XML 28 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1

Debt Including Capital Lease Obligations

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Debt including capital lease obligations

Debt including capital lease obligations

Debt maturing within one year consisted of the following:

In millions	June 30, 2017				December 31, 2016
Current maturities of long-term debt	$	15.0			$	7.5

Long-term debt including capital lease obligations consisted of the following:

	June 30, 2017
In millions	Interest rate		Maturity date		June 30, 2017				December 31, 2016
The Facilities:
Revolving Credit Facility (1)	2.23%		2021		$	101.2			$	111.9
Term Loan Facility	2.59%		2021		300.0				300.0
Capital lease obligations	7.67%		2027		80.0				80.0
Total debt including capital lease obligations					481.2				491.9
Less: debt issuance costs					(2.7		)		(3.1		)
Total debt including capital lease obligations, net of debt issuance costs					478.5				488.8
Less: debt maturing within one year					15.0				7.5
Long-term debt including capital lease obligations					$	463.5			$	481.3

_______________

(1) Letters of credit outstanding under the revolving credit facility were $1.8 million and available funds under the facility was $297.0 million at June 30, 2017.

Financial Covenants

The Facilities include financial covenants requiring Ingevity to maintain on a consolidated basis a maximum total leverage ratio (as defined in the credit agreement) of 3.75 to 1.00 and a minimum interest coverage ratio (as defined in the credit agreement) of 3.00 to 1.00. We were in compliance with all covenants at June 30, 2017.

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 470
-URI http://asc.fasb.org/topic&trid=2208564

+ Details

Name:	us-gaap_DebtDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration