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Debt and Finance Lease Obligations | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Debt and Finance Lease Obligations | DEBT AND FINANCE LEASE OBLIGATIONS Debt, including finance lease obligations, consisted of:
| December 31,
| 2021 |  | 2020
| (Amounts in thousands)
1.25% EUR Senior Notes due March 17, 2022, net of unamortized discount and debt issuance costs of $1,070 at December 31, 2020 | $ | — |  |  | $ | 410,243 |
3.50% USD Senior Notes due September 15, 2022, net of unamortized discount and debt issuance costs of $1,235 at December 31, 2020 | — |  |  | 498,765 |
4.00% USD Senior Notes due November 15, 2023, net of unamortized discount and debt issuance costs of $1,345 at December 31, 2020 | — |  |  | 298,655 |
3.50% USD Senior Notes due October 1, 2030, net of unamortized discount and debt issuance costs of $5,611 and $6,147 at December 31, 2021 and 2020, respectively | 494,389 |  |  | 493,853 |
2.80% USD Senior Notes due January 15, 2032, net of unamortized discount and debt issuance costs of $6,273 as of December 31, 2021 | 493,727 |  |  | — |
Term Loan Facility, interest rate of 1.45% and net of debt iss uance costs of $639 as December 31, 2021 | 291,861 |  |  | — |
Finance lease obligations and other borrowings | 22,851 |  |  | 25,390 |
Debt and finance lease obligations | 1,302,828 |  |  | 1,726,906 |
Less amounts due within one year | 41,058 |  |  | 8,995 |
Total debt due after one year | $ | 1,261,770 |  |  | $ | 1,717,911 |
Scheduled maturities of our Senior Notes and other debt, are (amounts in thousands):
| Term Loan |  | Senior Notes and other debt |  | Total
| (Amounts in thousands)
2022 | $ | 32,500 |  |  | $ | 8,558 |  |  | $ | 41,058 |
2023 | 39,635 |  |  | 14,294 |  |  | 53,929 |
2024 | 59,863 |  |  | — |  |  | 59,863 |
2025 | 59,905 |  |  | — |  |  | 59,905 |
2025 | 99,958 |  |  | — |  |  | 99,958 |
Thereafter | — |  |  | 988,115 |  |  | 988,115 |
Total | $ | 291,861 |  |  | $ | 1,010,967 |  |  | $ | 1,302,828 |
Senior Notes On September 23, 2021, we completed a public offering of $500.0 million in aggregate principal amount of January 15, 2032 ("2032 Senior Notes"). The 2032 Senior Notes bear an interest rate of 2.80% pe r year, payable on January 15 and July 15 of each year, commencing on January 15, 2022. The 2032 Senior Notes and were priced at 99.656% of par value, reflecting a discount to the aggregate principal amount. On October 12, 2021, t he combined proceeds of the 2032 Senior Notes offering and term loan facility, in addition to a portion of our excess cash balance, were used to redeem our 4.00% Senior Notes due November 2023 (“2023 Senior Notes”) and our 3.50% Senior Notes due September 2022 (“2022 Senior Notes”). As a result of the redemption, 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 September 14, 2020, we completed a public offering of $500.0 million in aggregate principal amount of senior notes due October 1, 2030 ("2030 Senior Notes"). The 2030 Senior Notes bear an interest rate of 3.50% per year, payable on April 1 and October 1 of each year, commencing on April 1, 2021. The 2030 Senior Notes were priced at 99.656% of par value, reflecting a discount to the aggregate principal amount. We used a portion of the net proceeds of the 2030 Senior Notes offering to fund a partial tender offer of our 2022 Euro Senior Notes. During the third quarter of 2020 we had tendered $191.4 million of our 2022 Euro Senior Notes and have recorded in interest expense an early extinguishment loss of $1.2 million. 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. On March 17, 2015, we completed a public offering of €500.0 million of Euro senior notes in aggregate principal amount due March 17, 2022. The 2022 Euro Senior Notes bear an interest rate of 1.25% per year, payable each year on March 17. The 2022 Euro Senior Notes were priced at 99.336% of par value, reflecting a discount to the aggregate principal amount. On November 1, 2013 we completed the public offering of $300.0 million in aggregate principal amount of 2023 Senior Notes due November 15, 2023. The 2023 Senior Notes bear an interest rate of 4.00% per year, payable on May 15 and November 15 of each year and were priced at 99.532% of par value, reflecting a discount to the aggregate principal amount. On September 11, 2012, we completed the public offering of $500.0 million in aggregate principal amount of 2022 Senior Notes due September 15, 2022. The 2022 Senior Notes bear an interest rate of 3.50% per year, payable on March 15 and September 15 of each year and were priced at 99.615% of par value, reflecting a discount to the aggregate principal amount. We have the right to redeem the 2032 Senior Notes and 2030 Senior Notes at any time prior to October 15, 2031 and July 1, 2030, respectively, in whole or in part, at our option, at a redemption price equal to the greater of: (1) 100% of the principal amount of the senior notes being redeemed; or (2) the sum of the present values of the remaining scheduled payments of principal and interest in respect of the Senior Notes being redeemed discounted to the redemption date on a semi-annual basis, at the applicable Treasury Rate plus 25 and 45 basis points, respectively. In addition, at any time on or after October 15, 2031 and July 1, 2030 for the 2032 Senior Notes and 2030 Senior Notes, respectively, we may redeem the Senior Notes at a redemption price equal to 100% of the principal amount of the Senior Notes being redeemed. In each case, we will also pay the accrued and unpaid interest on the principal amount being redeemed to the redemption date. 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. T he 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 Moody’s or S&P. At December 31, 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 between 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 fee was 0.175% (per an num) during the period ended December 31, 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 December 31, 2021, and December 31, 2020, we had no revolving loans outstanding under the Senior Credit Facility. We had outstanding letters of credit of $78.3 million and $58.1 million at December 31, 2021, and December 31, 2020, respectively. After consideration of the financial covenants under our Senior Credit Facility and outstanding letters of credit, as of December 31, 2021, the amount available for borrowings under our Senior Credit Facility was limited to $614.2 million. As of December 31, 2020, the amount available for borrowings under our Revolving Credit facility was $741.9 million. Financial Covenants — Our compliance with the financial covenants under the Senior Notes and Senior Credit Facility are tested quarterly. We were in compliance with all covenants as of December 31, 2021. We have scheduled repayments of $7.5 million due in each of the next three quarters and $10.0 million on December 31, 2022, 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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