XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.20.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2020
Debt Disclosure [Abstract] |
Debt | Note 5 –– Debt
(In millions) |  | March 31, 2020 |  |  | December 31, 2019 |
Current portion of finance lease |  | $ | 0.6 |  |  | $ | 0.6 |
Current portion of Euro term loan |  |  | - |  |  |  | 8.9 |
Current portion of debt |  |  | 0.6 |  |  |  | 9.5 |
Non-current portion of Euro term loan |  |  | - |  |  |  | 41.5 |
Senior unsecured credit facility |  |  | 693.0 |  |  |  | 313.0 |
4.7% senior notes --- due 2025 |  |  | 300.0 |  |  |  | 300.0 |
3.95% senior notes --- due 2027 |  |  | 400.0 |  |  |  | 400.0 |
Senior notes --- original issue discount |  |  | (1.7 | ) |  |  | (1.7 | )
Senior notes --- deferred financing costs |  |  | (4.0 | ) |  |  | (4.2 | )
Non-current portion of finance lease and other debt |  |  | 2.2 |  |  |  | 2.0 |
Long-term debt |  |  | 1,389.5 |  |  |  | 1,050.6 |
Total debt |  | $ | 1,390.1 |  |  | $ | 1,060.1 |
In June 2019, the Company refinanced its senior unsecured credit facility (“the Facility”), increasing borrowing capacity from $700 million to $1 billion. The Facility matures in June 2024. The current interest rate for the Facility is LIBOR + 1.0%. The interest rate ranges from LIBOR + 0.875% to a maximum of LIBOR + 1.50%, depending upon the better of the Company’s leverage ratio or the credit rating. As of March 31, 2020, total borrowings under the Facility were $693 million, which approximates fair value. The Facility agreement permits us to issue letters of credit up to an aggregate amount of $50 million. Outstanding letters of credit reduce the amount available for borrowing under the Facility. As of March 31, 2020, there were no issued letters of credit under the Facility, resulting in undrawn availability under the Facility of $307 million. The weighted average interest rate for the Facility was 2.88% for the three months ended March 31, 2020. The Facility agreement contains financial and other covenants, including, but not limited to customary restrictions on the incurrence of debt by our subsidiaries and the granting of liens, as well as the maintenance of an interest coverage ratio and a leverage ratio. As defined in the Facility agreement, we are required to maintain a minimum interest coverage ratio of 3.50 (based on the ratio of EBITDA to interest expense) and may not exceed a maximum leverage ratio of 3.75 (based on the ratio of total debt to EBITDA) with a step up to 4.25 allowed following certain acquisitions. In addition, the Facility agreement contains other customary terms and conditions such as representations and warranties, additional covenants and events of default. In 2017, the Company issued $400 million in aggregate principal amount of 3.95% Senior Unsecured Notes due in 2027. The interest rate on these senior notes may be increased 0.25% each time a credit rating applicable to the notes is downgraded. Conversely, such increases would be reversed should the credit rating be subsequently upgraded. The maximum rate is 5.95%. The effective interest rate for three months ended March 31, 2020 was 3.87% inclusive of approximately a 0.25% benefit of treasury locks. Based on quoted prices the fair value of the senior unsecured notes due in 2027 was $408.3 million at March 31, 2020. In January 2020 we used $49.9 million to repay and terminate the Euro term loan. In 2015, the Company issued $300 million in aggregate principal amount of 4.7% Senior Unsecured Notes due in 2025. The interest rate on these senior notes may be increased by 0.25% each time a credit rating applicable to the notes is downgraded. Conversely, such increases would be reversed should the credit rating be subsequently upgraded. The maximum rate is 6.7%. The effective interest rate for the three months ended March 31, 2020 was 4.83%. Based on quoted prices, the fair value of these notes was $346.0 million at March 31, 2020.

X
- References No definition available. + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration