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Debt | 9 Months Ended
--- | ---
Sep. 30, 2021
Debt Disclosure [Abstract] |
Debt | Debt Debt, including finance lease obligations, net of discounts and debt issuance costs, consisted of:
| September 30, |  | December 31,
(Amounts in thousands, except percentages) | 2021 |  | 2020
1.25% EUR Senior Notes due March 17, 2022, net of unamortized discount and debt issuance costs of $1,070 as of December 31, 2020 | $ | — |  |  | $ | 410,243 |
3.50% USD Senior Notes due September 15, 2022, net of unamortized discount and debt issuance costs of $702 and $1,235 | 499,298 |  |  | 498,765 |
4.00% USD Senior Notes due November 15, 2023, net of unamortized discount and debt issuance costs of $1,009 and $1,345 | 298,991 |  |  | 298,655 |
3.50% USD Senior Notes due October 1, 2030, net of unamortized discount and debt issuance costs of $5,746 and $6,147 | 494,254 |  |  | 493,853 |
2.80% USD Senior Notes due January 15, 2032, net of unamortized discount and debt issuance costs of $6,407 as of September 30, 2021 | 493,593 |  |  | — |
Term Loan Facility, interest rate of 1.36% and net of debt issuance costs of $692 as September 30, 2021 | 299,308 |  |  | — |
Finance lease obligations and other borrowings | 23,420 |  |  | 25,390 |
Debt and finance lease obligations | 2,108,864 |  |  | 1,726,906 |
Less amounts due within one year | 836,618 |  |  | 8,995 |
Total debt due after one year | $ | 1,272,246 |  |  | $ | 1,717,911 |
Senior Notes On September 23, 2021, we completed a public offering of $500.0 million in aggregate principal amount of senior notes due January 15, 2032 ("2032 Senior Notes"). The 2032 Senior Notes bear an interest rate of 2.800% per year, payable on January 15 and July 15 of each year, commencing on January 15, 2022. The 2032 Senior Notes were priced at 99.656% of par value, reflecting a discount to the aggregate principal amount. The combined proceeds of the notes offering and term loan facility, in addition to a portion of our excess cash balance, were intended to redeem our 3.500% Senior Notes due September 2022 (“2022 Senior Notes”) and our 4.000% Senior Notes due November 2023 (“2023 Senior Notes”), for which we have issued notices of redemption to the bondholders. Accordingly, on October 12, 2021, the 2022 Senior Notes and 2023 Senior Notes were redeemed in full at the make-whole redemption price and have been classified as current as of September 30, 2021. As a result of the redemption, in the fourth quarter of 2021 the Company incurred a loss on early extinguishment of $38.0 million, which included the impact of a $36.1 million make-whole premium. On March 19, 2021, we redeemed the remaining $400.9 million of our 2022 Euro Senior Notes and have r ecorded a loss on early extinguishment of $7.6 million, which included the impact of a $6.6 million make-whole premium. During the third quarter of 2020 we tendered $191.4 million of our 2022 Euro Senior Notes and recorded a loss on early extinguishment of $1.2 million. Senior Credit Facility On September 13, 2021 ("Closing Date"), we amended and restated our credit agreement ("Amended and Restated Credit Agreement") under our Senior Credit Facility ("Credit Facility") with Bank of America, N.A. ("Administrative Agent") and the other lenders to provide greater flexibility in maintaining adequate liquidity and access to available borrowings. The Amended and Restated Credit Agreement, (i) retained, from the previous credit agreement, the $800.0 million unsecured Revolving Credit Facility, which includes a $750.0 million sublimit for the issuance of letters of credit and a $30.0 million sublimit for swing line loans, (ii) provides for an up to $300 million unsecured Term Loan Facility (the "Term Loan"), (iii) extends the maturity date of the agreement to September 13, 2026, (iv) reduces commitment fees, (v) extends net leverage ratio covenant definition through the maturity of the agreement, and (vi) provides the ability to make certain adjustments to the otherwise applicable commitment fee, interest rate and letter of credit fees based on the Company’s performance against to-be-established key performance indicators with respect to certain of the Company’s environmental, social and governance targets. Most other terms and conditions under the previous credit agreement (the "then existing credit agreement") remained unchanged. In conjunction with the amendment and restatement of the previous credit agreement we recorded a loss on early extinguishment of $0.6 million in the third quarter of 2021 related to deferred financing fees. On the Closing Date, approximately $300.0 million was drawn under the unsecured Term Loan to fund, in part, the previously announced redemption of the Company’s 2022 Senior Notes and 2023 Senior Notes. The interest rates per annum applicable to the Revolving Credit Facility are unchanged under the Amended and Restated Credit Agreement. The interest rates per annum applicable to the Credit Facility, other than with respect to swing line loans, are LIBOR plus between 1.000% to 1.750%, depending on our debt rating by either Moody’s Investors Service, Inc. ("Moody's") or Standard & Poor’s Financial Services LLC ("S&P"), or, at our option, the Base Rate (as defined in the Amended and Restated Credit Agreement) plus between 0.000% to 0.750% depending on our debt rating by either Moo dy’s or S&P. At September 30, 2021, the interest rate on the Revolving Credit Facility was LIBOR plus 1.375% in the case of LIBOR loans and the Base Rate plus 0.375% in the case of Base Rate loans. In addition, a commitment fee is payable quarterly in arrears on the daily unused portions of the Credit Facility. The commitment fee will be betw een 0.080% and 0.250% of unused amounts under the Credit Facility depending on our debt rating by either Moody’s or S&P. The commitment f ee was 0.175% (per annum) during the during the period ended September 30, 2021. Under the terms and conditions of the Amended and Restated Credit Agreement, interest rates per annum applicable to the Term Loan are stated as LIBOR plus between 0.875% to 1.625%, depending on the Company’s debt rating by either Moody’s or S&P, or, at the option of the Company, the Base Rate plus between 0.000% to 0.625% depending on the Company’s debt rating by either Moody’s or S&P. As of September 30, 2021 and December 31, 2020, we had no revolving loans outstanding and we had outstanding letters of credit of $80.4 million and $58.1 million at September 30, 2021 and December 31, 2020, respectively. After consideration of the financial covenants under our Senior Credit Facility and outstanding letters of credit, as of September 30, 2021, the amount available for borrowings was limited to $708.6 million. As of December 31, 2020, t he amount available for borrowings under our Revolving Credit Facility was $741.9 million. Our compliance with applicable financial covenants under the Senior Notes and Credit Facility are tested quarterly. We were in compliance with all applicable covenants as of September 30, 2021. We have scheduled repayments of $7.5 million due in each of the next four quarters on our Term Loan.

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- 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
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