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Debt and Credit Facilities | 6 Months Ended
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Jun. 30, 2014
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, 2014 |  |  | December 31, 2013 |
Short-term borrowings (1) |  | $ | 644.0 |  |  | $ | 81.6 |
Current portion of long-term debt(2) (3) |  |  | 69.8 |  |  |  | 201.5 |
Total current debt |  |  | 713.8 |  |  |  | 283.1 |
Term Loan A Facility due October 2016, less unamortized lender fees of $6.1 in 2014 and $8.4 in 2013 (2) (3) |  |  | 571.5 |  |  |  | 634.8 |
Term Loan B Facility due October 2018, less unamortized lender fees of $6.6 in 2014 and $7.3 in 2013, and unamortized discount of $9.7 in 2014 and $10.8 in 2013(3) |  |  | 680.8 |  |  |  | 681.6 |
8.125% Senior Notes due September 2019 |  |  | 750.0 |  |  |  | 750.0 |
6.50% Senior Notes due December 2020 |  |  | 426.5 |  |  |  | 424.1 |
8.375% Senior Notes due September 2021 |  |  | 750.0 |  |  |  | 750.0 |
5.25% Senior Notes due April 2023 |  |  | 425.0 |  |  |  | 425.0 |
6.875% Senior Notes due July 2033, less unamortized discount of $1.4 in 2014 and 2013 |  |  | 448.6 |  |  |  | 448.6 |
Other |  |  | 2.5 |  |  |  | 2.3 |
Total long-term debt, less current portion |  |  | 4,054.9 |  |  |  | 4,116.4 |
Total debt(4) |  | $ | 4,768.7 |  |  | $ | 4,399.5 |
(1) | 2014 primarily includes $217 million of borrowings outstanding under our U.S. and European accounts receivable securitization programs and $305 million of borrowings outstanding under our revolving credit facility, of which we have the intent and ability to repay within twelve months as of June 30, 2014.
(2) | The Company’s $150 million 12% Senior Notes due February 2014 (“12% Senior Notes”) were included in current portion of long-term debt as of December 31, 2013. We repaid the 12% Senior Notes upon their maturity using cash on hand and committed liquidity.
(3) | We reclassified $68 million of Term Loan A and Term Loan B installment payments due in the next 12 months to current portion of long term debt as of June 30, 2014.
(4) | The weighted average interest rate on our total outstanding debt was 5.7% as of June 30, 2014 and 6.2% as of December 31, 2013.
Amended and Restated Senior Secured Credit Facilities On July 25, 2014, the Company entered into a second restatement agreement (the “Second Restatement Agreement”) whereby its senior secured credit facility was amended and restated (the “Second Amended and Restated Credit Agreement”) with Bank of America, N.A., as agent, and the other financial institutions party thereto. The changes include (i) the refinancing of the term loan A facilities, term loan B facilities and revolving credit facilities with new term loan A facilities (including facilities in Canadian dollars, euros, Japanese yen, pounds sterling and U.S. dollars) in an aggregate principal amount equivalent to $1,330 million and revolving credit facilities of $700 million, (ii) a new $100 million delayed draw term loan A facility, (iii) a 0.75% reduction of the interest rate margin for the term loan A facilities and revolving credit facilities, (iv) extension of the final maturity of the term loan A facilities and revolving credit commitment to July 25, 2019, (v) adjustments to the financial maintenance covenant of Consolidated Net Debt to Consolidated EBITDA (as defined in the Second Amended and Restated Credit Agreement) and other covenants to provide additional flexibility to the Company and (vi) other amendments. Lines of Credit The following table summarizes our available lines of credit, which include our senior secured credit facility and the amounts available under our U.S. and European accounts receivable securitization programs. We are not subject to any material compensating balance requirements in connection with our lines of credit.
|  | June 30, 2014 |  |  | December 31, 2013 |
Used lines of credit (1) |  | $ | 644.0 |  |  | $ | 81.6 |
Unused lines of credit |  |  | 642.2 |  |  |  | 1,224.0 |
Total available lines of credit(2) |  | $ | 1,286.2 |  |  | $ | 1,305.6 |
(1) | Includes total borrowings under AR securitization program, revolving credit facility and borrowings under several foreign subsidiaries.
(2) | Of the total available lines of credit, $945 million were committed.
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, 2014.

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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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