XML 46 R13.htm IDEA: XBRL DOCUMENT
v3.19.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2019
Debt Disclosure [Abstract] |
Debt | DEBT The following table summarizes the components of Long-term borrowings and finance lease obligations:
(in millions) | March 31, 2019 |  | December 31, 2018
Amended 2016 Credit Agreement (a) | $ | 216.2 |  |  | $ | 209.4 |
Finance lease obligations | 0.6 |  |  | 0.7 |
Total long-term borrowings and finance lease obligations, including current portion | 216.8 |  |  | 210.1 |
Less: Current finance lease obligations | 0.2 |  |  | 0.2 |
Total long-term borrowings and finance lease obligations | $ | 216.6 |  |  | $ | 209.9 |
(a) | Defined as the Amended and Restated Credit Agreement, dated January 27, 2016, as amended on June 2, 2017.
As more fully described within Note 12 – Fair Value Measurements, the Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The fair value of long-term debt is based on interest rates that we believe are currently available to us for issuance of debt with similar terms and remaining maturities (Level 2 input). The following table summarizes the carrying amounts and estimated fair values of the Company’s long-term borrowings:
| March 31, 2019 |  | December 31, 2018
(in millions) | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Long-term borrowings (a) | $ | 216.8 |  |  | $ | 216.8 |  |  | $ | 210.1 |  |  | $ | 210.1 |
(a) | Long-term borrowings includes current portions of long-term debt and current portions of finance lease obligations of $0.2 million and $0.2 million as of March 31, 2019 and December 31, 2018, respectively.
Borrowings under the Amended 2016 Credit Agreement bear interest, at the Company’s option, at a base rate or a LIBOR rate, plus, in each case, an applicable margin. The applicable margin ranges from 0.00% to 1.25% for base rate borrowings and 1.00% to 2.25% for LIBOR borrowings. The Company must also pay a commitment fee to the lenders ranging between 0.15% to 0.30% per annum on the unused portion of the $400 million revolving credit facility along with other standard fees. Letter of credit fees are payable on outstanding letters of credit in an amount equal to the applicable LIBOR margin plus other customary fees. The Company is subject to certain leverage ratio and interest coverage ratio financial covenants under the Amended 2016 Credit Agreement that are to be measured at each fiscal quarter-end. The Company was in compliance with all such covenants as of March 31, 2019. As of March 31, 2019, there was $216.2 million of cash drawn and $11.3 million of undrawn letters of credit under the Amended 2016 Credit Agreement, with $172.5 million of net availability for borrowings. As of December 31, 2018, there was $209.4 million cash drawn and $11.3 million of undrawn letters of credit under the Amended 2016 Credit Agreement, with $179.3 million of net availability for borrowings. For the three months ended March 31, 2019, gross borrowings under the Amended 2016 Credit Agreement were $7.0 million and there were $1.5 million of gross payments. For the three months ended March 31, 2018, gross borrowings and gross payments were $8.0 million and $16.6 million, respectively. Interest Rate Swap On June 2, 2017, the Company entered into an interest rate swap (the “Swap”) with a notional amount of $150.0 million, as a means of fixing the floating interest rate component on $150.0 million of its variable-rate debt. The Swap is designated as a cash flow hedge, with a termination date of June 2, 2020. As a result of the application of hedge accounting treatment, all unrealized gains and losses related to the derivative instrument are recorded in Accumulated other comprehensive loss and are reclassified into operations in the same period in which the hedged transaction affects earnings. Hedge effectiveness is assessed quarterly. We do not use derivative instruments for trading or speculative purposes. As more fully described within Note 12 – Fair Value Measurements, the Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The fair value of the Swap is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve (Level 2 inputs) and measured on a recurring basis in our Condensed Consolidated Balance Sheets. At March 31, 2019 and December 31, 2018, the fair value of the Swap, included in Deferred charges and other long-term assets on the Condensed Consolidated Balance Sheets, was $1.4 million and $2.0 million, respectively. During the three months ended March 31, 2019 and 2018, unrealized pre-tax losses of $0.6 million and unrealized pre-tax gains of $1.0 million, respectively, were recorded in Accumulated other comprehensive loss.

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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration