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Debt

9 Months Ended

Sep. 27, 2020

Debt Disclosure [Abstract]

Debt

Debt

Debt outstanding was as follows:

			In millions			September 27, 2020						December 31, 2019
			3.67% Loan Notes due 2021			$	25.0					$	25.0
			4.88% Loan Notes due 2023			25.0						25.0
			4.94% Loan Notes due 2026			25.0						25.0
			Revolving credit facility			—						17.5
			Unamortized debt issuance costs			(0.3)						(1.1)
			Total debt			$	74.7					$	91.4
			Less current portion			$	(25.0)					$	—
			Non-current debt			$	49.7					$	91.4

Unamortized debt issuance costs of $0.5 million associated with the revolving credit facility have been reclassified into other receivables, presented within Accounts and other receivables, for the third quarter 2020 given the the balance of the facility is nil.

The weighted-average interest rate on the revolving credit facility was 2.16% for the Third Quarter of 2020 and 2.47% for the full-year 2019.

The maturity profile of the Company's debt, excluding unamortized issuance costs and discounts, is as follows:

			In millions			2020						2021						2022						2023						2024						2025						Thereafter						Total
			Loan Notes due 2021			$	—					$	25.0					$	—					$	—					$	—					$	—					$	—					$	25.0
			Loan Notes due 2023			—						—						—						25.0						—						—						—						25.0
			Loan Notes due 2026			—						—						—						—						—						—						25.0						25.0
			Revolving credit facility			—						—						—						—						—						—						—						—
			Total debt			$	—					$	25.0					$	—					$	25.0					$	—					$	—					$	25.0					$	75.0

Loan notes due and shelf facility

We have been in compliance with the covenants under the Note Purchase and Private Shelf Agreement throughout all of the quarterly measurement dates from and including September 30, 2014, to September 27, 2020.

The Loan Notes due 2021, 2023 and 2026, the Shelf Facility and the Note Purchase and Private Shelf Agreement are governed by the law of the State of New York.

Senior Facilities Agreement

During the Third Quarter of 2020, we repaid $16.5 million on the Revolving Credit Facility and the balance outstanding at September 27, 2020, was nil, and at December 31, 2019, was $17.5 million, with $150.0 million undrawn at September 27, 2020, $132.5 million at December 31, 2019.

We have been in compliance with the covenants under the Senior Facilities Agreement throughout all of the quarterly measurement dates from and including September 30, 2011, to September 27, 2020.

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- References

No definition available.

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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

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