XML 38 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Debt (Tables)
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Schedule of carrying amount and fair value of long-term debt instruments
Long-term debt is as follows:
 
 
December 31, 2017
 
 
September 30, 2018
 
 
Debt (inclusive of discount)
 
Unamortized Deferred Financing Costs
 
Carrying Amount
 
Fair
Value
 
 
Debt (inclusive of discount)
 
Unamortized Deferred Financing Costs
 
Carrying Amount
 
Fair
Value
Revolving Credit Facility(1)
 
$
466,593

 
$
(14,407
)
 
$
452,186

 
$
466,593

 
 
$
821,470



$
(14,902
)

$
806,568

 
$
821,470

Term Loan A(1)
 
243,750

 
—

 
243,750

 
243,750

 
 
243,750



—


243,750

 
243,750

Term Loan B(2)
 
—

 
—

 
—

 
—

 
 
694,863

 
(9,055
)
 
685,808

 
690,406

Australian Dollar Term Loan (the "AUD Term Loan")(3)
 
187,504

 
(3,382
)
 
184,122

 
189,049

 
 
240,970



(3,201
)

237,769

 
242,815

UK Bilateral Revolving Credit Facility ("UK Bilateral Facility")(4)
 
—

 
—

 
—

 
—

 
 
182,411

 
(2,476
)
 
179,935

 
182,411

43/8% Senior Notes due 2021 (the "43/8% Notes")(5)(6)
 
500,000

 
(5,874
)
 
494,126

 
507,500

 
 
500,000



(4,585
)

495,415

 
500,000

6% Senior Notes due 2023 (the "6% Notes due 2023")(5)
 
600,000

 
(6,224
)
 
593,776

 
625,500

 
 
600,000



(5,400
)

594,600

 
615,000

53/8% CAD Senior Notes due 2023 (the "CAD Notes due 2023")(6)
 
199,171

 
(3,295
)
 
195,876

 
208,631

 
 
193,766



(2,787
)

190,979

 
193,766

53/4% Senior Subordinated Notes due 2024 (the "53/4% Notes")(5)
 
1,000,000

 
(9,156
)
 
990,844

 
1,012,500

 
 
1,000,000



(8,126
)

991,874

 
990,000

3% Euro Senior Notes due 2025 (the "Euro Notes")(5)(6)
 
359,386

 
(4,691
)
 
354,695

 
364,776

 
 
348,140



(4,257
)

343,883

 
342,483

37/8% GBP Senior Notes due 2025 (the "GBP Notes due 2025")(6)
 
539,702

 
(7,718
)
 
531,984

 
527,559

 
 
521,173



(6,742
)

514,431

 
495,380

53/8% Senior Notes due 2026 (the "53/8% Notes")(6)
 
250,000

 
(3,615
)
 
246,385

 
256,875

 
 
250,000



(3,293
)

246,707

 
235,938

47/8% Senior Notes due 2027 (the "47/8% Notes")(5)(6)
 
1,000,000

 
(13,866
)
 
986,134

 
1,000,000

 
 
1,000,000



(12,797
)

987,203

 
917,500

51/4% Senior Notes due 2028 (the "51/4% Notes")(5)(6)
 
825,000

 
(11,817
)
 
813,183

 
826,031

 
 
825,000



(11,216
)

813,784

 
765,188

Real Estate Mortgages, Capital Leases and Other
 
649,432

 
(566
)
 
648,866

 
649,432

 
 
611,549



(237
)

611,312

 
611,549

Accounts Receivable Securitization Program(7)
 
258,973

 
(356
)
 
258,617

 
258,973

 
 
238,273



(253
)

238,020

 
238,273

Mortgage Securitization Program(8)
 
50,000

 
(1,273
)
 
48,727

 
50,000

 
 
50,000

 
(1,164
)
 
48,836

 
50,000

Total Long-term Debt
 
7,129,511

 
(86,240
)
 
7,043,271

 
 

 
 
8,321,365

—

(90,491
)
 
8,230,874

 
 
Less Current Portion
 
(146,300
)
 
—

 
(146,300
)
 
 

 
 
(121,695
)

—


(121,695
)
 
 

Long-term Debt, Net of Current Portion
 
$
6,983,211

 
$
(86,240
)
 
$
6,896,971

 
 

 
 
$
8,199,670



$
(90,491
)
 
$
8,109,179

 
 

______________________________________________________________
(1)
Collectively, as amended as described below, the "Credit Agreement". Of the $821,470 of outstanding borrowings under the Revolving Credit Facility, 621,700 was denominated in United States dollars, 120,000 was denominated in Canadian dollars and 92,000 was denominated in Euros. In addition, we also had various outstanding letters of credit totaling $43,359. The remaining amount available for borrowing under the Revolving Credit Facility as of September 30, 2018 was $885,171 (which amount represents the maximum availability as of such date). The average interest rate in effect under the Credit Agreement was 3.6% as of September 30, 2018. The average interest rate in effect under the Revolving Credit Facility as of September 30, 2018 was 3.6% and ranged from 1.8% to 4.0% and the interest rate in effect under the term loan ("Term Loan A") as of September 30, 2018 was 3.9%.
(2)
Interest rate in effect as of September 30, 2018 was 4.0%. The amount of debt for the Term Loan B (as defined below) reflects an unamortized original issue discount of $1,637 as of September 30, 2018.
(3)
Interest rate in effect as of September 30, 2018 was 5.9%. We had 336,250 Australian dollars outstanding on the AUD Term Loan as of September 30, 2018. The amount of debt for the AUD Term Loan reflects an unamortized original issue discount of $1,545 and $1,845 as of December 31, 2017 and September 30, 2018, respectively.
(4)
Interest rate in effect as of September 30, 2018 was 3.0%.
(5)
Collectively, the "Parent Notes".
(6)
Collectively, the "Unregistered Notes".
(7)
Interest rate in effect as of September 30, 2018 was 3.0%.
(8)
Interest rate in effect as of September 30, 2018 was 3.5%.
Schedule of Leverage and Fixed Charge Ratios
Our leverage and fixed charge coverage ratios under the Credit Agreement as of December 31, 2017 and September 30, 2018, as well as our leverage ratio under our indentures as of December 31, 2017 and September 30, 2018 are as follows:
 
December 31, 2017
 
September 30, 2018
 
Maximum/Minimum Allowable
Net total lease adjusted leverage ratio
5.0

 
5.6

 
Maximum allowable of 6.5
Net secured debt lease adjusted leverage ratio
1.6

 
2.6

 
Maximum allowable of 4.0
Bond leverage ratio (not lease adjusted)
5.8

 
5.8

 
Maximum allowable of 6.5-7.0(1)(2)
Fixed charge coverage ratio
2.1

 
2.3

 
Minimum allowable of 1.5
______________________________________________________________
(1)
The maximum allowable leverage ratio under our indentures for the 47/8% Notes, the GBP Notes due 2025 and the 51/4% Notes is 7.0, while the maximum allowable leverage ratio under the indentures pertaining to our remaining senior and senior subordinated notes is 6.5. In certain instances as provided in our indentures, we have the ability to incur additional indebtedness that would result in our bond leverage ratio exceeding the maximum allowable ratio under our indentures and still remain in compliance with the covenant.

(2)
At December 31, 2017, a portion of the net proceeds from the 51/4% Notes, together with a portion of the net proceeds of the Equity Offering (as defined in Note 9), were used to temporarily repay approximately $807,000 of outstanding indebtedness under our Revolving Credit Facility until the closing of the IODC Transaction, which occurred on January 10, 2018. The bond leverage ratio at December 31, 2017 is calculated based on our outstanding indebtedness at this date, which reflects the temporary payment of the Revolving Credit Facility.