XML 35 R22.htm IDEA: XBRL DOCUMENT
v3.4.0.3

Long-Term Debt and Other Borrowing Arrangements | 12 Months Ended
--- | ---
Dec. 31, 2015
Debt Disclosure [Abstract] |
Long-Term Debt and Other Borrowing Arrangements | Note 13: Long-Term Debt and Other Borrowing Arrangements The carrying values of our long-term debt and other borrowing arrangements were as follows:
|  | December 31, |
|  | 2015 |  |  | 2014 |
|  | (In thousands) |
Revolving credit agreement due 2018 |  | $ | 50,000 |  |  | $ | — |
Variable rate term loan due 2020 |  |  | 243,965 |  |  |  | 246,375 |
Senior subordinated notes: |  |  |  |  |  |  |  |
5.25% Senior subordinated notes due 2024 |  |  | 200,000 |  |  |  | 200,000 |
5.50% Senior subordinated notes due 2023 |  |  | 553,835 |  |  |  | 616,326 |
5.50% Senior subordinated notes due 2022 |  |  | 700,000 |  |  |  | 700,000 |
9.25% Senior subordinated notes due 2019 |  |  | 5,221 |  |  |  | 5,221 |
Total senior subordinated notes |  |  | 1,459,056 |  |  |  | 1,521,547 |
Total gross debt and other borrowing arrangements |  |  | 1,753,021 |  |  |  | 1,767,922 |
Less unamortized debt issuance costs |  |  | (25,239 | ) |  |  | (28,468 | )
Total net debt and other borrowing arrangements |  |  | 1,727,782 |  |  |  | 1,739,454 |
Less current maturities of Term Loan |  |  | (2,500 | ) |  |  | (2,500 | )
Long-term debt |  | $ | 1,725,282 |  |  | $ | 1,736,954 |
Revolving Credit Agreement due 2018 Our revolving credit agreement provides a $400 million multi-currency asset-based revolving credit facility (the Revolver). The borrowing base under the Revolver includes eligible accounts receivable; inventory; and property, plant and equipment of certain of our subsidiaries in the U.S., Canada, Germany, the Netherlands, and the UK. In January 2015, we borrowed $200.0 million under the Revolver in order to fund a portion of the purchase price for the acquisition of Tripwire (see Note 3). In the fourth fiscal quarter, we repaid $150.0 million of the Revolver borrowings, and as of December 31, 2015, we had $50.0 million remaining borrowings outstanding under the Revolver. As of December 31, 2015, our available borrowing capacity was $242.5 million. The Revolver matures in 2018. Interest on outstanding borrowings is variable, based upon LIBOR or other similar indices in foreign jurisdictions, plus a spread that ranges from 1.25% - 1.75%, depending upon our leverage position. The interest rate as of December 31, 2015 was 2.13%. We pay a commitment fee on our available borrowing capacity of 0.375%. In the event we borrow more than 90% of our borrowing base, we are subject to a fixed charge coverage ratio covenant. Variable Rate Term Loan due 2020 In 2013, we borrowed $250.0 million under a Term Loan Credit Agreement (the Term Loan). The Term Loan is secured on a second lien basis by the assets securing the Revolving Credit Agreement due 2018 discussed above and on a first lien basis by the stock of certain of our subsidiaries. The borrowings under the Term Loan are scheduled to mature in 2020 and require quarterly amortization payments of approximately $0.6 million. Interest under the Term Loan is variable, based upon the three-month LIBOR plus an applicable spread. The interest rate as of December 31, 2015 was 3.25%. We paid approximately $3.9 million of fees associated with the Term Loan, which are being amortized over the life of the Term Loan using the effective interest method. Senior Subordinated Notes In June 2014, we issued $200.0 million aggregate principal amount of 5.25% senior subordinated notes due 2024 (the 2024 Notes). The 2024 Notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. The 2024 Notes rank equal in right of payment with our senior subordinated notes due 2023, 2022, and 2019 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Term Loan and Revolver. Interest is payable semiannually on January 15 and July 15 of each year. We paid approximately $4.2 million of fees associated with the issuance of the 2024 Notes, which are being amortized over the life of the 2024 Notes using the effective interest method. We used the net proceeds from the transaction for general corporate purposes. In March 2013, we issued €300.0 million ($388.2 million at issuance) aggregate principal amount of 5.5% senior subordinated notes due 2023 (the 2023 Notes). In November 2014, we issued an additional €200.0 million ($247.5 million at issuance) aggregate principal amount of 2023 Notes. The carrying value of the 2023 Notes as of December 31, 2015 is $553.8 million. The 2023 Notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. The notes rank equal in right of payment with our senior subordinated notes due 2024, 2022, and 2019 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Term Loan and Revolver. Interest is payable semiannually on April 15 and October 15 of each year. We paid $12.7 million of fees associated with the issuance of the 2023 Notes, which are being amortized over the life of the notes using the effective interest method. We used the net proceeds from the transactions to repay amounts outstanding under the revolving credit component of our previously outstanding Senior Secured Facility and for general corporate purposes. We have outstanding $700.0 million aggregate principal amount of 5.5% senior subordinated notes due 2022 (the 2022 Notes). The 2022 Notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. The 2022 Notes rank equal in right of payment with our senior subordinated notes due 2024, 2023, and 2019, and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Term Loan and Revolver. Interest is payable semiannually on March 1 and September 1 of each year. We have outstanding $5.2 million aggregate principal amount of our senior subordinated notes due 2019 (the 2019 Notes). The 2019 Notes have a coupon interest rate of 9.25% and an effective interest rate of 9.75%. The interest on the 2019 Notes is payable semiannually on June 15 and December 15. The 2019 notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. The notes rank equal in right of payment with our senior subordinated notes due 2024, 2023, and 2022, and with any future senior subordinated debt, and are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Term Loan and Revolver. The senior subordinated notes due 2019, 2022, 2023, and 2024 are redeemable currently and after September 1, 2017, April 15, 2018, and July 15, 2019, respectively, at the following redemption prices as a percentage of the face amount of the notes:
Senior Subordinated Notes due |
2019 |  |  | 2022 |  |  | 2023 |  |  | 2024 |
Year |  | Percentage |  |  | Year |  | Percentage |  |  | Year |  | Percentage |  |  | Year |  | Percentage |
2016 |  |  | 101.542 | % |  | 2017 |  |  | 102.750 | % |  | 2018 |  |  | 102.750 | % |  | 2019 |  |  | 102.625 | %
2017 and thereafter |  |  | 100.000 | % |  | 2018 |  |  | 101.833 | % |  | 2019 |  |  | 101.833 | % |  | 2020 |  |  | 101.750 | %
|  |  |  |  |  | 2019 |  |  | 100.917 | % |  | 2020 |  |  | 100.917 | % |  | 2021 |  |  | 100.875 | %
|  |  |  |  |  | 2020 and thereafter |  |  | 100.000 | % |  | 2021 and thereafter |  |  | 100.000 | % |  | 2022 and thereafter |  |  | 100.000 | %
Fair Value of Long-Term Debt The fair value of our senior subordinated notes as of December 31, 2015 was approximately $1,416.6 million based on quoted prices of the debt instruments in inactive markets (Level 2 valuation). This amount represents the fair values of our senior subordinated notes with a carrying value of $1,459.1 million as of December 31, 2015. We believe the fair value of our Term Loan and the balance outstanding under our Revolver approximate book value. Maturities Maturities on outstanding long-term debt and other borrowings during each of the five years subsequent to December 31, 2015 are as follows (in thousands):
2016 |  | $ | 2,500 |
2017 |  |  | 2,500 |
2018 |  |  | 52,500 |
2019 |  |  | 7,721 |
2020 |  |  | 233,965 |
Thereafter |  |  | 1,453,835 |
|  | $ | 1,753,021 |

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://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 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