XML 26 R11.htm IDEA: XBRL DOCUMENT
v3.7.0.1

DEBT AND CREDIT FACILITIES | 3 Months Ended
--- | ---
Mar. 31, 2017
Debt Disclosure [Abstract] |
DEBT AND CREDIT FACILITIES | NOTE 5 - DEBT AND CREDIT FACILITIES The following represents a summary of our long-term debt as of March 31, 2017 and December 31, 2016:
($ in Millions)
March 31, 2017
Debt Instrument |  | Annual Effective Interest Rate |  | Total Principal Amount |  | Debt Issuance Costs |  | Unamortized Discounts |  | Total Debt
Secured Notes |  |  |  |  |  |  |  |  |  |
$540 Million 8.25% 2020 First Lien Notes |  | 9.97% |  | $ | 540.0 |  |  | $ | (7.4 | ) |  | $ | (24.0 | ) |  | $ | 508.6 |
Unsecured Notes |  |  |  |  |  |  |  |  |  |
$400 Million 5.90% 2020 Senior Notes |  | 5.98% |  | 88.9 |  |  | (0.2 | ) |  | (0.2 | ) |  | 88.5 |
$500 Million 4.80% 2020 Senior Notes |  | 4.83% |  | 122.4 |  |  | (0.3 | ) |  | (0.1 | ) |  | 122.0 |
$700 Million 4.875% 2021 Senior Notes |  | 4.89% |  | 138.4 |  |  | (0.4 | ) |  | (0.1 | ) |  | 137.9 |
$500 Million 5.75% 2025 Senior Notes |  | 5.75% |  | 500.0 |  |  | (8.3 | ) |  | — |  |  | 491.7 |
$800 Million 6.25% 2040 Senior Notes |  | 6.34% |  | 298.4 |  |  | (2.5 | ) |  | (3.4 | ) |  | 292.5 |
ABL Facility |  | N/A |  | 550.0 |  |  | N/A |  |  | N/A |  |  | — |
Fair Value Adjustment to Interest Rate Hedge |  |  |  |  |  |  |  |  |  | 1.7 |
Long-term debt |  |  |  |  |  |  |  |  |  | $ | 1,642.9 |
($ in Millions)
December 31, 2016
Debt Instrument |  | Annual Effective Interest Rate |  | Total Principal Amount |  | Debt Issuance Costs |  | Undiscounted Interest/(Unamortized Discounts) |  | Total Debt
Secured Notes |  |  |  |  |  |  |  |  |  |
$540 Million 8.25% 2020 First Lien Notes |  | 9.97% |  | $ | 540.0 |  |  | $ | (8.0 | ) |  | $ | (25.7 | ) |  | $ | 506.3 |
$218.5 Million 8.00% 2020 1.5 Lien Notes |  | N/A |  | 218.5 |  |  | — |  |  | 65.7 |  |  | 284.2 |
$544.2 Million 7.75% 2020 Second Lien Notes |  | 15.55% |  | 430.1 |  |  | (5.8 | ) |  | (85.2 | ) |  | 339.1 |
Unsecured Notes |  |  |  |  |  |  |  |  |  |
$400 Million 5.90% 2020 Senior Notes |  | 5.98% |  | 225.6 |  |  | (0.6 | ) |  | (0.5 | ) |  | 224.5 |
$500 Million 4.80% 2020 Senior Notes |  | 4.83% |  | 236.8 |  |  | (0.7 | ) |  | (0.2 | ) |  | 235.9 |
$700 Million 4.875% 2021 Senior Notes |  | 4.89% |  | 309.4 |  |  | (1.0 | ) |  | (0.2 | ) |  | 308.2 |
$800 Million 6.25% 2040 Senior Notes |  | 6.34% |  | 298.4 |  |  | (2.5 | ) |  | (3.4 | ) |  | 292.5 |
ABL Facility |  | N/A |  | 550.0 |  |  | N/A |  |  | N/A |  |  | — |
Fair Value Adjustment to Interest Rate Hedge |  |  |  |  |  |  |  |  |  | 1.9 |
Total debt |  |  |  |  |  |  |  |  |  |  | $ | 2,192.6 |
Less current portion |  |  |  |  |  |  |  |  |  | 17.5 |
Long-term debt |  |  |  |  |  |  |  |  |  | $ | 2,175.1 |
$500 million 5.75% 2025 Senior Notes - 2017 Offering On February 27, 2017, we entered into an indenture among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee, relating to the issuance of $500 million aggregate principal amount of 5.75% Senior Notes due 2025 (the "5.75% Senior Notes"). The 5.75% Senior Notes were issued on February 27, 2017 in a private transaction exempt from the registration requirements of the Securities Act. The 5.75% Senior Notes bear interest at a rate of 5.75% per annum, which is payable semi-annually in arrears on March 1 and September 1 of each year, commencing on September 1, 2017. The 5.75% Senior Notes mature on March 1, 2025. The 5.75% Senior Notes are general unsecured senior obligations and rank equally in right of payment with all of our existing and future senior unsecured indebtedness and rank senior in right of payment to all of our existing and future subordinated indebtedness. The 5.75% Senior Notes are effectively subordinated to our existing or future secured indebtedness to the extent of the value of the assets securing such indebtedness. The 5.75% Senior Notes are guaranteed on a senior unsecured basis by our material direct and indirect wholly-owned domestic subsidiaries and, therefore, are structurally senior to any of our existing and future indebtedness that is not guaranteed by such guarantors and are structurally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries that do not guarantee the 5.75% Senior Notes. The terms of the 5.75% Senior Notes are governed by an indenture, which contains customary covenants that, among other things, limit our and our subsidiaries' ability to create liens on property that secure indebtedness, enter into sale and leaseback transactions and merge, consolidate or amalgamate with another company. Upon the occurrence of a “change of control triggering event,” as defined in the indenture, we are required to offer to repurchase the 5.75% Senior Notes at 101% of the aggregate principal amount thereof, plus any accrued and unpaid interest, if any, to, but excluding, the repurchase date. We may redeem the 5.75% Senior Notes, in whole or in part, on or after March 1, 2020, at the redemption prices set forth in the indenture, plus accrued and unpaid interest, if any, to, but not including, the date of redemption, and prior to March 1, 2020, at a redemption price equal to 100% of the principal amount thereof plus a “make-whole” premium set forth in the indenture, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. We may also redeem up to 35% of the aggregate principal amount of the 5.75% Senior Notes on or prior to March 1, 2020 at a redemption price equal to 105.75% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the date of redemption with the net cash proceeds of one or more equity offerings. The 5.75% Senior Notes indenture contains customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to pay or acceleration of certain other indebtedness, certain events of bankruptcy and insolvency, and failure to pay certain judgments. An event of default under the indenture will allow either the trustee or the holders of at least 25% in aggregate principal amount of the then-outstanding notes issued under the indenture to accelerate, or in certain cases, will automatically cause the acceleration of, the amounts due under the 5.75% Senior Notes. Debt issuance costs incurred of $8.5 million related to the offering of the 5.75% Senior Notes included in the Long-term debt in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2017. Debt Extinguishment The following is a summary of the debt extinguished during the three months ended March 31, 2017:
($ In Millions)
|  | Debt Extinguished |  | Gain (Loss) on Extinguishment 1
Secured Notes |  |  |  |
$218.5 Million 8.00% 2020 1.5 Lien Notes |  | $ | 218.5 |  |  | $ | 45.1 |
$544.2 Million 7.75% 2020 Second Lien Notes |  | 430.1 |  |  | (104.5 | )
Unsecured Notes |  |  |  |
$400 Million 5.90% 2020 Senior Notes |  | 136.8 |  |  | (7.8 | )
$500 Million 4.80% 2020 Senior Notes |  | 114.4 |  |  | (1.9 | )
$700 Million 4.875% 2021 Senior Notes |  | 171.0 |  |  | (2.8 | )
|  | $ | 1,070.8 |  |  | $ | (71.9 | )
1 Includes write-off of undiscounted interest, unamortized discounts and debt issuance costs. In addition, we paid premiums of $44.7 million related to the redemption of our notes.
Debt Maturities The following represents a summary of our maturities of debt instruments, excluding borrowings on the ABL Facility, based on the principal amounts outstanding at March 31, 2017:
| (In Millions)
| Maturities of Debt
2017 (April 1 - December 31) | $ | — |
2018 | — |
2019 | — |
2020 | 751.3 |
2021 | 138.4 |
2022 | — |
2023 and thereafter | 798.4 |
Total maturities of debt | $ | 1,688.1 |
ABL Facility As of March 31, 2017 and December 31, 2016, no loans were drawn under the ABL Facility and we had total availability of $256.3 million and $333.0 million, respectively, as a result of borrowing base limitations. As of March 31, 2017 and December 31, 2016, the principal amount of letter of credit obligations totaled $95.5 million and $106.0 million, respectively, to support business obligations primarily related to workers compensation and environmental obligations, thereby further reducing available borrowing capacity on our ABL Facility to $160.8 million and $227.0 million, respectively.

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://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 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration