XML 61 R16.htm IDEA: XBRL DOCUMENT
v2.4.0.8

INDEBTEDNESS | 6 Months Ended
--- | ---
Jun. 28, 2014
INDEBTEDNESS |
INDEBTEDNESS | (10) INDEBTEDNESS The following summarizes our debt activity (both current and non-current) for the six months ended June 28, 2014:
|  | December 31, |  |  |  |  |  |  |  | June 28, |
|  | 2013 |  | Borrowings |  | Repayments |  | Other (5) |  | 2014 |
Domestic revolving loan facility |  | $ | — |  | $ | 57.0 |  | $ | (20.0 | ) | $ | — |  | $ | 37.0 |
Term loan (1) |  | 475.0 |  | 100.0 |  | — |  | — |  | 575.0 |
6.875% senior notes, due in August 2017 |  | 600.0 |  | — |  | — |  | — |  | 600.0 |
7.625% senior notes (2) |  | 500.0 |  | — |  | (500.0 | ) | — |  | — |
Trade receivables financing arrangement (3) |  | — |  | — |  | — |  | — |  | — |
Other indebtedness (4) |  | 100.6 |  | 10.6 |  | (63.2 | ) | 5.2 |  | 53.2 |
Total debt |  | 1,675.6 |  | $ | 167.6 |  | $ | (583.2 | ) | $ | 5.2 |  | 1,265.2 |
Less: short-term debt |  | 26.9 |  |  |  |  |  |  |  | 74.5 |
Less: current maturities of long-term debt |  | 558.7 |  |  |  |  |  |  |  | 9.4 |
Total long-term debt |  | $ | 1,090.0 |  |  |  |  |  |  |  | $ | 1,181.3 |
(1) The term loan of $575.0 (which includes $100.0 drawn under the facility in the second quarter of 2014) is repayable in quarterly installments of 5.0% annually, beginning with our second fiscal quarter of 2015, with the remaining balance repayable in full on December 23, 2018. (2) During the first quarter of 2014, we completed the redemption of all our 7.625% senior notes due in December 2014 for a total redemption price of $530.6. As a result of the redemption, we recorded a charge of $32.5 to “Loss on early extinguishment of debt” during the first quarter of 2014, which related to premiums paid to redeem the senior notes of $30.6, the write-off of unamortized deferred financing fees of $1.0, and other costs associated with the extinguishment of the senior notes of $0.9. (3) Under this arrangement, we can borrow, on a continuous basis, up to $80.0, as available. At June 28, 2014, we had $80.0 of available borrowing capacity under this facility. (4) Primarily included capital lease obligations of $15.7 and $73.0 and balances under purchase card programs of $30.8 and $25.4 at June 28, 2014 and December 31, 2013, respectively. During the first quarter of 2014, we purchased our corporate headquarters facility for cash consideration of $60.8, resulting in the extinguishment of the related capital lease obligation. (5) “Other” primarily included debt assumed and foreign currency translation on any debt instruments denominated in currencies other than the U.S. dollar. Senior Credit Facilities A detailed description of our senior credit facilities is included in our 2013 Annual Report on Form 10-K. At June 28, 2014, we had $53.5 and $723.2, respectively, of outstanding letters of credit issued under our revolving credit and our foreign credit instrument facilities of our senior credit agreement. In addition, we had $5.8 of letters of credit outstanding under separate arrangements in China and India. The weighted-average interest rate of outstanding borrowings under our senior credit facilities was approximately 1.7% at June 28, 2014. At June 28, 2014, we were in compliance with all covenants of our senior credit facilities and our senior notes. Restrictions on our ability to repurchase shares or pay dividends are described in our 2013 Annual Report on Form 10-K.

X
- 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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: 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