XML 15 R17.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Debt and Credit Facilities | 6 Months Ended
--- | ---
Jun. 30, 2013
Debt Disclosure [Abstract] |
Debt and Credit Facilities | (10) Debt and Credit Facilities Our total debt outstanding consisted of the amounts included in the table below.
|  | June 30, 2013 |  |  | December 31, 2012 |
Short-term borrowings |  | $ | 76.3 |  |  | $ | 39.2 |
Current portion of long-term debt(1) |  |  | 153.6 |  |  |  | 1.8 |
Total current debt |  |  | 229.9 |  |  |  | 41.0 |
5.25% Senior Notes due April 2023 |  |  | 425.0 |  |  |  | — |
12% Senior Notes due February 2014(1) |  |  | — |  |  |  | 153.4 |
Term Loan A Facility due October 2016, less unamortized lender fees of $12.0 in 2013 and $15.4 in 2012(2) |  |  | 783.5 |  |  |  | 843.9 |
7.875% Senior Notes due June 2017, less unamortized discount of $5.5 in 2012(3) |  |  | — |  |  |  | 394.5 |
Term Loan B Facility due October 2018, less unamortized lender fees of $9.7 in 2013 and $10.7 in 2012, and unamortized discount of $14.2 in 2013 and $15.6 in 2012 (2) |  |  | 766.5 |  |  |  | 771.6 |
8.125% Senior Notes due September 2019 |  |  | 750.0 |  |  |  | 750.0 |
6.50% Senior Notes due December 2020 |  |  | 425.0 |  |  |  | 425.0 |
8.375% Senior Notes due September 2021 |  |  | 750.0 |  |  |  | 750.0 |
6.875% Senior Notes due July 2033, less unamortized discount of $1.4 in 2013 and 2012 |  |  | 448.6 |  |  |  | 448.6 |
Other |  |  | 3.1 |  |  |  | 3.8 |
Total long-term debt, less current portion |  |  | 4,351.7 |  |  |  | 4,540.8 |
Total debt(4) |  | $ | 4,581.6 |  |  | $ | 4,581.8 |
(1) | These notes were reclassified to current portion of long-term debt as of June 30, 2013.
(2) | In the six months ended June 30, 2013, we prepaid a portion of our 2014 Term Loan A ($51 million) and Term Loan B ($4 million) installments.
(3) | During 2013, we purchased all of our outstanding $400 million 7.875% Senior Notes due 2017. See below for further discussion.
(4) | The weighted average interest rate on our outstanding debt was 6.2% as of June 30, 2013 and 6.4% as of December 31, 2012.
Senior Notes 2013 Activity In March 2013, we issued $425 million of 5.25% Senior Notes due April 2023 and used substantially all of the proceeds to retire the 7.875% Senior Notes due June 2017. The aggregate repurchase price was $431 million, which included the principal amount of $400 million, a 6% premium of $23 million and accrued interest of $8 million. As a result, we recognized a net pre-tax loss of $32 million, which included the premium mentioned above, the acceleration of the unamortized debt issuance costs associated with the repurchase of the 7.875% senior notes and certain fees. The loss on debt redemption is included on our condensed consolidated statements of operations. The 5.25% Senior Notes due April 2023 and their related guarantees were offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in transactions outside the U.S. under Regulation S of the Securities Act. These notes have not been registered under the Securities Act, and, unless so registered, may not be offered or sold in the U.S. absent registration or an applicable exemption form, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws. The 5.25% Senior Notes will mature on April 1, 2023 and interest is payable on April 1 and October 1 of each year, commencing October 1, 2013. Lines of Credit The following table summarizes our available lines of credit and committed and uncommitted lines of credit, including our senior secured credit facility, and the amounts available under our accounts receivable securitization programs. We are not subject to any material compensating balance requirements in connection with our lines of credit.
|  | June 30, 2013 |  |  | December 31, 2012 |
Used lines of credit |  | $ | 76.3 |  |  | $ | 39.2 |
Unused lines of credit(1) |  |  | 948.9 |  |  |  | 989.5 |
Total available lines of credit |  | $ | 1,025.2 |  |  | $ | 1,028.7 |
Available lines of credit — committed(1) |  | $ | 700.5 |  |  | $ | 700.5 |
Available lines of credit — uncommitted |  |  | 324.7 |  |  |  | 328.2 |
Total available lines of credit |  | $ | 1,025.2 |  |  | $ | 1,028.7 |
Accounts receivable securitization program — committed(2) |  | $ | 206.0 |  |  | $ | 112.0 |
(1) | Includes a $700 million revolving senior secured credit facility that expires October 2016.
(2) | See Note 8, “Accounts Receivable Securitization Programs,” for further details.
Other Lines of Credit Substantially all our short-term borrowings of $76 million at June 30, 2013 and $39 million at December 31, 2012 were outstanding under lines of credit available to several of our foreign subsidiaries. The following table details our other lines of credit.
|  | June 30, 2013 |  |  | December 31, 2012 |
Available lines of credit |  | $ | 325.2 |  |  | $ | 328.3 |
Unused lines of credit |  |  | 248.9 |  |  |  | 289.0 |
Weighted average interest rate |  |  | 12.7 | % |  |  | 10.2 | %
Covenants Each issue of our outstanding senior notes imposes limitations on our operations and those of specified subsidiaries. Additionally, the senior secured credit facility contains customary affirmative and negative covenants for credit facilities of this type, including limitations on our indebtedness, liens, investments, restricted payments, mergers and acquisitions, dispositions of assets, transactions with affiliates, amendment of documents and sale leasebacks, and a covenant specifying a maximum permitted ratio of Consolidated Net Debt to Consolidated EBITDA (as defined in the credit facility). We were in compliance with the above financial covenants and limitations at June 30, 2013.

X
- 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 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 Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: 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