Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34 Filing Table of Contents
Document/ExhibitDescriptionPagesSize
1: 10-Q Quarterly Report HTML 1.12M
2: EX-10.1 Material Contract HTML 54K
3: EX-10.2 Material Contract HTML 1.12M
4: EX-10.3 Material Contract HTML 267K
5: EX-31.1 Certification -- §302 - SOA'02 HTML 29K
6: EX-31.2 Certification -- §302 - SOA'02 HTML 29K
7: EX-32.1 Certification -- §906 - SOA'02 HTML 24K
8: EX-32.2 Certification -- §906 - SOA'02 HTML 24K
69: R1 Cover HTML 76K
45: R2 Consolidated Balance Sheets HTML 122K
18: R3 Consolidated Balance Sheets (Parenthetical) HTML 43K
61: R4 Consolidated Statements of Operations HTML 97K
68: R5 Consolidated Statements of Comprehensive Income HTML 42K
44: R6 Consolidated Statements of Stockholders' Equity HTML 95K
17: R7 Consoldated Statements of Cash Flows HTML 121K
59: R8 Description of Business and Basis of Presentation HTML 30K
70: R9 Significant Accounting Policies HTML 51K
81: R10 Revenues HTML 77K
56: R11 Inventories HTML 32K
31: R12 Business Acquisitions HTML 65K
40: R13 Fair Value Measurements HTML 85K
80: R14 Derivative Instruments HTML 110K
55: R15 Long-Term Debt HTML 65K
30: R16 Leases HTML 54K
39: R17 Commitments and Contingencies HTML 36K
82: R18 Income Taxes HTML 34K
54: R19 Earnings Per Share HTML 64K
16: R20 Accumulated Other Comprehensive Income (Loss) HTML 76K
42: R21 Accounts Receivable Factoring HTML 28K
73: R22 Segment Information & Geographic Data HTML 81K
63: R23 Significant Accounting Policies (Policies) HTML 66K
15: R24 Significant Accounting Policies (Tables) HTML 44K
41: R25 Revenues (Tables) HTML 68K
72: R26 Inventories (Tables) HTML 34K
62: R27 Business Acquisitions (Tables) HTML 54K
14: R28 Fair Value Measurements (Tables) HTML 83K
43: R29 Derivative Instruments (Tables) HTML 100K
36: R30 Long-Term Debt (Tables) HTML 50K
27: R31 Leases (Tables) HTML 53K
57: R32 Commitments and Contingencies (Tables) HTML 34K
83: R33 Earnings Per Share (Tables) HTML 62K
37: R34 Accumulated Other Comprehensive Income (Loss) HTML 71K
(Tables)
28: R35 Segment Information & Geographic Data (Tables) HTML 83K
58: R36 Significant Accounting Policies - Impact of HTML 40K
Adoption of ASC 842 to Consolidated Balance Sheet
(Details)
84: R37 Revenues - Disaggregation of Revenue By Product HTML 41K
Category And Segment (Details)
35: R38 Revenues - Remaining Performance Obligation HTML 31K
(Details)
29: R39 Revenues - Narrative (Details) HTML 34K
48: R40 Inventories (Details) HTML 34K
20: R41 Business Acquisitions - Narrative (Details) HTML 74K
64: R42 Business Acquisitions - Preliminary Purchase Price HTML 57K
Allocation to Assets Acquired and Liabilities
Assumed (Details)
74: R43 Business Acquisitions - Preliminary Purchase Price HTML 42K
Allocation to Intangible Assets Acquired (Details)
49: R44 Fair Value Measurements (Details) HTML 61K
21: R45 Derivative Instruments - Schedule of Derivative HTML 52K
Assets and Liabilities (Details)
65: R46 Derivative Instruments - (Loss) Gain Recognized In HTML 34K
Income (Details)
75: R47 Derivative Instruments - Additional Information HTML 50K
(Details)
47: R48 Derivative Instruments - Notional Values and Net HTML 40K
Fair Value of Outstanding Contracts (Details)
23: R49 Long-Term Debt - Summary of Carrying Value of Debt HTML 49K
(Details)
26: R50 Long-Term Debt - Future Maturities of Long-Term HTML 44K
Debt (Details)
33: R51 Long-Term Debt - Additional Information (Details) HTML 31K
79: R52 Long-Term Debt - Credit Facilities (Details) HTML 72K
51: R53 Long-Term Debt - Receivable Financing Facility HTML 43K
(Details)
25: R54 Leases - Additional Information (Details) HTML 29K
32: R55 Leases - Activities Associated with Operating HTML 35K
Leases (Details)
78: R56 Leases - Future Minimum lease Payments Under HTML 46K
Non-cancellable Leases (Details)
50: R57 Commitments and Contingencies - Summary of Accrued HTML 32K
Warranty Obligation (Details)
24: R58 Income Taxes (Details) HTML 45K
34: R59 Earnings Per Share - Computation of Earnings Per HTML 50K
Share (Details)
77: R60 Earnings Per Share - Additional Information HTML 25K
(Details)
67: R61 Accumulated Other Comprehensive Income (Loss) HTML 54K
(Details)
19: R62 Accounts Receivable Factoring (Details) HTML 26K
46: R63 Segment Information & Geographic Data - Additional HTML 24K
Information (Details)
76: R64 Segment Information & Geographic Data - Financial HTML 39K
Information by Segments (Details)
66: R65 Segment Information & Geographic Data - Geographic HTML 35K
Data for Net Sales (Details)
22: R9999 Uncategorized Items - zbra-20190928x10q.htm HTML 25K
38: XML IDEA XML File -- Filing Summary XML 145K
53: XML XBRL Instance -- zbra-20190928x10q_htm XML 2.10M
52: EXCEL IDEA Workbook of Financial Reports XLSX 78K
10: EX-101.CAL XBRL Calculations -- zbra-20190928_cal XML 218K
11: EX-101.DEF XBRL Definitions -- zbra-20190928_def XML 503K
12: EX-101.LAB XBRL Labels -- zbra-20190928_lab XML 1.29M
13: EX-101.PRE XBRL Presentations -- zbra-20190928_pre XML 807K
9: EX-101.SCH XBRL Schema -- zbra-20190928 XSD 123K
71: JSON XBRL Instance as JSON Data -- MetaLinks 307± 444K
60: ZIP XBRL Zipped Folder -- 0000877212-19-000034-xbrl Zip 506K
AMENDMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT
AMENDMENT NO. 2 dated as of August 9, 2019 (this “Amendment”) to the Amended and Restated Credit Agreement dated as of July 26, 2017 (originally dated as of October 27, 2014) (as amended by Amendment No. 1 dated as of May 31, 2018 and as further amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement”
and, as amended by this Amendment, the “Credit Agreement”) among Zebra Technologies Corporation, a Delaware corporation (the “U.S. Borrower”), Zebra Diamond Holdings Limited, a private company limited by guarantee incorporated under the laws of England (the “U.K. Borrower”, together with the U.S. Borrower, the “Borrowers”), the Lenders party thereto, JPMorgan Chase Bank, N.A., as Tranche A Term Loan Administrative Agent, Revolving Facility Administrative Agent and Collateral Agent, and the other parties thereto. Capitalized terms used but not defined herein are used as defined in the Credit Agreement.
RECITALS:
1. The Borrowers wish to obtain Other Revolving
Commitments (the “Refinancing Revolving Commitments”; the loans thereunder, “Refinancing Revolving Loans”; and the Persons making such commitments and loans, the “Refinancing Revolving Lenders”) as Credit Agreement Refinancing Indebtedness under the Credit Agreement to replace in full the Revolving Commitments existing immediately prior to the Amendment No. 2 Effective Date (as defined below) (such existing Revolving Commitments, the “Refinanced Revolving Commitments”; and the loans thereunder, the “Refinanced Revolving Loans”) pursuant to a Refinancing Amendment under the Credit Agreement, and the Refinancing Revolving Lenders are willing to provide the Refinancing Revolving Commitments on and subject to the terms and conditions set forth herein
and in the Credit Agreement.
2. The Borrowers wish to obtain Incremental Revolving Commitments in an aggregate principal amount of $200,000,000 (the “Incremental Revolving Commitments”; the loans thereunder, the “Incremental Revolving Loans”; and the Persons making such commitments and loans, the “Incremental Revolving Lenders”) (collectively with the Refinancing Revolving Commitments, the Refinancing Revolving Loans and the Refinancing Revolving Lenders, the “New Revolving Commitments”, the “New Revolving Loans” and the “New Revolving Lenders”, respectively) pursuant to an Incremental Facility Amendment under the Credit Agreement, and the Incremental
Revolving Lenders are willing to provide the Incremental Revolving Commitments on and subject to the terms and conditions set forth herein and in the Credit Agreement. The Incremental Revolving Commitments are being provided pursuant to the leverage-based incurrence test set forth in Section 2.20(a)(ii) of the Credit Agreement.
3. The U.K. Borrower wishes to obtain Other Term Loans (the “Refinancing Tranche A-1 Term Loans”; and the Persons making such loans, the “Refinancing Tranche A-1 Term Lenders”) as Credit Agreement Refinancing Indebtedness under the Credit Agreement to refinance all Tranche A Term Loans (as defined in the Existing Credit Agreement) outstanding immediately prior to the Amendment No. 2 Effective Date (collectively, the “Refinanced Tranche A Term Loans”) pursuant to
a Refinancing Amendment under the Credit Agreement, and the Refinancing Tranche A-1 Term Lenders are willing to provide the Refinancing Tranche A-1 Term Loans on and subject to the terms and conditions set forth herein and in the Credit Agreement.
4. The U.S. Borrower wishes to obtain Incremental Term Commitments in an aggregate principal amount of $391,687,500 (the “Tranche A-2 Term Loans”; and the Persons making such loans, the “Tranche A-2 Term Lenders”) (collectively with the Refinancing Tranche A-1 Term Loans and the Refinancing Tranche A-1 Term Lenders, the “New Term Loans” and the “New Term Lenders”, respectively) pursuant to an Incremental Facility Amendment under the Credit Agreement, and the Tranche A-2 Term Lenders are willing to
provide the Tranche A-2 Term Loans on and subject to the terms and conditions set forth herein and in the Credit Agreement. The Tranche A-2 Term Loans are being provided pursuant to the leverage-based incurrence test set forth in Section 2.20(a)(ii) of the Credit Agreement.
5. The U.S. Borrower wishes to repay all Tranche B Term Loans (as defined in the Existing Credit Agreement) outstanding immediately prior to the Amendment No. 2 Effective Date on and subject to the terms and conditions set forth herein and in the Credit Agreement.
6. Therefore, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto (which Lenders party hereto constitute the Required Lenders, both immediately prior to and after giving effect to this Amendment) agree as follows:
Section
1. Amendments to the Credit Agreement. Each of the parties hereto agrees that, effective on the Amendment No. 2 Effective Date, the Existing Credit Agreement shall be amended as follows:
i. The Existing Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages of the Credit Agreement attached as Annex I
hereto.
ii.Schedule 2.01(a) to the Existing Credit Agreement is hereby deleted in its entirety and replaced with Schedule 2.01(a) to this Amendment.
iii.Schedule 2.01(b) to the Existing Credit Agreement is hereby deleted in its entirety and replaced with Schedule 2.01(b) to this Amendment.
iv.Schedule 2.17(f) to the Existing Credit Agreement is hereby deleted in its entirety and replaced with Schedule 2.17(f) to this Amendment.
Section 2. Conditions to Effectiveness of this Amendment. This Amendment shall become effective as of August 9, 2019 (the “Amendment No. 2 Effective Date”)
when:
i.this Amendment shall have been executed and delivered by the Borrowers, the Subsidiary Loan Parties (solely for purposes of Section 5 hereof), each New Revolving Lender, each New Term Lender and the Administrative Agents;
ii.the Administrative Agents shall have received a certificate of a Responsible Officer of each Loan Party dated the date hereof certifying (w) that attached thereto is a true and complete copy of the Organizational Documents of such Loan Party and, to the extent applicable, certified as of a recent date by the appropriate governmental official, (x) that attached thereto is a good standing certificate (to the extent such concept is known in the relevant jurisdiction) from the applicable Governmental Authority of each Loan Party’s jurisdiction of incorporation, organization or formation dated a recent date prior
to the Amendment No. 2 Effective Date, (y) that attached thereto is a true and complete copy of the resolutions duly adopted by the board of directors or similar governing body of such Loan Party, or duly constituted committee thereof (including, with regard to the U.K. Borrower, shareholder resolutions), authorizing the execution, delivery and performance of this Amendment, all documents executed in connection therewith, the borrowings thereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect on such date and (z) as to the incumbency and specimen signature of each Responsible Officer executing this Amendment and any document executed in connection therewith and countersigned by another officer as to the incumbency and specimen signature of the Responsible Officer executing such certificate which, with respect to the U.K. Borrower, shall also include a certification that (A) borrowing or guaranteeing or securing,
as appropriate, the aggregate Commitments under the Credit Agreement and any other Loan Document would not cause any borrowing, guarantee, security or similar limit binding on such Loan Party to be exceeded, as applicable and (B) each copy document relating to it specified in this Section 2(b) is correct, complete and in full force and effect and has not been amended or superseded as at a date earlier than the Amendment No. 2 Effective Date;
iii.(i) the applicable Administrative Agent shall have received notices of borrowing of New Term Loans and New Revolving Loans, if applicable, and notices of prepayment relating to the Refinanced Tranche A Term Loans and the Tranche B Term Loans and (ii) the prepayment of the aggregate outstanding principal amount of the Refinanced Tranche A Term Loans and the Tranche B Term Loans shall have been consummated or, substantially concurrently with the incurrence of the
New Term Loans, shall be consummated together with all accrued and unpaid interest on, and fees related to, the Refinanced Tranche A Term Loans, the Tranche B Term Loans and the Refinanced Revolving Loans (if any);
iv.the applicable Administrative Agent shall have received a promissory note in form and substance reasonably acceptable to the applicable Administrative Agent executed by the applicable Borrower in favor of each Lender that requests such a promissory note at least three (3) Business Days in advance of the Amendment No. 2 Effective Date;
v.the representations and warranties set forth in Article III of the Credit Agreement and in each other Loan Document shall be true and correct in all material respects on and as of the date hereof (both before and after giving effect to the transactions contemplated by this Amendment) with the
same effect as though made on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date;
vi.the representations and warranties in Section 4 of this Amendment shall be true and correct in all material respects as of the date hereof;
vii.each New Revolving Lender, New Term Lender and the Administrative Agents shall have received at least two (2) Business Days prior to the date hereof all documentation and other information about the Borrowers and the Subsidiary Loan Parties required under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, that has been requested in writing at least five (5) Business Days prior to the date
hereof;
viii.the applicable Administrative Agents shall have received, on behalf of themselves and the applicable Lenders, a favorable written opinion from each of Baker & McKenzie LLP, New York and Illinois counsel for the Loan Parties and Davis Polk & Wardwell London LLP, U.K. counsel for the Tranche A Term Loan Administrative Agent and Revolving Facility Administrative Agent, in each case, (A) dated the date hereof, (B) addressed to the applicable Administrative Agents and the applicable Lenders and (C) in form and substance reasonably satisfactory to the applicable Administrative Agents and covering such other matters relating to this Amendment as the applicable Administrative Agents shall reasonably request;
ix.no Default or Event of Default shall exist on the date hereof before or after giving effect to the New Term Loans
and any New Revolving Loans and the use of proceeds thereof;
x.all fees and expenses required to be paid by (or on behalf of) the Borrowers to the Administrative Agents pursuant to any written agreement with any Borrower entered into on or before the Amendment No. 2 Effective Date and invoiced at least two (2) Business Days prior to the Amendment No. 2 Effective Date shall have been paid in full in cash or arrangements shall have been made for the payment thereof substantially concurrently with the incurrence of the New Term Loans and the New Revolving Loans (if any); and
xi.at least two (2) days prior to the date hereof, any Borrower that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall have delivered a Beneficial Ownership Certification in relation to such Borrower.
The
Borrowing of the New Term Loans and any New Revolving Loans shall be deemed to constitute a representation and warranty by the applicable Borrower on the Amendment No. 2 Effective Date as to the matters specified in paragraphs (e) and (i) above.
Section 3. Amendment Transactions. This Amendment concurrently constitutes a Refinancing Amendment and an Incremental Facility Amendment under the Credit Agreement. Subject to the satisfaction of the conditions set forth in Section 2 hereof, on the Amendment No. 2 Effective Date, (a)(i) each New Term Lender will make New Term Loans in the amount set forth opposite its name on Schedule 2.01(a), (ii) the U.K. Borrower will prepay the entire remaining principal amount of the Refinanced Tranche A Term Loans, together with accrued and unpaid interest thereon, (iii) the U.S. Borrower will prepay the entire remaining principal
amount of the Tranche B Term Loans, together with accrued and unpaid interest thereon, (iv) the commitment of each Refinancing Tranche A-1 Term Lender to make Refinancing Tranche A-1 Term Loans shall be deemed to be a “Tranche A-1 Term Commitment” under the Credit Agreement and the commitment of each Tranche A-2 Term Lender to make Tranche A-2 Term Loans shall be deemed to be a “Tranche A-2 Term Commitment” under the Credit Agreement and (v) each Refinancing Tranche A-1 Term Loan shall be deemed to be a “Tranche A-1 Term Loan” under the Credit Agreement and each Tranche A-2 Term Loan shall be deemed to be a “Tranche A-2 Term Loan” under the Credit Agreement and (b)(i) each New Revolving Lender will make available to each of the U.S. Borrower and the U.K. Borrower New Revolving Commitments in an amount equal to the amount set forth opposite its name on Schedule 2.01(b) hereto, (ii) the Refinanced Revolving Commitments will be continued as Refinancing
Revolving Commitments and the Refinanced Revolving Loans will be continued as Refinancing Revolving Loans and (iii) each New Revolving Commitment and New Revolving Loan shall be deemed to be a “Revolving Commitment” and a “Revolving Loan”, respectively, under the Credit Agreement.
Section 4. Representations and Warranties. By its execution of this Amendment, each Borrower hereby certifies that this Amendment (including, without limitation, Annex I hereto) has been duly authorized by all necessary corporate, shareholder or other organizational action by such Borrower and constitutes a legal, valid and binding obligation of such Borrower, enforceable in accordance with the terms hereof, (i) subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject
to general principles of equity, regardless of whether considered in a proceeding in equity or at law and (ii) subject also, in the case of the U.K. Borrower, to the U.K. Legal Reservations and U.K. Perfection Requirements.
Section 5. Certain Acknowledgements. (a) Each Borrower and each Subsidiary Loan Party hereby expressly acknowledges the terms of this Amendment and reaffirms, as of the date hereof, (i) the covenants and agreements contained in each Loan Document to which it is a party (in the case of the covenants and agreements contained in the Credit Agreement, such covenants and agreements as in effect immediately after giving effect to this Amendment and the transactions contemplated hereby) and (ii) with respect to the U.S. Borrower and each Subsidiary Loan Party, its guarantee of the Obligations (including, without limitation, the New Revolving
Loans and the New Term Loans) under the Subsidiary Guaranty and (iii) its grant of Liens on the Collateral to secure the Obligations (including, without limitation, the Obligations with respect to the New Revolving Loans and the New Term Loans) pursuant to the Security Documents.
(b) After giving effect to this Amendment, neither the modification of the Existing Credit Agreement effected pursuant to this Amendment nor the execution, delivery, performance or effectiveness of this Amendment (i) impairs the validity, effectiveness or priority of the Liens granted pursuant to any Loan Document, and such Liens continue unimpaired with the same priority to secure repayment of all Obligations, whether heretofore or hereafter incurred; or (ii) requires that any new filings be made or other action taken to perfect or to maintain the perfection of such Liens.
Section 6. Amendment,
Modifications and Waiver. This Amendment may not be amended, modified or waived except in a writing executed by all parties hereto.
Section 7. Representations to the Agents and Lead Arrangers. Each New Revolving Lender and New Term Lender, solely for the benefit of each Administrative Agent and each Joint Lead Arranger, hereby (a) confirms that it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment; (b) agrees that it will, independently and without reliance upon any Administrative Agent or any other Lender or Agent and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; and (c) agrees that it shall be bound by the terms of the Credit Agreement as a Lender thereunder and it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.
Section 8. Miscellaneous.
(a) Entire Agreement. This Amendment, the Credit Agreement and the other Loan Documents constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties hereto with respect to the subject matter hereof. Except as expressly set forth herein,
this Amendment shall not by implication or otherwise limit, impair, constitute a waiver or novation of, or otherwise affect the rights and remedies of any party under, the Credit Agreement, nor alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, all of which (as amended hereby) are ratified and affirmed in all respects and shall continue in full force and effect. It is understood and agreed that each reference in each Loan Document to the Existing Credit Agreement, whether direct or indirect, shall hereafter be deemed to be a reference to the Credit Agreement and that this Amendment is a Loan Document.
(b) Reference to Credit Agreement. Sections 1.03, 1.04, 9.06, 9.07, 9.09, 9.10, and 9.11 of the Credit Agreement are hereby incorporated herein, mutatis mutandis.
[Signature
Pages Follow]
IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and deliver this Amendment as of the date first written above.