XML 51 R38.htm IDEA: XBRL DOCUMENT v3.20.4

Indebtedness (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following summarizes our debt activity (both current and non-current) for the year ended December 31, 2020:

			December 31, 2019						Borrowings						Repayments						Other (5)						December 31, 2020
Revolving loans (1)			$	140.0					$	197.6					$	(207.8)					$	—					$	129.8
Term loan (2)			248.2						—						—						0.4						248.6
Trade receivables financing arrangement (3)			—						134.4						(106.4)						—						28.0
Other indebtedness (4)			5.3						—						(2.2)						2.9						6.0
Total debt			393.5						$	332.0					$	(316.4)					$	3.3					412.4
Less: short-term debt			142.6																								101.2
Less: current maturities of long-term debt			1.0																								7.2
Total long-term debt			$	249.9																							$	304.0

_____________________________________________________________

(1)While not due for repayment until December 2024 under the terms of our senior credit agreement, we have classified within current liabilities the portion of the outstanding balance that we believe will be repaid over the next year, with such amount based on an estimate of cash that is expected to be generated over such period.

(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 $1.4 and $1.8 at December 31, 2020 and December 31, 2019, respectively.

(3)Under this arrangement, we can borrow, on a continuous basis, up to $50.0, as available. At December 31, 2020, we had $11.5 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 $1.7 and $2.6 and finance lease obligations of $2.6 and $2.7 at December 31, 2020 and 2019, 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, 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		%

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

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration