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Debt and Credit Agreements
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12 Months Ended |
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| Debt Disclosure [Abstract] |
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| Debt and Credit Agreements |
Debt and Credit Agreements The Company has a multi-year revolving credit facility that is available for use throughout the world. The following table illustrates the amount outstanding under the multi-year revolving credit facility and available credit at December 31, 2013. The multi-year revolving credit facility is described in more detail below the table. | | | | | | | | | | | | | | (In thousands) | | Facility Limit | | Outstanding Balance | | Available Credit | Multi-year revolving credit facility | | $ | 525,000 |
| | $ | 35,000 |
| | $ | 490,000 |
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In March 2012, the Company entered into an Amended and Restated Five Year Credit Agreement (the "Credit Agreement") providing for $525 million of borrowing capacity through a syndicate of 14 banks. The Credit Agreement matures in March 2017. The Company has the option to increase the borrowing capacity available under the Credit Agreement to $550 million. The Credit Agreement amends and restates the Company’s multi-year revolving credit facility, which was set to mature in December 2012. Borrowings under the Credit Agreement are available in most major currencies with active markets and at interest rates based upon LIBOR, plus a margin.
On September 12, 2013, the Company entered into Amendment No.1 ("Amendment No. 1") to the Credit Agreement. In addition to certain administrative and conforming modifications, Amendment No. 1 replaced the total consolidated debt to total consolidated capital ratio debt covenant. That debt covenant was replaced by a debt covenant for total consolidated debt to consolidated EBITDA, which is not to exceed 3.5 to 1.0. During the three months ended September 30, 2013, the Company expensed $0.4 million of fees associated with Amendment No. 1.
On December 20, 2013, the Company entered into Amendment No. 2 ("Amendment No. 2") to the Credit Agreement. Amendment No. 2 modified certain defined terms to reflect the impact of the Infrastructure transaction. During the three months ended December 31, 2013, the Company expensed $0.3 million of fees associated with Amendment No. 2. At December 31, 2013 and 2012, the Company had $35.0 million and $89.5 million, respectively, of commercial paper and Credit Agreement borrowings outstanding in the aggregate. At December 31, 2013 and 2012, all such balances were classified as long-term borrowings in the Consolidated Balance Sheets. Classification of such balances is based on the Company's ability and intent to repay such amounts over the subsequent twelve months, as well as reflects the Company's ability and intent to borrow for a period longer than a year. To the extent the Company expects to repay any amounts within the subsequent twelve months, the amounts are classified as short-term borrowings. During the third quarter of 2013, the Company's U.S. commercial paper program was canceled. The cancellation of the Company's U.S. commercial paper program had no impact on the Company's liquidity and capital resources because the Company had sufficient available credit under the Credit Agreement. Short-term borrowings amounted to $7.5 million and $8.6 million at December 31, 2013 and 2012, respectively. Short-term borrowings consist principally of bank overdrafts. The weighted-average interest rate for short-term borrowings at December 31, 2013 and 2012 was 10.8% and 4.9%, respectively. The weighted-average interest rate for short-term borrowing increased due to increased borrowings in certain jurisdictions, primarily Argentina, China and India. | | | | | | | | | | | | Long-Term Debt | (In thousands) | | December 31
2013 | | December 31
2012 | | | $ | 448,268 |
| | $ | 447,931 |
| | | — |
| | 149,875 |
| | | 249,373 |
| | 249,022 |
| Other financing payable (including capital leases) in varying amounts due principally through 2018 with a weighted-average interest rate of 3.6% and 2.7% at December 31, 2013 and 2012, respectively | | 105,774 |
| | 113,878 |
| Total debt | | 803,415 |
| | 960,706 |
| Less: current maturities | | (20,257 | ) | | (3,278 | ) | Total long-term debt | | $ | 783,158 |
| | $ | 957,428 |
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Additionally, the Company retired the $150.0 million aggregate principal amount of 5.125% notes, due September 15, 2013, at maturity using borrowings under the Company's Credit Agreement, which were subsequently repaid with proceeds from the Infrastructure transaction. The maturities of long-term debt for the four years following December 31, 2014 are as follows: | | | | | | (In thousands) | | | 2015 | | $ | 267,835 |
| 2016 | | 19,643 |
| 2017 | | 42,667 |
| 2018 | | 451,860 |
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Cash payments for interest on all debt were $50.1 million, $45.5 million and $46.4 million in 2013, 2012 and 2011, respectively. In addition to the total consolidated debt to consolidated EBITDA ratio covenant, which is not to exceed 3.5 to 1.0, the Credit Agreement contains covenants that limit the proportion of subsidiary consolidated indebtedness to a maximum of 10% of consolidated tangible assets and require a minimum total consolidated EBITDA to consolidated interest charges ratio of 3.0 to 1.0. The Company’s 5.75% and 2.7% notes include covenants that require the Company to offer to repurchase the notes at 101% of par in the event of a change of control of the Company or disposition of substantially all of the Company’s assets in combination with a downgrade in the Company’s credit rating to non-investment grade. At December 31, 2013, the Company was in compliance with these and all other covenants. |
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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://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
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