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Debt | 9 Months Ended
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Oct. 01, 2011
Debt [Abstract] |
Debt | Note 15 – Debt Short-term debt at October 1, 2011 and December 31, 2010 consisted of the following:
(in millions) |  | October 1, 2011 |  |  | December 31, 2010 |
Current maturities of long-term debt |  | $ | 1.5 |  |  | $ | 1.7 |
Other short-term debt |  |  | 0.6 |  |  |  | 0.5 |
Total short-term debt |  | $ | 2.1 |  |  | $ | 2.2 |
In March 2011, the Company entered into a five-year $300.0 million secured, asset-based facility (Facility). Borrowings under this Facility are subject to the value of the borrowing base, consisting of certain accounts receivable and inventory of the Company's domestic subsidiaries. As of October 1, 2011, the borrowing base totaled $266.6 million and available borrowing capacity totaled $242.9 million, net of $23.7 million of letters of credit outstanding under the Facility. The Company has the ability to issue up to $125.0 million in letters of credit under the Facility. The Company pays a facility fee of 25.0 to 62.5 basis points per annum, which is adjusted based on a leverage ratio. The facility fee was 37.5 basis points per annum as of October 1, 2011. Under the terms of the Facility, the Company has multiple borrowing options, including borrowing at a rate tied to adjusted LIBOR plus a spread of 225 to 300 basis points, which is adjusted based on a leverage ratio. The borrowing spread was 250 basis points as of October 1, 2011. The Company may also borrow at the highest of the following, plus a spread of 125 to 200 basis points, which is adjusted based on a leverage ratio (150 basis points as of October 1, 2011): the Federal Funds rate plus 0.50 percent, the Prime Rate established by JPMorgan Chase Bank, N.A. or the one month adjusted LIBOR rate plus 1.00 percent. The Company's borrowing capacity may also be affected by the fixed charge covenant included in the Facility. The covenant requires that the Company maintain a fixed charge coverage ratio, as defined in the agreement, of greater than 1.0 times, whenever unused borrowing capacity plus certain cash balances (together representing Availability), falls below $37.5 million. At the end of the third quarter of 2011, the Company had a fixed charge coverage ratio in excess of 1.0 times, and therefore had full access to borrowing capacity available under the Facility. When the fixed charge covenant ratio is below 1.0 times, the Company is required to maintain at least $37.5 million of Availability in order to be in compliance with the covenant. Consequently, the borrowing capacity is effectively reduced by $37.5 million whenever the fixed charge covenant ratio falls below 1.0 times. Upon entering into the Facility, the Company terminated its existing Mercury Receivables ABL Facility and its $400.0 million secured, asset-based facility, which was set to expire in May 2012. As a result of terminating these agreements, the Company wrote off $1.1 million of deferred debt issuance costs during the first quarter of 2011. Long-term debt at October 1, 2011 and December 31, 2010 consisted of the following:
(in millions) |  | October 1, 2011 |  |  | December 31, 2010 |
Senior notes, 11.25%, due 2016, net of discount of $6.5 and $8.4 |  | $ | 300.9 |  |  | $ | 341.6 |
Notes, 7.125% due 2027, net of discount of $0.6 and $0.8 |  |  | 167.2 |  |  |  | 199.2 |
Debentures, 7.375% due 2023, net of discount of $0.3 and $0.4 |  |  | 114.4 |  |  |  | 124.6 |
Senior notes, currently 11.75%, due 2013 |  |  | 73.5 |  |  |  | 117.2 |
Loan with Fond du Lac County Economic Development Corporation, 2.0% due 2021, net of discount of $7.4 and $8.0 |  |  | 42.6 |  |  |  | 42.0 |
Notes, various up to 2.649% payable through 2015 |  |  | 4.1 |  |  |  | 5.5 |
|  |  | 702.7 |  |  |  | 830.1 |
Current maturities of long-term debt |  |  | (1.5 | ) |  |  | (1.7 | )
Long-term debt |  | $ | 701.2 |  |  | $ | 828.4 |
The Company's debt-repurchase activity for the three months and nine months ended October 1, 2011 and October 2, 2010 was as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
(in millions) |  | October 1, 2011 |  |  | October 2, 2010 |  |  | October 1, 2011 |  |  | October 2, 2010 |
Senior notes, currently 11.75%, due 2013 |  | $ | 17.0 |  |  | $ | 7.0 |  |  | $ | 43.7 |  |  | $ | 34.8 |
Senior notes, 11.25%, due 2016 |  |  | 38.6 |  |  |  | - |  |  |  | 42.6 |  |  |  | - |
Notes, 7.125%, due 2027 |  |  | 19.1 |  |  |  | - |  |  |  | 32.1 |  |  |  | - |
Debentures, 7.375%, due 2023 |  |  | 10.3 |  |  |  | - |  |  |  | 10.3 |  |  |  | - |
Total debt repurchases |  | $ | 85.0 |  |  | $ | 7.0 |  |  | $ | 128.7 |  |  | $ | 34.8 |
Loss on early extinguishment of debt |  | $ | 11.7 |  |  | $ | 1.1 |  |  | $ | 16.9 |  |  | $ | 5.5 |

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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 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 Reference 2: 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 3: 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 4: 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 + Details
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