XML 65 R17.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Debt and Credit Facilities | 9 Months Ended
--- | ---
Sep. 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:
| September 30, |  |  | December 31, |
| 2014 |  |  | 2013 |
Short-term borrowings (1) | $ | 417.0 |  |  | $ | 81.6 |
Current portion of long-term debt(2) |  | 1.3 |  |  |  | 201.5 |
Total current debt |  | 418.3 |  |  |  | 283.1 |
Term Loan A Facility due July 2019 (October 2016 prior to refinance), less unamortized lender fees of $11.3 in 2014 and $8.4 in 2013 (3) |  | 1,146.7 |  |  |  | 634.8 |
Term Loan A Facility due July 2017, less unamortized lender fees of $0.4 in 2014(3) |  | 249.7 |  |  |  | - |
Term Loan B Facility, less unamortized lender fees of $7.3 in 2013, and unamortized discount of $10.8 in 2013(3) |  | - |  |  |  | 681.6 |
8.125% Senior Notes due September 2019 |  | 750.0 |  |  |  | 750.0 |
6.50% Senior Notes due December 2020(4) |  | 425.6 |  |  |  | 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 $1.3 in 2014 and $1.4 in 2013 |  | 448.7 |  |  |  | 448.6 |
Other |  | 2.0 |  |  |  | 2.3 |
Total long-term debt, less current portion |  | 4,197.7 |  |  |  | 4,116.4 |
Total debt(5) | $ | 4,616.0 |  |  | $ | 4,399.5 |
(1) | September 30, 2014 is comprised primarily of $87 million of borrowings outstanding under our U.S. accounts receivable securitization program and $276 million of borrowings outstanding under our revolving credit facility, of which we have the intent and ability to repay within twelve months as of September 30, 2014. As of December 31, 2013, we had no amounts outstanding under either the U.S. or European program, and we did not utilize these programs during 2013.
(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) | On July 25, 2014, the Company entered into a second restatement agreement for refinancing of the term loan A facilities, term loan B facilities and revolving credit facilities with new term loan A facilities. See below for further information
(4) | We had $100 million notional amount of outstanding interest rate swaps associated with the 6.50% Senior Notes.
(5) | The weighted average interest rate on our total outstanding debt was 5.5% as of September 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 (used for our Brazilian operations), (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. On August 29, 2014, we completed the $100 million delayed draw of the term loan A facility. In connection with this loan, we also entered into interest rate and currency swaps in a notional amount of $100 million, which convert our floating U.S. dollar denominated obligation under the term loan A into a fixed rate Brazilian real denominated obligation. As a result of the Second Restatement Agreement, we recognized $18 million of loss on debt redemption in our condensed consolidated statements of operations. This amount includes $13 million of accelerated amortization of original issuance discount related to the term loan B and lender and non-lender fees related to the entire credit facility. Also included in the loss on debt redemption was $5 million of non-lender fees incurred in connection with the Second Restatement Agreement. In addition, we incurred $2 million of lender fees that are included in the carrying amounts of the outstanding debt under the credit facility. We also capitalized $5 million of non-lender fees that are included in other assets on our condensed consolidated balance sheet. The amortization expense related to original issuance discount and lender and non-lender fees is calculated using the effective interest rate method over the lives of the respective debt instruments. Total amortization expense in 2014 related to the Senior Secured Credit Facilities was $2 million for the three months and $9 million for the nine months ended September 30, 2014, and is included in interest expense in our condensed consolidated statements of operations. 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.
| September 30, |  |  | December 31, |
| 2014 |  |  | 2013 |
Used lines of credit (1) | $ | 417.0 |  |  | $ | 81.6 |
Unused lines of credit |  | 788.6 |  |  |  | 1,224.0 |
Total available lines of credit(2) | $ | 1,205.6 |  |  | $ | 1,305.6 |
(1) | Includes total borrowings under AR securitization program, revolving credit facility and borrowings under lines of credit available to several foreign subsidiaries.
(2) | Of the total available lines of credit, $908 million were committed as of September 30, 2014.
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 September 30, 2014.

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 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