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Debt | 12 Months Ended
--- | ---
Dec. 31, 2017
Debt Disclosure [Abstract] |
Debt | Debt Short-Term Borrowings The Company utilizes committed and uncommitted lines of credit as needed for its short-term working capital fluctuations. As of December 31, 2017 and 2016, the Company had lines of credit from banks totaling $47.5 million and $21.4 million, respectively. As of December 31, 2017, the Company had no short-term debt balances outstanding related to draws on the lines of credit. As of December 31, 2016, the Company's short-term debt balance was $8.6 million related to draws on the lines of credit. Long-Term Debt A summary of long-term debt, net of unamortized debt issuance costs, and the related weighted average interest rates is shown below (in millions):
December 31, | 2017 |  | 2016
Debt Instrument | Long-Term Debt |  | Debt Issuance Costs (2) |  | Long-Term Debt, Net |  | Weighted Average Interest Rate |  | Long-Term Debt |  | Debt Issuance Costs (2) |  | Long-Term Debt, Net |  | Weighted Average Interest Rate
Credit Agreement — Term Loan Facility | $ | 248.4 |  |  | $ | (1.8 | ) |  | $ | 246.6 |  |  | 3.000% |  | $ | 468.7 |  |  | $ | (1.6 | ) |  | $ | 467.1 |  |  | 2.105%
4.75% Senior Notes due 2023 ("2023 Notes") | — |  |  | — |  |  | — |  |  | N/A |  | 500.0 |  |  | (4.8 | ) |  | 495.2 |  |  | 4.75%
5.375% Senior Notes due 2024 ("2024 Notes") | 325.0 |  |  | (2.4 | ) |  | 322.6 |  |  | 5.375% |  | 325.0 |  |  | (2.8 | ) |  | 322.2 |  |  | 5.375%
5.25% Senior Notes due 2025 ("2025 Notes") | 650.0 |  |  | (5.8 | ) |  | 644.2 |  |  | 5.25% |  | 650.0 |  |  | (6.6 | ) |  | 643.4 |  |  | 5.25%
3.8% Senior Notes due 2027 ("2027 Notes") (1) | 744.9 |  |  | (5.9 | ) |  | 739.0 |  |  | 3.885% |  | — |  |  | — |  |  | — |  |  | N/A
Other | 8.1 |  |  | — |  |  | 8.1 |  |  | N/A |  | 5.7 |  |  | — |  |  | 5.7 |  |  | N/A
| $ | 1,976.4 |  |  | $ | (15.9 | ) |  | 1,960.5 |  |  |  |  | $ | 1,949.4 |  |  | $ | (15.8 | ) |  | 1,933.6 |  |  |
Less — Current portion |  |  |  |  | (9.0 | ) |  |  |  |  |  |  |  | (35.6 | ) |  |
Long-term debt |  |  |  |  | $ | 1,951.5 |  |  |  |  |  |  |  |  | $ | 1,898.0 |  |  |
(1) | Net of unamortized discount of $5.1 million
(2) | Unamortized portion
Senior Notes The issuance, maturity and interest payable dates of the Company's senior unsecured 2024 Notes, 2025 Notes and 2027 Notes (collectively, the "Notes") are as shown below:
Note | Issuance Date |  | Maturity Date |  | Interest Payable Dates
2024 Notes | March 2014 |  | March 15, 2024 |  | March 15 and September 15
2025 Notes | November 2014 |  | January 15, 2025 |  | January 15 and July 15
2027 Notes | August 2017 |  | September 15, 2027 |  | March 15 and September 15
2024 Notes The proceeds from the 2024 Notes offering of $325 million, net of related issuance costs of $3.9 million, together with existing cash on hand, were used to redeem the remaining outstanding aggregate principal amount of the Company's senior notes due 2018 ($280 million) and to redeem 10% of the original aggregate principal amount at maturity of the Company's senior notes due 2020 ("2020 Notes") ($35 million) at stated redemption prices, plus accrued and unpaid interest to the respective redemption dates. The Company may redeem the 2024 Notes, in whole or in part, on or after March 15, 2019, at the redemption prices set forth below, plus accrued and unpaid interest to the redemption date.
Twelve-Month Period Commencing March 15, | 2024 Notes
2019 | 102.688%
2020 | 101.792%
2021 | 100.896%
2022 and thereafter | 100.000%
Prior to March 15, 2019, the Company may redeem the 2024 Notes, in whole or in part, at a redemption price equal to 100% of the aggregate principal amount thereof, plus a "make-whole" premium as of, and accrued and unpaid interest to, the redemption date. 2025 Notes Of the $650 million of proceeds from the 2025 Notes offering, net of related issuance costs of $8.4 million, $250 million was restricted for the redemption of the remaining outstanding aggregate principal amount of the 2020 Notes ($245 million) and $350 million was restricted to finance, in part, the acquisition of Eagle Ottawa (Note 3, "Acquisitions"). In January 2015, the Company used $350 million of restricted cash proceeds from the offering, along with $500 million in borrowings under the prior term loan facility (see "— Credit Agreement" below), to finance the acquisition of Eagle Ottawa. In March 2015, the Company redeemed the 2020 Notes at a price equal to 104.063% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. In connection with this transaction, the Company paid $255.0 million, including $250 million of restricted cash proceeds from the offering, and recognized a loss of $14.3 million on the extinguishment of debt in the year ended December 31, 2015. The use of restricted cash for the acquisition of Eagle Ottawa and the redemption of the 2020 Notes is reflected as non-cash investing and financing activities, respectively, in the accompanying consolidated statement of cash flows for the year ended December 31, 2015. The remaining proceeds from the offering were used for general corporate purposes, including the payment of fees and expenses associated with the acquisition of Eagle Ottawa and related financing transactions. The Company may redeem the 2025 Notes, in whole or in part, on or after January 15, 2020, at the redemption prices set forth below, plus accrued and unpaid interest to the redemption date.
Twelve-Month Period Commencing January 15, | 2025 Notes
2020 | 102.625%
2021 | 101.750%
2022 | 100.875%
2023 and thereafter | 100.000%
Prior to January 15, 2020, the Company may redeem the 2025 Notes, in whole or in part, at a redemption price equal to 100% of the aggregate principal amount thereof, plus a "make-whole" premium as of, and accrued and unpaid interest to, the redemption date. 2027 Notes In 2017, the Company issued $750.0 million in aggregate principal amount at maturity of 2027 Notes at a stated coupon rate of 3.8%. The 2027 Notes were priced at 99.294% of par, resulting in a yield to maturity of 3.885%. The proceeds from the offering of $744.7 million, after original issue discount, were used to redeem the outstanding $500.0 million in aggregate principal amount of the 2023 Notes at a redemption price equal to 100% of the aggregate principal amount thereof, plus a "make-whole" premium of $17.0 million, as well as to refinance a portion of the Company's $500.0 million prior term loan facility (see "— Credit Agreement" below). In connection with these transactions, the Company recognized a loss of $21.2 million on the extinguishment of debt and paid related issuance costs of $6.0 million. Prior to June 15, 2027, the Company, at its option, may redeem some or all of the 2027 Notes at a redemption price equal to 100% of the principal amount thereof, plus a "make-whole" premium as of, and accrued and unpaid interest to, the redemption date. At any time on or after June 15, 2027, but prior to the maturity date of September 15, 2027, the Company, at its option, may redeem some or all of the 2027 Notes at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. Guarantees The Notes are senior unsecured obligations. As discussed further in "— Credit Agreement" below, upon termination of the Company’s prior credit agreement, the subsidiaries that previously guaranteed the 2024 Notes and 2025 Notes were automatically released as guarantors. There are currently no guarantors of the Company’s obligations under the Notes. Covenants Subject to certain exceptions, the indentures governing the Notes contain restrictive covenants that, among other things, limit the ability of the Company to: (i) create or permit certain liens and (ii) consolidate, merge or sell all or substantially all of the Company’s assets. The indenture governing the 2024 Notes limits the ability of the Company to enter into sale and leaseback transactions. The indentures governing the Notes also provide for customary events of default. As of December 31, 2017, the Company was in compliance with all covenants under the indentures governing the Notes. Credit Agreement In August 2017, the Company entered into a new unsecured credit agreement (the "Credit Agreement") consisting of a $1.75 billion revolving credit facility ("Revolving Credit Facility") and a $250.0 million term loan facility (the "Term Loan Facility"), both of which mature on August 8, 2022. In connection with this transaction, the Company borrowed $250.0 million under the Term Loan Facility and paid related issuance costs of $5.7 million. At the same time, the Company terminated its previously existing credit agreement, which consisted of a $1.25 billion revolving credit facility and a $500 million term loan facility, and repaid amounts outstanding under the term loan facility of $453.1 million. Together with the offering of the 2027 Notes, these transactions extended the Company's maturity profile and increased its operational flexibility and borrowing capacity. In 2017, aggregate borrowings and repayments under the Revolving Credit Facility and prior revolving credit facility were $109.5 million. In 2016, there were no borrowings or repayments under the prior revolving credit facility. In 2015, aggregate borrowings and repayments under the prior revolving credit facility were $48.0 million. As of December 31, 2017 and 2016, there were no borrowings outstanding under the Revolving Credit Facility and prior revolving credit facility, respectively. In 2017, the Company made required principal payments of $1.6 million under the Term Loan Facility. In addition, the Company made principal payments of $468.7 million under the prior term loan facility, which include payments of $453.1 million made in connection with Credit Agreement described above. In 2016, the Company made required principal payments of $21.9 million under the prior term loan facility. Advances under the Revolving Credit Facility and the Term Loan Facility generally bear interest based on (i) the Eurocurrency Rate (as defined in the Credit Agreement) or (ii) the Base Rate (as defined in the Credit Agreement) plus a margin, determined in accordance with a pricing grid. As of December 31, 2017, the ranges and rates are as follows (in percentages):
|  | Eurocurrency Rate |  | Base Rate
|  | Minimum |  | Maximum |  | Rate as of December 31, 2017 |  | Minimum |  | Maximum |  | Rate as of December 31, 2017
Revolving Credit Agreement |  | 1.00 | % |  | 1.60 | % |  | 1.30 | % |  | 0.00 | % |  | 0.60 | % |  | 0.30 | %
Term Loan Facility |  | 1.125 | % |  | 1.90 | % |  | 1.50 | % |  | 0.125 | % |  | 0.90 | % |  | 0.50 | %
A facility fee, which ranges from 0.125% to 0.30% of the total amount committed under the Revolving Credit Facility, is payable quarterly. Guarantees The Credit Agreement eliminated the subsidiary guarantees required under the Company's prior credit agreement. There are currently no guarantors of the Company’s obligations under the Credit Agreement. Covenants The Credit Agreement contains various customary representations, warranties and covenants by the Company, including, without limitation, (i) covenants regarding maximum leverage, (ii) limitations on fundamental changes involving the Company or its subsidiaries and (iii) limitations on indebtedness and liens. As of December 31, 2017, the Company was in compliance with all covenants under the Credit Agreement. Other As of December 31, 2017, other long-term debt consists of amounts outstanding under capital leases. Scheduled Maturities As of December 31, 2017, scheduled maturities related to the Credit Agreement — Term Loan Facility for the five succeeding years, as of the date of this Report, are shown below (in millions):
2018 | $ | 6.3 |
2019 | 7.8 |
2020 | 14.0 |
2021 | 14.0 |
2022 | 206.3 |

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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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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