v2.4.1.9

Debt (Text Block) | 12 Months Ended
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Dec. 31, 2014
Debt Disclosure [Abstract] |
Debt [Text Block] | Debt The components of our borrowings are as follows:
| December 31, 2014 |  | December 31, 2013
| (in thousands)
Credit Facilities |  |  |
USD denominated term loan | $ | 232,500 |  |  | $ | 258,750 |
Multicurrency revolving line of credit | 91,469 |  |  | 120,000 |
Total debt | 323,969 |  |  | 378,750 |
Less: Current portion of debt | 30,000 |  |  | 26,250 |
Long-term debt | $ | 293,969 |  |  | $ | 352,500 |
Credit Facilities In August 2011, we entered into a senior secured credit facility (2011 credit facility). The 2011 credit facility consists of a $300 million U.S. dollar term loan (the term loan) and a multicurrency revolving line of credit (the revolver) with a principal amount of up to $660 million. Both the term loan and the revolver mature on August 8, 2016, and amounts borrowed under the revolver are classified as long-term. Amounts borrowed under the revolver during the credit facility term may be repaid and reborrowed until the revolver's maturity, at which time the revolver will terminate, and all outstanding loans, together with all accrued and unpaid interest, must be repaid. Amounts not borrowed under the revolver are subject to a commitment fee, which is paid in arrears on the last day of each fiscal quarter, ranging from 0.20% to 0.40% per annum depending on our total leverage ratio as of the most recently ended fiscal quarter. Amounts repaid on the term loan may not be reborrowed. The 2011 credit facility permits us and certain of our foreign subsidiaries to borrow in U.S. dollars, euros, British pounds, or, with lender approval, other currencies readily convertible into U.S. dollars. All obligations under the 2011 credit facility are guaranteed by Itron, Inc. and material U.S. domestic subsidiaries and are secured by a pledge of substantially all of the assets of Itron, Inc. and material U.S. domestic subsidiaries, including a pledge of 100% of the capital stock of material U.S. domestic subsidiaries and up to 66% of the voting stock (100% of the non-voting stock) of their first-tier foreign subsidiaries. In addition, the obligations of any foreign subsidiary who is a foreign borrower, as defined by the 2011 credit facility, are guaranteed by the foreign subsidiary and by its direct and indirect foreign parents. The 2011 credit facility includes debt covenants, which contain certain financial thresholds and place certain restrictions on the incurrence of debt, investments, and the issuance of dividends. We were in compliance with the debt covenants under the 2011 credit facility at December 31, 2014. Scheduled principal repayments for the term loan are due quarterly in the amount of $7.5 million through June 2016, and the remainder due at maturity on August 8, 2016. The term loan may be repaid early in whole or in part, subject to certain minimum thresholds, without penalty. Required minimum principal payments on our outstanding credit facilities are as follows:
| Minimum Payments
| (in thousands)
2015 | $ | 30,000 |
2016 | 293,969 |
2017 | — |
2018 | — |
2019 | — |
Total minimum payments on debt | $ | 323,969 |
Under the 2011 credit facility, we elect applicable market interest rates for both the term loan and any outstanding revolving loans. We also pay an applicable margin, which is based on our total leverage ratio (as defined in the credit agreement). The applicable rates per annum may be based on either: (1) the LIBOR rate or EURIBOR rate, plus an applicable margin, or (2) the Alternate Base Rate, plus an applicable margin. The Alternate Base Rate election is equal to the greatest of three rates: (i) the prime rate, (ii) the Federal Reserve effective rate plus 1/2 of 1%, or (iii) one month LIBOR plus 1%. At December 31, 2014, the interest rate for both the term loan and the USD revolver was 1.42% (the LIBOR rate plus a margin of 1.25%), and the interest rate for the EUR revolver was 1.27% (the EURIBOR rate plus a margin of 1.25%). Total credit facility repayments were as follows:
| Year Ended December 31,
| 2014 |  | 2013 |  | 2012
| (in thousands)
2011 credit facility term loan | $ | 26,250 |  |  | $ | 18,750 |  |  | $ | 15,002 |
2011 credit facility multicurrency revolving line of credit(1) | 76,188 |  |  | 55,000 |  |  | 100,000 |
Total credit facility repayments | $ | 102,438 |  |  | $ | 73,750 |  |  | $ | 115,002 |
(1) | We borrowed $47.7 million, $35.0 million and $80.0 million under the multicurrency revolving line of credit during 2014, 2013 and 2012, respectively.
At December 31, 2014, $91.5 million was outstanding under the 2011 credit facility revolver, and $50.4 million was utilized by outstanding standby letters of credit, resulting in $518.1 million available for additional borrowings. At December 31, 2014 and 2013, unamortized prepaid debt fees were as follows:
| December 31, 2014 |  | December 31, 2013
| (in thousands)
Unamortized prepaid debt fees | $ | 2,298 |  |  | $ | 3,810 |

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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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