XML 19 R50.htm IDEA: XBRL DOCUMENT

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2019

The following summarizes our debt activity (both current and non-current) for the year ended December 31, 2019:


	December 31, 2018		Borrowings		Repayments		Other ⁽⁵⁾		December 31, 2019
Revolving loans⁽¹⁾	$	6.4	$	343.8	$	(210.2)	$	—	$	140.0
Term loan ⁽¹⁾⁽²⁾	348.1		250.0		(350.0)		0.1		248.2
Trade receivables financing arrangement ⁽³⁾	23.0		93.0		(116.0)		—		—
Other indebtedness ⁽⁴⁾	4.3		4.4		(5.0)		1.6		5.3
Total debt	381.8		$	691.2	$	(681.2)	$	1.7	393.5
Less: short-term debt	31.9								142.6
Less: current maturities of long-term debt	18.0								1.0
Total long-term debt	$	331.9							$	249.9

_____________________________________________________________

⁽¹⁾As noted below, we amended our senior credit agreement on December 17, 2019. The amendment made available a new term loan facility in the amount of $250.0, the proceeds of which were applied, together with borrowings under the domestic revolving credit facility of $86.9, to prepay the remaining balance of $336.9 under the then-existing term loan facility.

⁽²⁾The term loan is repayable in quarterly installments beginning in the first quarter of 2021, with the quarterly installments equal to 0.625% of the initial term loan balance of $250.0 during 2021, 1.25% in each of the four quarters of 2022 and 2023, and 1.25% during the first three quarters of 2024. The remaining balance is payable in full on December 17, 2024. Balances are net of unamortized debt issuance costs of $1.8 and $1.9 at December 31, 2019 and December 31, 2018, respectively.

⁽³⁾Under this arrangement, we can borrow, on a continuous basis, up to $50.0, as available. At December 31, 2019, we had $36.8 of available borrowing capacity under this facility. Borrowings under this arrangement are collateralized by eligible trade receivables of certain of our businesses.

⁽⁴⁾Primarily includes balances under a purchase card program of $2.6 and $2.5 and capital lease obligations of $2.7 and $1.8 at December 31, 2019 and 2018, respectively. The purchase card program allows for payment beyond the normal payment terms for goods and services acquired under the program. As this arrangement extends the payment of these purchases beyond their normal payment terms through third-party lending institutions, we have classified these amounts as short-term debt.

(5)“Other” primarily includes debt assumed, foreign currency translation on any debt instruments denominated in currencies other than the U.S. dollar, debt issuance costs incurred in connection with the term loan, and the impact of amortization of debt issuance costs associated with the term loan.

Schedule of per Annum Fees Charged and the Interest Rate Margins Applicable to Eurodollar and Alternate Base Rate Loans


Consolidated Leverage Ratio	Domestic Revolving Commitment Fee		Global Revolving Commitment Fee		Letter of Credit Fee		Foreign Credit Commitment Fee		Foreign Credit Instrument Fee		LIBOR Rate Loans		ABR Loans
Greater than or equal to 3.50 to 1.0	0.350	%	0.350	%	2.000	%	0.350	%	1.250	%	2.000	%	1.000	%
Between 2.50 to 1.0 and 3.50 to 1.0	0.300	%	0.300	%	1.750	%	0.300	%	1.000	%	1.750	%	0.750	%
Between 1.75 to 1.0 and 2.50 to 1.0	0.275	%	0.275	%	1.500	%	0.275	%	0.875	%	1.500	%	0.500	%
Less than 1.75 to 1.0	0.250	%	0.250	%	1.375	%	0.250	%	0.800	%	1.375	%	0.375	%