XML 24 R12.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Financial Commitments | 6 Months Ended
--- | ---
Jun. 30, 2017
Financial Commitments [Abstract] |
Financial Commitments | (6) Financial Commitments ﻿ Long-Term Debt ﻿ Long-term debt consisted of the following as of the dates of the Condensed Consolidated Balance Sheets presented: ﻿ ﻿
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿ | As of June 30, |  | As of December 31,
﻿(in thousands) | 2017 |  | 2016
﻿2017 Senior Notes | $ | 492,360 |  | $ | —
﻿2017 Credit Facility |  | 118,160 |  |  | —
﻿2010 Senior Notes |  | — |  |  | 298,120
﻿2014 Revolver |  | — |  |  | 147,990
﻿Term Loan |  | — |  |  | 54,650
﻿Convertible Notes |  | 157,046 |  |  | 152,668
﻿Equipment financing, mortgages and acquisition-related notes |  | 89,311 |  |  | 101,558
﻿Other indebtedness |  | 5,783 |  |  | 4,533
﻿Total debt |  | 862,660 |  |  | 759,519
﻿Less – current maturities |  | (30,333) |  |  | (85,890)
﻿Long-term debt, net | $ | 832,327 |  | $ | 673,629
﻿ The following table reconciles the outstanding debt balance to the reported debt balances as of June 30, 2017 and December 31, 2016: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ | As of June 30, 2017 |  | As of December 31, 2016
﻿(in thousands) | Outstanding Long-Term Debt |  | Unamortized Discounts and Issuance Costs |  | Long-Term Debt, as reported |  | Outstanding Long-Term Debt |  | Unamortized Discounts and Issuance Costs |  | Long-Term Debt, as reported
﻿2017 Senior Notes | $ | 500,000 |  | $ | (7,640) |  | $ | 492,360 |  | $ | — |  | $ | — |  | $ | —
﻿2017 Credit Facility |  | 125,000 |  |  | (6,840) |  |  | 118,160 |  |  | — |  |  | — |  |  | —
﻿2010 Senior Notes |  | — |  |  | — |  |  | — |  |  | 300,000 |  |  | (1,880) |  |  | 298,120
﻿2014 Revolver |  | — |  |  | — |  |  | — |  |  | 152,500 |  |  | (4,510) |  |  | 147,990
﻿Term Loan |  | — |  |  | — |  |  | — |  |  | 57,000 |  |  | (2,350) |  |  | 54,650
﻿Convertible Notes |  | 200,000 |  |  | (42,954) |  |  | 157,046 |  |  | 200,000 |  |  | (47,332) |  |  | 152,668
﻿ Debt Transactions ﻿ 2017 Senior Notes ﻿ On April 20, 2017, the Company issued $500 million in aggregate principal amount of 6.875% Senior Notes due 2025 (the “2017 Senior Notes”) in a private placement offering. Interest on the 2017 Senior Notes is payable in arrears semi-annually on May 1 and November 1 of each year, beginning on November 1, 2017. ﻿ Prior to May 1, 2020, the Company may redeem the 2017 Senior Notes at a redemption price equal to 100% of their principal amount plus a “make whole” premium described in the indenture. In addition, prior to May 1, 2020, the Company may redeem up to 40% of the original aggregate principal amount of the notes at a redemption price of 106.875% of their principal amount with the proceeds received by the Company from any equity offering. After May 1, 2020, the Company may redeem the 2017 Senior Notes at specified redemption prices described in the indenture. Upon a change of control, holders of the 2017 Senior Notes may require the Company to repurchase all or part of the 2017 Senior Notes at 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. ﻿ The 2017 Senior Notes are senior unsecured obligations of the Company and are guaranteed by substantially all of the Company’s existing and future subsidiaries that also guarantee obligations under the Company’s 2017 Credit Facility, as defined below. In addition, the indenture for the 2017 Senior Notes provides for customary covenants, including restrictions on the payment of dividends and share repurchases, and events of default. ﻿ 2017 Credit Facility ﻿ On April 20, 2017 the Company entered into a credit agreement (the “2017 Credit Facility”) with SunTrust Bank as Administrative Agent, Swing Line Lender and L/C Issuer and a syndicate of other lenders. The 2017 Credit Facility provides for a $350 million revolving credit facility (the “2017 Revolver”) and a sublimit for the issuance of letters of credit and swingline loans up to the aggregate amount of $150 million and $10 million, respectively, both maturing on April 20, 2022 unless any of the Convertible Notes, as defined below, are outstanding on December 17, 2020, in which case all such borrowings will mature on December 17, 2020 (subject to certain further exceptions). In addition, the 2017 Credit Facility permits additional borrowings in an aggregate amount of $150 million, which can be in the form of increased capacity on the 2017 Revolver or the establishment of one or more term loans. ﻿ Borrowings under the 2017 Revolver bear interest, at the Company’s option, at a rate equal to a margin over (a) the London Interbank Offered Rate (“LIBOR”) plus a margin of between 1.50% and 3.00% (which is initially 2.50%) or (b) a base rate (determined by reference to the highest of (i) the administrative agent’s prime lending rate, (ii) the federal funds effective rate plus 50 basis points, (iii) the LIBOR rate for a one-month interest period plus 100 basis points and (iv) 0%), p lus a margin of between 0.50% and 2.00% (which is initially 1.50%), in each case based on the Consolidated Leverage Ratio (as defi ned in the 2017 Credit Facility). In addition to paying interest on outstanding principal under the 2017 Credit Agreement, the Company will pay a commitment fee to the lenders under the 2017 Revolver in respect of the unutilized commitments thereunder. The Company will pay customary letter of credit fees. If an event of default occurs and is continuing, the otherwise applicable margin and letter of credit fees will be increased by 2% per annum. For the three months ended June 30, 2017 the weighted-average annual interest rate on borrowings under the 2017 Revolver was approximately 3.7%. ﻿ The 2017 Credit Facility contains customary covenants for credit facilities of this type, including maximum consolidated leverage ratios ranging from 4.00:1.00 to 3.25:1.00 over the life of the facility and a minimum consolidated fixed charge coverage ratio of 1.25:1.00. Substantially all of the Company’s subsidiaries unconditionally guarantee the obligations of the Company under the 2017 Credit Facility; additionally, the obligations are secured by a lien on all personal property of the Company and its subsidiaries guaranteeing these obligations. ﻿ As of June 30, 2017, there was $225 million available under the 2017 Revolver and the Company had not utilized the 2017 Credit Facility for letters of credit. The Company was in compliance with the financial covenants under the 2017 Credit Facility for the period ended June 30, 2017. ﻿ Repurchase and Redemption of 2010 Senior Notes and Termination of 2014 Credit Facility ﻿ On April 20, 2017, the Company used proceeds from the 2017 Senior Notes and 2017 Revolver to repurchase or redeem its 2010 Senior Notes, to pay off its Term Loan and 2014 Revolver, and to pay accrued but unpaid interest and fees. In addition, the indenture governing the 2010 Senior Notes was satisfied and discharged, and the Company terminated the 2014 Credit Facility. ﻿ 2010 Senior Notes ﻿ In October 2010, the Company issued $300 million of 7.625% Senior Notes due November 1, 2018 (the “2010 Senior Notes”) in a private placement offering. As discussed above, on April 20, 2017, the Company repurchased or redeemed the 2010 Senior Notes in full and the related indenture was satisfied and discharged. ﻿ 2014 Credit Facility ﻿ On June 5, 2014, the Company entered into a Sixth Amended and Restated Credit Agreement, as amended (the “2014 Credit Facility”), with Bank of America, N.A. as Administrative Agent, Swing Line Lender and L/C Issuer and a syndicate of other lenders. The 2014 Credit Facility provides for a $300 million revolving credit facility (the “2014 Revolver”), a $250 million term loan (the “Term Loan”) and a sublimit for the issuance of letters of credit up to the aggregate amount of $150 million, all maturing on May 1, 2018. Borrowings under both the 2014 Revolver and the Term Loan bear interest based either on Bank of America’s prime lending rate or the London Interbank Offered Rate (“LIBOR”), each plus an applicable margin ranging from 1.25% to 3.00%, contingent upon the latest Consolidated Leverage Ratio. ﻿ As discussed above, on April 20, 2017, the Company repaid all borrowings under the 2014 Credit Facility and concurrently terminated the facility. ﻿ Convertible Notes ﻿ On June 15, 2016, the Company issued $200 million of 2.875% Convertible Senior Notes due June 15, 2021 (the “Convertible Notes”) in a private placement offering. The Convertible Notes are unsecured obligations and do not contain any financial covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by the Company. The Convertible Notes bear interest at a rate of 2.875% per year, payable in cash semi-annually in June and December. ﻿ Prior to January 15, 2021, the Convertible Notes will be convertible only under the following circumstances: (1) during the five business day period after any ten consecutive trading day period in which the trading price per $1,000 principal amount of Convertible Notes for such trading day was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (2) if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion rate of 33.0579 (or $39.32), on each applicable trading day; or (3) upon the occurrence of specified corporate events. On or after January 15, 2021 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances. ﻿ The Convertible Notes will be convertible at an initial conversion rate of 33.0579 shares of the Company’s common stock per $1,000 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of approximately $30.25. The conversion rate will be subject to adjustment for some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, the Company is required to increase, in certain circumstances, the conversion rate for a holder who elects to convert their Convertible Notes in connection with such a corporate event including customary conversion rate adjustments in connection with a “make-whole fundamental change” described in the indenture. Upon conversion, and at the Company’s election, the Company may satisfy its conversion obligation by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its comm on stock. As of June 30, 2017, none of the conversion provisio ns of the Convertible Notes has been triggered. ﻿ Interest Expense ﻿ Interest expense as reported in the Condensed Consolidated Statements of Operations consists of the following: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | Three Months Ended |  | Six Months Ended
﻿ | June 30, |  | June 30,
﻿(in thousands) | 2017 |  | 2016 |  | 2017 |  | 2016
﻿Cash interest expense: |  |  |  |  |  |  |  |  |  |  |
﻿Interest on 2017 Senior Notes | $ | 6,780 |  | $ | — |  | $ | 6,780 |  | $ | —
﻿Interest on 2017 Credit Facility |  | 1,491 |  |  | — |  |  | 1,491 |  |  | —
﻿Interest on 2010 Senior Notes |  | 1,207 |  |  | 5,719 |  |  | 6,926 |  |  | 11,438
﻿Interest on 2014 Credit Facility |  | 746 |  |  | 7,051 |  |  | 4,455 |  |  | 12,389
﻿Interest on Convertible Notes |  | 1,437 |  |  | 240 |  |  | 2,875 |  |  | 240
﻿Other interest |  | 831 |  |  | 863 |  |  | 1,693 |  |  | 2,199
﻿Cash portion of loss on extinguishment |  | 1,913 |  |  | — |  |  | 1,913 |  |  | —
﻿Total cash interest expense |  | 14,405 |  |  | 13,873 |  |  | 26,133 |  |  | 26,266
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿Non-cash interest expense:(a) |  |  |  |  |  |  |  |  |  |  |
﻿Amortization of debt issuance costs on 2017 Senior Notes |  | 141 |  |  | — |  |  | 141 |  |  | —
﻿Amortization of debt issuance costs on 2017 Credit Facility |  | 281 |  |  | — |  |  | 281 |  |  | —
﻿Amortization of discount and debt issuance costs on 2010 Senior Notes |  | 54 |  |  | 250 |  |  | 308 |  |  | 498
﻿Amortization of debt issuance costs on 2014 Credit Facility |  | 285 |  |  | 1,071 |  |  | 1,703 |  |  | 2,510
﻿Amortization of discount and debt issuance costs on Convertible Notes |  | 2,214 |  |  | 340 |  |  | 4,378 |  |  | 340
﻿Non-cash portion of loss on extinguishment |  | 5,139 |  |  | — |  |  | 5,139 |  |  | —
﻿Total non-cash interest expense |  | 8,114 |  |  | 1,661 |  |  | 11,950 |  |  | 3,348
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿Total cash and non-cash interest expense | $ | 22,519 |  | $ | 15,534 |  | $ | 38,083 |  | $ | 29,614
____________________________________________________________________________________________________ (a)The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the period ended June 30, 2017 were 7.13%; and 9.39% for the 2017 Senior Notes and the Convertible Notes, respectively.

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