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Debt | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | Debt Long-term debt at December 31, 2020 and December 31, 2019 consisted of the following:
(in millions) | 2020 |  | 2019
Senior Notes, 6.375%, due 2049, net of debt issuances costs of $7.5 and $7.8 | $ | 222.5 |  |  | $ | 222.2 |
Senior Notes, 6.500% due 2048, net of debt issuance costs of $8.0 and $8.2 | 177.0 |  |  | 176.8 |
Notes, 7.125% due 2027, net of discount of $0.2 and $0.3 and debt issuance costs of $0.3 and $0.4 | 162.7 |  |  | 162.5 |
Term loan, floating rate due 2023, net of debt issuance costs of $0.6 and $1.3 (A) (C) | 150.7 |  |  | 305.0 |
Senior Notes, 6.625%, due 2049, net of debt issuances costs of $4.2 and $4.4 | 120.8 |  |  | 120.6 |
Debentures, 7.375% due 2023, net of discount of $0.1 and $0.1 and debt issuance costs of $0.1 and $0.2 (B) | 104.6 |  |  | 105.2 |
Loan with Fond du Lac County Economic Development Corporation, 2.0% due 2021, net of discount of $0.8 and $1.6 and debt issuance costs of $0.0 and $0.0 | 6.9 |  |  | 11.1 |
Notes, various up to 5.9% payable through 2028 | 6.2 |  |  | 5.9 |
Total long-term debt | 951.4 |  |  | 1,109.3 |
Current maturities of long-term debt | (43.1) |  |  | (41.3) |
Long-term debt, net of current maturities | $ | 908.3 |  |  | $ | 1,068.0 |
(A) Beginning in December 2018, scheduled repayment of the 5-year term loan occurs each March, June, September and December equal to 2.50% of the aggregate principal amount of $350.0 million. The remaining principal amount is due August 2023. (B) Included in Debentures, 7.375% percent due 2023 at December 31, 2020 and December 31, 2019, are the aggregate fair values related to the fixed-to-floating interest rate swaps as discussed in Note 14 – Financial Instruments. (C) As of December 31, 2020 and December 31, 2019, the interest rate was 1.74% and 3.50%, respectively. Debt issuance costs paid for the year ended December 31, 2019 was $8.1 million. Debt issuance costs are reported in net proceeds from issuances of long-term debt within cash flows from financing activities on the Consolidated Statements of Cash Flows. There were no debt issuance costs paid during 2020. Scheduled maturities, net:
(in millions) |
2021 | $ | 43.1 |
2022 | 36.4 |
2023 | 186.3 |
2024 | 0.5 |
2025 | 2.0 |
Thereafter | 683.1 |
Total long-term debt including current maturities | $ | 951.4 |
Activity Term Loan During 2020, the Company made principal repayments totaling $155.0 million of its 2023 floating rate term loan. The term loan was redeemed at 100 percent of the principal amount plus accrued interest, in accordance with the redemption provisions of the term loan. Senior Notes due 2021 In July 2019, the Company called $150.0 million of its 4.625% senior notes due 2021. The bonds were retired in August 2019 at par plus accrued interest, in accordance with the call provisions of the notes, and the associated interest rate swaps have been terminated. Refer to Note 14 – Financial Instruments for further information on the terminated interest rate swaps. Senior Notes due 2049 In March 2019, the Company issued an aggregate principal amount of $230.0 million of its 6.375% Senior Notes due April 2049 (6.375% Notes) in a public offering, which resulted in aggregate net proceeds to the Company of $222.0 million. Net proceeds from the offering of the 6.375% Notes were used to prepay all of the $150.0 million, 3-year tranche loan due 2021 and for general corporate purposes. Interest on the 6.375% Notes is due quarterly, commencing on April 15, 2019. The Company may, at its option, redeem the 6.375% Notes on or after April 15, 2024, either in whole or in part, at a redemption price equal to 100 percent of the principal amount plus any accrued and unpaid interest. Additionally, in the event of a change in control, the Company may be required to repurchase some or all of its 6.375% Notes at a price equal to 101 percent of the principal amount plus any accrued and unpaid interest. The 6.375% Notes are unsecured and do not contain subsidiary guarantees. Short-term Borrowing Arrangements The Company maintains an Amended and Restated Credit Agreement (Credit Facility). The Credit Facility provides for $400.0 million of borrowing capacity and is in effect through September 2024. The Credit Facility includes provisions to add up to $100.0 million of additional borrowing capacity and extend the facility for two additional one-year terms, subject to lender approval. In November 2019, the Credit Facility was amended to extend the maturity date from September 2023 to September 2024. The Company currently pays a facility fee of 15 basis points per annum. The facility fee per annum will be within a range of 12.5 to 35 basis points based on the Company's credit rating. Under the terms of the Credit Facility, the Company has two borrowing options: borrowing at a rate tied to adjusted LIBOR plus a spread of 110 basis points or a base rate plus a margin of 10.0 basis points. The rates are determined by the Company's credit ratings, with spreads ranging from 100 to 190 basis points for LIBOR rate borrowings and 0 to 90 basis points for base rate borrowings. The Company is required to maintain compliance with two financial covenants included in the Credit 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 3.00 to 1.00. The maximum leverage ratio, as defined in the agreement, is not permitted to be more than 3.50 to 1.00. As of December 31, 2020, the Company was in compliance with the financial covenants in the Credit Facility. On March 23, 2020, the Company delivered a borrowing request to the administrative agent for the Credit Facility to increase the Company’s borrowings to $385.0 million, which was substantially all of the amount available for borrowing under the Credit Facility, net of outstanding letters of credit. The Company borrowed the amount described above under the Credit Facility as a precautionary action in order to increase its cash position and to enhance its liquidity and financial flexibility in response to the COVID-19 pandemic. During 2020 and 2019, gross borrowings under the Credit Facility totaled $610.0 million and $655.0 million, respectively. As of December 31, 2020 and December 31, 2019, there were no borrowings outstanding and available borrowing capacity totaled $395.0 million, net of $5.0 million of letters of credit outstanding under the Credit Facility. The maximum amount utilized under the Credit Facility during the years ended December 31, 2020 and December 31, 2019, including letters of credit outstanding under the Credit Facility were $397.1 million and $258.6 million, respectively. In December 2019, the Company entered into an unsecured commercial paper program (CP Program) pursuant to which the Company, may issue short-term, unsecured commercial paper notes (CP Notes). Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of CP Notes outstanding under the CP Program at any time not to exceed the lower of $300.0 million or the available borrowing amount under the Credit Facility. The net proceeds of the issuances of the CP Notes are expected to be used for general corporate purposes. The maturities of the CP Notes will vary but may not exceed 397 days from the date of issue. The CP Notes will be sold under customary terms in the commercial paper market and will be issued at a discount from par or, alternatively, will be issued at par and bear varying interest rates on a fixed or floating basis. During 2020, borrowings under the CP Program totaled $175.0 million, all of which were repaid during the period. During 2020, the maximum amount utilized under the CP Program was $100.0 million. There were no borrowings under the CP program during 2019. Other Debt 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 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 2020, 2019 and 2018 was $2.1 million or 43 percent of the principal due each year. General Provisions Pursuant to the indenture governing the 6.500% Notes, the 6.625% Notes and the 6.375% Notes, the Company and its restricted subsidiaries are subject to restrictions on the incurrence of debt secured by liens on principal property (as defined in the indenture) or shares of capital stock of such restricted subsidiaries, entering into sale and leaseback transactions in respect of principal property and mergers or consolidations with another entity or sales, transfers or leases of the Company's properties and assets substantially as an entirety to another person. Interest on the Company's 2023 and 2027 notes is due semi-annually. Interest on the Company's 6.500% Notes, 6.625% Notes, 6.375% Notes and the Term Loan is due quarterly. Unless otherwise noted, the Company's debt is unsecured and does not contain subsidiary guarantees. The Company may be required to repurchase some or all of the 6.500% Notes, 6.625% Notes and the 6.375% Notes in the event of a change of control, subject to certain circumstances, for an amount equal to 101 percent of the outstanding principal plus any accrued and unpaid interest. The Company's 2027 notes may be redeemed at any time at the Company's discretion, in whole or in part, at the redemption price specified in the agreement, plus any accrued and unpaid interest. The Company's 2023 notes are not redeemable. The Company's 2023 floating rate term loan may be redeemed at any time at the Company's discretion, either in whole or in part, at the redemption price equal to 100 percent of the principal amount plus any accrued and unpaid interest. The remainder of the Company's 2048 and 2049 notes may be redeemed 5 years from the date of issuance, either in whole or in part, at a redemption price equal to 100 percent of the principal amount plus any accrued and unpaid interest.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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