XML 121 R20.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Debt | 12 Months Ended
--- | ---
Dec. 31, 2013
Debt Disclosure [Abstract] |
Debt | Debt Total debt is summarized in the following table ($ in millions):
| December 31, 2013 |  | December 31, 2012
Revolving Credit Agreement | $ | 367.7 |  |  | $ | 139.1 |
French Employee Profit Sharing | 15.8 |  |  | 14.7 |
Bank Overdrafts | 1.7 |  |  | 2.0 |
Other | 0.2 |  |  | 0.2 |
Total Debt | 385.4 |  |  | 156.0 |
Less: Current debt | (4.2 | ) |  | (4.2 | )
Long-Term Debt | $ | 381.2 |  |  | $ | 151.8 |
Credit Agreement In December 2013, the Company amended and restated its unsecured revolving credit facility, or Credit Agreement. The five-year revolving Credit Agreement provides for borrowing capacity of $500.0 million in either U.S. Dollars or a $300.0 million equivalent sublimit in euros with an option to increase borrowing capacity by $200 million. The Credit Agreement contains representations and warranties which are customary for facilities of this type and covenants and provisions that, among other things, require the Company to maintain (a) a maximum net debt to EBITDA ratio of 3.00 and (b) minimum interest coverage ratio of 3.50. The Company was in compliance with all of its covenants under the Credit Agreement at December 31, 2013. Under the Credit Agreement, interest rates are based on the London Interbank Offered Rate plus an applicable margin that varies from 1.25% to 2.00% depending on the Net Debt to EBITDA Ratio, as defined in the Credit Agreement. The Company will incur commitment fees at an annual rate of 0.20% to 0.30% of the applicable margin on the committed amounts not drawn, depending on the Net Debt to EBITDA Ratio. As of December 31, 2013, the applicable interest rate on Credit Agreement borrowings was 1.44% on US Dollar borrowings. No euro borrowings were outstanding at December 31, 2013. French Employee Profit Sharing At both December 31, 2013 and 2012, long-term debt other than the Credit Agreement primarily consisted of obligations of the French operations related to government-mandated profit sharing. Each year, representatives of the workers at each of the French businesses can make an election for the profit sharing amounts from the most recent year ended to be invested in a financial institution or with their respective employer. To the extent that funds are invested with the Company, these amounts bear interest at 2.43% and 3.15% at December 31, 2013 and 2012, respectively, and are generally payable in the fifth year subsequent to the year the profit sharing is accrued. Bank Overdrafts and Other The Company also had bank overdraft facilities of $46.3 million and $45.5 million, at December 31, 2013 and 2012, respectively, of which $1.7 million and $2.0 million were outstanding at December 31, 2013 and 2012, respectively, and reported as current debt on the consolidated balance sheet. Interest is incurred on outstanding amounts at market rates and was 0.74% and 1.44%, respectively, at December 31, 2013 and 2012. No commitment fees are paid on the unused portion of these facilities. Other debt consists of non-interest bearing debt with deferred capital repayment from governmental and commercial institutions primarily related to environmental capital improvements. Interest Expense and Rate Swap Agreement The Company capitalized $1.5 million of interest expense in the year ended December 31, 2011, due to construction of our RTL facility in the Philippines. The Company maintained a forward interest rate swap agreement on a portion of its long-term debt as of December 31, 2013 that will fix the LIBOR rate on $50.0 million of the Company’s variable-rate long-term debt as of October 2014 at the October 2014 LIBOR rate plus a credit spread through the end of October 2018. At December 31, 2012, there were no outstanding interest rate swap agreements on the Company's debt. The impact of swap agreements on the consolidated financial statements was not material for the years ended December 31, 2013 and 2012. See Note 13. Derivatives for more information. Principal Repayments Under the Credit Agreement, the Company selects an “interest period” for each of its borrowings. The Company can repay such borrowings and borrow again at a subsequent date if it chooses to do so, providing it flexibility and efficient use of any excess cash. The Company expects to continue to file notices of continuation related to its borrowings outstanding at December 31, 2013 such that those amounts are not expected to be repaid prior to the December 2018 expiration of the Credit Agreement. Following are the expected maturities for the Company's debt obligations as of December 31, 2013 ($ in millions):
2014 | $ | 4.2 |
2015 | 3.0 |
2016 | 3.3 |
2017 | 3.2 |
2018 | 371.7 |
Thereafter | — |
Total | $ | 385.4 |
Fair Value of Debt At December 31, 2013 and 2012, the estimated fair values of the Company’s current and long-term debt approximated the respective carrying amounts since the interest rates were variable and based on current market indices.

X
- 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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: 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