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Indebtedness | 6 Months Ended
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Jun. 30, 2014
Indebtedness [Abstract] |
Indebtedness | INDEBTEDNESS Indebtedness consisted of the following at June 30, 2014 and December 31, 2013 (in millions):
| June 30, 2014 |  | December 31, 2013
1 1/4% Convertible senior subordinated notes due 2036 | $ | 151.5 |  |  | $ | 201.2 |
4 1/2% Senior term loan due 2016 | 273.8 |  |  | 275.0 |
5 7/8% Senior notes due 2021 | 300.0 |  |  | 300.0 |
Credit facility, expiring 2019 | 355.0 |  |  | 360.0 |
Other long-term debt | 144.8 |  |  | 114.0 |
| 1,225.1 |  |  | 1,250.2 |
Less: Current portion of long-term debt | (94.4 | ) |  | (110.5 | )
1 1/4% Convertible senior subordinated notes due 2036 | (151.5 | ) |  | (201.2 | )
Total indebtedness, less current portion | $ | 979.2 |  |  | $ | 938.5 |
Convertible Senior Subordinated Notes The carrying amount of the equity component of the Company’s 1 1/4% convertible senior subordinated notes due 2036 was $32.3 million and $54.3 million as of June 30, 2014 and December 31, 2013, respectively. The discount on the liability component of the notes was fully amortized as of December 31, 2013. The interest expense recognized relating to the contractual interest coupon and the amortization of the discount on the liability component for the 1 1/4% convertible senior subordinated notes was approximately $0.3 million and $0.9 million for the three and six months ended June 30, 2014, respectively, and $2.9 million and $5.8 million for the three and six months ended June 30, 2013, respectively. The effective interest rate on the liability component for the 1 1/4% convertible senior subordinated notes for the six months ended June 30, 2013 was 6.1%. The Company’s 1 1/4% convertible senior subordinated notes, due December 15, 2036, were issued in December 2006, and provided for (i) the settlement upon conversion in cash up to the principal amount of the notes with any excess conversion value settled in shares of the Company’s common stock, and (ii) the conversion rate to be increased under certain circumstances if the notes were converted in connection with certain change of control transactions occurring prior to December 15, 2013. The notes were unsecured obligations and were convertible into cash and shares of the Company’s common stock upon satisfaction of certain conditions. Interest was payable on the notes at 1 1/4% per annum, payable semi-annually in arrears in cash on June 15 and December 15 of each year. The notes were convertible into shares of the Company’s common stock at an effective price of $40.27 per share as of June 30, 2014, subject to adjustment, including to reflect the impact to the conversion rate upon payment of any dividends to the Company’s stockholders. The effective price reflected a conversion rate for the notes of 24.8295 shares of common stock per $1,000 principal amount of notes. During the six months ended June 30, 2014, holders of the Company’s 1 1/4% convertible senior subordinated notes converted or the Company repurchased approximately $49.7 million of principal amount of the notes. The Company issued 378,087 shares of its common stock associated with the $21.9 million excess conversion value of the notes. The Company reflected the repayment of the principal of the notes totaling $49.7 million within “Repurchase or conversion of convertible senior subordinated notes” within the Company’s Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2014. Holders of the Company’s 1 1/4% convertible senior subordinated notes had the ability to convert the notes if, during any fiscal quarter, the closing sales price of the Company’s common stock exceeded 120% of the conversion price of $40.27 per share for at least 20 trading days in the 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter. In May 2014, the Company announced its election to redeem all of its outstanding 1 1/4% convertible senior subordinated notes with a redemption date of June 20, 2014. Substantially all of the holders of the Company’s notes elected to convert their notes prior to the redemption date. At the end of the required conversion period, in July 2014, holders of the notes converted and the Company paid the remaining principal amount of approximately $151.5 million of the notes. The Company issued 1,059,378 shares of its common stock associated with the $59.1 million excess conversion value of the notes. As a result of the ability of the holders to convert and the subsequent conversions, the Company classified the notes as a current liability as of June 30, 2014. Due to the ability of the holders of the notes to convert the notes during the three months ending March 31, 2014, the Company also classified the notes as a current liability as of December 31, 2013. 4 1/2% Senior Term Loan The Company’s €200.0 million (or approximately $273.8 million as of June 30, 2014) 4 1/2% senior term loan with Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank”) is due May 2, 2016. The Company has the ability to prepay the term loan before its maturity date. Interest is payable on the term loan at 4 1/2% per annum, payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. The term loan contains covenants restricting, among other things, the incurrence of indebtedness and the making of certain payments, including dividends, and is subject to acceleration in the event of default. The Company also has to fulfill financial covenants with respect to a total debt to EBITDA ratio and an interest coverage ratio. 5 7/8% Senior Notes The Company’s $300.0 million of 5 7/8% senior notes due December 1, 2021 constitute senior unsecured and unsubordinated indebtedness. Interest is payable on the notes semi-annually in arrears on June 1 and December 1 of each year. At any time prior to September 1, 2021, the Company may redeem the notes, in whole or in part from time to time, at its option, at a redemption price equal to the greater of (i) 100% of the principal amount plus accrued and unpaid interest, including additional interest, if any, to, but excluding, the redemption date, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of interest accrued to the date of redemption) discounted to the redemption date at the treasury rate plus 0.5%, plus accrued and unpaid interest, including additional interest, if any. Beginning September 1, 2021, the Company may redeem the notes, in whole or in part from time to time, at its option, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, including additional interest, if any. Credit Facility On June 30, 2014, the Company amended and restated its current credit facility agreement, increasing the multi-currency revolving credit facility from $600.0 million to $800.0 million and maintaining its $355.0 million term loan facility. The maturity date of the Company’s credit facility was also extended until June 28, 2019. The Company amended the term loan facility so that it is no longer required to make quarterly payments towards the term loan. Previously, the Company was required to make quarterly payments towards the term loan of $5.0 million that were to increase to $10.0 million commencing March 2015. Interest accrues on amounts outstanding under the credit facility, at the Company’s option, at either (1) LIBOR plus a margin ranging from 1.0% to 2.0% based on the Company’s leverage ratio, or (2) the base rate, which is equal to the higher of (i) the administrative agent’s base lending rate for the applicable currency, (ii) the federal funds rate plus 0.5%, and (iii) one-month LIBOR for loans denominated in US dollars plus 1.0% plus a margin ranging from 0.0% to 0.5% based on the Company’s leverage ratio. The credit facility contains covenants restricting, among other things, the incurrence of indebtedness and the making of certain payments, including dividends, and is subject to acceleration in the event of a default. The Company also has to fulfill financial covenants with respect to a total debt to EBITDA ratio and an interest coverage ratio. As of June 30, 2014, the Company had $355.0 million of outstanding borrowings under the credit facility and availability to borrow approximately $800.0 million. As of December 31, 2013, the Company had $360.0 million of outstanding borrowings under its credit facility and availability to borrow approximately $600.0 million. The carrying amounts of long-term debt under the Company’s 4 1/2% senior term loan and credit facility approximate their fair values based on the borrowing rates currently available to the Company for loans with similar terms and average maturities. At June 30, 2014, the estimated fair values of the Company’s 5 7/8% senior notes and 1 1/4% convertible senior subordinated notes, based on their listed market values, were $339.8 million and $204.3 million, respectively, compared to their carrying values of $300.0 million and $151.5 million, respectively. At December 31, 2013, the estimated fair values of the Company’s 5 7/8% senior notes and 1 1/4% convertible senior subordinated notes, based on their listed market values, were $322.1 million and $290.5 million, respectively, compared to their carrying values of $300.0 million and $201.2 million, respectively. Standby Letters of Credit and Similar Instruments The Company has arrangements with various banks to issue standby letters of credit or similar instruments, which guarantee the Company’s obligations for the purchase or sale of certain inventories and for potential claims exposure for insurance coverage. At June 30, 2014 and December 31, 2013, outstanding letters of credit totaled $19.1 million and $16.7 million, respectively.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 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 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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