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Debt | 6 Months Ended
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Jun. 30, 2018
Debt Disclosure [Abstract] |
Debt | Debt As of June 30, 2018 and December 31, 2017, our debt balances were as follows (in millions):
| Weighted-Average Interest Rate |  | Maturities |  | June 30, 2018 |  | December 31, 2017
Senior Secured Term Loan | 4.42 | % |  | 2021 |  | $ | — |  |  | $ | 339.0 |
Senior Unsecured Notes | 6.25 | % |  | 2022 |  | 250.0 |  |  | 250.0 |
Total long-term debt |  |  |  |  | 250.0 |  |  | 589.0 |
Unamortized Debt Discounts and Issuance Costs |  |  |  |  |  |  |
Senior Secured Term Loan |  |  |  |  | — |  |  | (5.2 | )
Senior Unsecured Notes |  |  |  |  | (2.6 | ) |  | (2.9 | )
Total Debt, net |  |  |  |  | 247.4 |  |  | 580.9 |
Less current portion of long-term debt |  |  |  |  | — |  |  | (39.8 | )
Total long-term debt |  |  |  |  | $ | 247.4 |  |  | $ | 541.1 |
Senior Secured Term Loan and Revolving Credit Facility The senior secured term loan (the “Term Loan Facility”) is under a credit agreement that also includes a senior secured revolving credit facility that matures on October 31, 2019 which allows for borrowings up to $250 million, with a letter of credit sub-facility in an amount of $75 million and a swingline sub-facility in an amount of $25 million (the “Revolving Credit Facility,” and together with the Term Loan Facility, the “Senior Credit Facilities”). We repaid $40.0 million of our Term Loan Facility in the first quarter of 2018 pursuant to an excess cash flow provision in the credit agreement, resulting in an early debt extinguishment loss of $0.6 million. Using a portion of the proceeds from the Divestiture, we repaid the remaining amount owed during the second quarter of 2018, resulting in an early debt extinguishment loss of $4.2 million. Accordingly, early debt extinguishment losses of $4.2 million and $4.8 million are included in “Interest expense” in the accompanying condensed consolidated income statements in the three and six months ended June 30, 2018, respectively. Notwithstanding the retirement of the Term Loan Facility, the Revolving Credit Facility remains and is secured by substantially all of our assets located in the United States and a certain percentage of our foreign subsidiaries’ capital stock. Borrowings under the Revolving Credit Facility bear interest, at our option, at either (i) a reserve-adjusted LIBOR rate, plus a margin ranging between 1.75% to 2.50% per annum, depending on our consolidated total leverage ratio, or (ii) the base rate plus a margin ranging between 0.75% to 1.50% per annum, depending on our consolidated total leverage ratio. The unused portion of the Revolving Credit Facility is subject to a commitment fee equal to (i) 0.25% per annum, when our consolidated total leverage ratio is less than 2.25 to 1.00 or (ii) 0.40% per annum, otherwise. To the extent we remain in compliance with certain financial covenants in our credit agreement, we have the ability to access our Revolving Credit Facility. As of June 30, 2018, we had no borrowings and letters of credit of $2.9 million outstanding under the Revolving Credit Facility. Senior Unsecured Notes The senior unsecured notes (the “Notes”) will mature on October 15, 2022 and interest accrues at a rate of 6.25% per annum and is payable semi-annually in arrears on April 15 and October 15 of each year. Unamortized debt discount and issuance costs are being amortized over the life of the Notes using the interest method, resulting in an effective interest rate of 6.52% as of June 30, 2018.

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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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