revolving Credit Facility bear interest, at the Company's option, at LIBOR or Base Rate as defined by the Credit Agreement, plus a variable premium. LIBOR advances may be based upon the one, three, or six-month LIBOR. The variable premium is based upon the Company's debt to total capitalization ratio, and can range from 112.5 to 162.5 basis points for LIBOR based loans and 12.5 to 62.5 basis points for Base Rate loans. At December 31, 2016, the premium was 115.0 basis points for LIBOR loans and 15.0 basis points for Base Rate loans. Additionally, a commitment fee is payable quarterly on the total commitment less any outstanding loans or issued letters of credit, and varies from 15.0 to 30.0 basis points based upon the Company's debt to total capitalization ratio. Availability of funds under the Revolving Credit Facility is reduced by the amount of certain outstanding letters of credit, which are used to secure the Company's payment of insurance deductibles and certain retiree health benefits, totaling approximately $7.0 million at December 31, 2016. Terms of the letters of credit are generally renewable annually. On March 23, 2016, Mueller-Xingrong entered into a secured revolving credit agreement with a total borrowing capacity of RMB 150 million (or approximately $21.7 million). In addition, Mueller-Xingrong occasionally finances working capital through various accounts receivable and bank draft discount arrangements. Borrowings are secured by the real property and equipment and bank draft receivables of Mueller-Xingrong and bear interest at the latest base-lending rate published by the People's Bank of China. Jungwoo-Mueller has several secured revolving credit arrangements with a total borrowing capacity of KRW 35.7 billion (or approximately $30.3 million). Borrowings are secured by the real property and equipment of Jungwoo-Mueller. Covenants contained in the Company's financing obligations require, among other things, the maintenance of minimum levels of tangible net worth and the satisfaction of certain minimum financial ratios. At December 31, 2016, the Company was in compliance with all debt covenants. Aggregate annual maturities of the Company's debt are as follows:
(In thousands) |  | Amount |
2017 |  | $ | 13,655 |
2018 |  |  | 9,212 |
2019 |  |  | 1,222 |
2020 |  |  | 1,222 |
2021 |  |  | 200,472 |
Thereafter |  |  | 2,538 |
Long-term debt |  | $ | 228,321 |
Net interest expense consisted of the following:
(In thousands) |  | 2016 |  |  | 2015 |  |  | 2014 |
Interest expense |  | $ | 7,749 |  |  | $ | 8,335 |  |  | $ | 6,393 |
Capitalized interest |  |  | (362 | ) |  |  | (668 | ) |  |  | (653 | )
|  | $ | 7,387 |  |  | $ | 7,667 |  |  | $ | 5,740 |
Interest paid in 2016, 2015, and 2014 was $7.1 million, $8.1 million, and $5.7 million, respectively.

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://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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration