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Debt | 12 Months Ended
--- | ---
Dec. 31, 2015
Debt Disclosure [Abstract] |
Debt | Debt Long-term debt at December 31, 2015 and December 31, 2014 consisted of the following:
(in millions) | 2015 |  | 2014
Notes, 7.125% due 2027, net of discount of $0.4 and $0.5 and debt issuance costs of $0.6 and $0.6 | $ | 162.2 |  |  | $ | 162.1 |
Senior notes, currently 4.625%, due 2021, net of debt issuances costs of $2.3 and $2.8 (A) | 149.6 |  |  | 147.7 |
Debentures, 7.375% due 2023, net of discount of $0.2 and $0.2 and debt issuance costs of $0.3 and $0.3 (A) | 104.7 |  |  | 103.8 |
Loan with Fond du Lac County Economic Development Corporation, 2.0% due 2021, net of discount of $4.5 and $5.2 and debt issuance costs of $0.1 and $0.2 | 28.1 |  |  | 32.3 |
Notes, various up to 5.892% payable through 2022 | 3.9 |  |  | 5.9 |
Total long-term debt | 448.5 |  |  | 451.8 |
Current maturities of long-term debt | (6.0 | ) |  | (5.5 | )
Long-term debt, net of current maturities | $ | 442.5 |  |  | $ | 446.3 |
(A) Included in Senior notes, 4.625% due 2021 and Debentures, 7.375% due 2023 at December 31, 2015 and December 31, 2014, are the estimated aggregate fair values related to the fixed-to-floating interest rate swaps as discussed in Note 14 – Financial Instruments. Scheduled maturities, net of discounts:
(in millions) |
2016 | $ | 6.0 |
2017 | 5.4 |
2018 | 5.6 |
2019 | 5.8 |
2020 | 5.8 |
Thereafter | 419.9 |
Total long-term debt including current maturities | $ | 448.5 |
The Company did not repurchase debt during 2015. The Company repurchased $0.9 million of its Debentures due 2023 during the fourth quarter of 2014 and recorded a $0.1 million Loss on early extinguishment of debt. In June 2014, the Company amended and restated the five-year $300.0 million secured, asset-based borrowing facility it entered into during March 2011 and converted it into a five-year $300.0 million secured facility (Facility) which is in effect through 2019. Under the terms of the agreement, the security was released as of December 26, 2014. As of December 31, 2015, available borrowing capacity totaled $296.2 million, net of $3.8 million of letters of credit outstanding under the Facility. The Company has the ability to issue up to $100.0 million in letters of credit under the Facility. The Company had no borrowings under the Facility during the year ended December 31, 2015. The Company initially paid a facility fee of 25.0 basis points per annum, however in August 2014, the fee was adjusted to 20.0 basis points per annum based on the Company's leverage ratio. Once the Company achieves the Investment Grade Release Conditions, the facility fee per annum will be within a range of 12.5 to 35.0 basis points based on the Company's credit rating. The Investment Grade Release Conditions are defined as the date upon which the Company receives an investment grade credit rating by either Standard & Poor's or Moody's and meets the leverage ratio requirements of less than or equal to 2.25:1.00 for the prior two fiscal quarters. Under the terms of the Facility, the Company has two borrowing options, including borrowing at a rate tied to adjusted LIBOR plus a spread of 130.0 basis points or a base rate plus a margin of 30.0 basis points. The rates are determined by a leverage ratio, with a range of 130.0 to 190.0 basis points for LIBOR rate borrowings and a range of 30.0 to 90.0 basis points for base rate borrowings, until the occurrence of the Investment Grade Release Conditions, on and after which the rate will be determined by the Company’s credit ratings, with a range of 100.0 to 190.0 basis points for LIBOR rate borrowings and a range of 0.0 to 90.0 basis points for base rate borrowings. The Company is required to maintain compliance with two financial covenants included in the Facility: a minimum interest coverage ratio and a maximum leverage ratio. The minimum interest coverage ratio, as defined in the agreement, is not permitted to be less than 3.50 to 1.00. The maximum leverage ratio, as defined in the agreement, is not permitted to be more than 3.00 to 1.00, unless the Company completes an acquisition of more than $100.0 million, which increases the maximum leverage ratio to 3.25 to 1.00 for the twelve months following the acquisition. As of December 31, 2015, the Company was in compliance with these two financial covenants in the Facility. As provided under the terms of its loan agreement with the Fond du Lac County Economic Development Corporation, which is secured by the Company's property located in Fond du Lac, Wisconsin, up to a maximum of 43 percent of the principal due annually can be forgiven if the Company achieves certain employment targets as outlined in the agreement. The amount of loan forgiveness is based on average employment levels at the end of the previous four quarters. Total loan forgiveness for the year ended December 31, 2015 was $2.0 million or 41 percent of the principal due. Total loan forgiveness for the year ended December 31, 2014 was $2.1 million or 43 percent of the principal due.

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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 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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