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External Debt and Financing Arrangements | 3 Months Ended
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Mar. 31, 2015
Debt Disclosure [Abstract] |
External Debt and Financing Arrangements |
7. | External Debt and Financing Arrangements
In March 2015, the Company entered into a $200 million, 364-day unsecured revolving credit agreement, which can be used for general corporate purposes following the close of the Norcraft acquisition. On March 31, 2015, there were no outstanding amounts under this facility. We also have a $975 million committed revolving credit facility, as well as a $525 million term loan, both of which expire in July 2018. Both facilities can be used for general corporate purposes. On March 31, 2015 and December 31, 2014, our outstanding borrowings in aggregate under the revolving credit facilities and term loan were $760.0 million and $670.0 million, respectively. The interest rates under all of these facilities are variable based on LIBOR at the time of the borrowing and the Company’s leverage as measured by a debt to Adjusted EBITDA ratio. Based upon the Company’s debt to Adjusted EBITDA ratio at March 31, 2015, the Company’s borrowing rate could range from LIBOR + 1.0% to LIBOR + 2.0%. At March 31, 2015, we were in compliance with all covenants under these facilities. At March 31, 2015 and December 31, 2014, the current portion of long-term debt was $26.3 million. We currently have uncommitted bank lines of credit in China, which provide for unsecured borrowings for working capital of up to $15.7 million in aggregate, of which zero was outstanding, as of March 31, 2015 and December 31, 2014. The weighted-average interest rates on these borrowings were zero and 9.8% in the three-month periods ended March 31, 2015 and March 31, 2014, respectively. As of March 31, 2015, JPMorgan Chase & Co. and its wholly owned subsidiaries (“JPM”) owned over 10% of the Company’s common stock. JPMorgan Chase Bank, N.A., a subsidiary of JPM, was a lender of $63.1 million of our total debt under our credit facilities and held $1.1 million of our cash balances. In addition, JPMorgan Investment Management, Inc., another subsidiary of JPM, manages pension assets in the Company’s Master Retirement Trust, which totaled $26.0 million as of March 31, 2015. JPMorgan Chase & Co. does not participate in management of the Company nor do any of its employees sit on our Board of Directors.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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