XML 30 R17.htm IDEA: XBRL DOCUMENT
v3.24.2

DEBT | 6 Months Ended
--- | ---
Jun. 30, 2024
Debt Disclosure [Abstract] |
DEBT | NOTE 10. DEBT Long-term loans, notes and other financing obligations, consisted of the following:
| June 30, 2024 |  | December 31, 2023 |  | June 30, 2023
Financing Obligations | ($ in millions)
Variable-rate Term Loan Facility, due 2027 | $ | 336.9 |  |  | $ | 341.3 |  |  | $ | 345.6 |
Variable-rate Senior Revolving Credit Facility, due 2027 | 411.0 |  |  | 68.0 |  |  | 215.0 |
Variable-rate Recovery Zone bonds, due 2024-2035 | 83.0 |  |  | 103.0 |  |  | 103.0 |
Variable-rate Go Zone bonds, due 2024 | — |  |  | 50.0 |  |  | 50.0 |
Variable-rate industrial development and environmental improvement obligations, due 2025 | 2.9 |  |  | 2.9 |  |  | 2.9 |
9.50% senior notes, due 2025 | 108.6 |  |  | 108.6 |  |  | 108.6 |
5.625% senior notes, due 2029 | 669.3 |  |  | 669.3 |  |  | 669.3 |
5.125% senior notes, due 2027 | 500.0 |  |  | 500.0 |  |  | 500.0 |
5.00% senior notes, due 2030 | 515.3 |  |  | 515.3 |  |  | 515.3 |
Receivables Financing Agreement (See Note 6) | 298.8 |  |  | 328.5 |  |  | 234.8 |
Finance lease obligations | — |  |  | — |  |  | 0.2 |
Other: |  |  |  |  |
Deferred debt issuance costs | (14.8) |  |  | (16.6) |  |  | (18.2) |
Unamortized bond original issue discount | (0.1) |  |  | (0.2) |  |  | (0.2) |
Total debt | 2,910.9 |  |  | 2,670.1 |  |  | 2,726.3 |
Amounts due within one year | 121.8 |  |  | 78.8 |  |  | 9.0 |
Total long-term debt | $ | 2,789.1 |  |  | $ | 2,591.3 |  |  | $ | 2,717.3 |
During the six months ended June 30, 2024 and 2023, activity of our outstanding debt included:
|  | Long-term Debt Borrowings (Repayments) for the Six Months Ended
|  | June 30, 2024 |  | June 30, 2023
Debt Instruments |  | ($ in millions)
Borrowings |  |  |  |
Senior Revolving Credit Facility |  | $ | 465.0 |  |  | $ | 215.0 |
Receivables Financing Agreement |  | 46.5 |  |  | 200.0 |
Total borrowings |  | 511.5 |  |  | 415.0 |
Repayments |  |  |  |
Variable-rate Go Zone bonds, due 2024 |  | (50.0) |  |  | — |
Variable-rate Recovery Zone bonds, due 2024 |  | (20.0) |  |  | — |
Term Loan Facility |  | (4.4) |  |  | (4.4) |
Senior Revolving Credit Facility |  | (122.0) |  |  | — |
Receivables Financing Agreement |  | (76.2) |  |  | (265.2) |
Finance leases |  | — |  |  | (1.7) |
Total repayments |  | (272.6) |  |  | (271.3) |
Long-term debt borrowings, net |  | $ | 238.9 |  |  | $ | 143.7 |
Senior Credit Facility We maintain a $1,550.0 million senior credit facility (Senior Credit Facility) which includes a senior term loan facility with aggregate commitments of $350.0 million (Term Loan Facility) and a senior revolving credit facility with aggregate commitments of $1,200.0 million (Senior Revolving Credit Facility). The Term Loan Facility was fully drawn on the closing date with the proceeds of the Term Loan Facility used to refinance the loans and commitments outstanding under the existing facility. The Term Loan Facility requires principal amortization payments which began on March 31, 2023, at a rate of 0.625% per quarter through the end of 2024, increasing to 1.250% per quarter thereafter until maturity. The maturity date for the Senior Credit Facility is October 11, 2027. The Senior Revolving Credit Facility includes a $100.0 million letter of credit subfacility. At June 30, 2024, we had $788.6 million available under our $1,200.0 million Senior Revolving Credit Facility because we had $411.0 million borrowed under the facility and issued $0.4 million of letters of credit. During the second quarter of 2024, we utilized our Senior Revolving Credit Facility to repay $50.0 million of Go Zone and $20.0 million of Recovery Zone tax-exempt variable-rate bonds. We were in compliance with all covenants and restrictions under all our outstanding credit agreements as of June 30, 2024, and no event of default had occurred that would permit the lenders under our outstanding credit agreements to accelerate the debt if not cured. In the future, our ability to generate sufficient operating cash flows, among other factors, will determine the amounts available to be borrowed under these facilities. As a result of our restrictive covenant related to the net leverage ratio, the maximum additional borrowings available to us could be limited in the future. The limitation, if an amendment or waiver from our lenders is not obtained, could restrict our ability to borrow the maximum amounts available under the Senior Revolving Credit Facility and the Receivables Financing Agreement. As of June 30, 2024, there were no covenants or other restrictions that limited our ability to borrow.

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/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration