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Note 10 - Debt
9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Debt Disclosure [Text Block]

10. Debt:

 

The following table presents short-term and long-term debt by issuance as of September 30, 2022 and December 31, 2021:

 

 

Issuance Date

 

Maturity Date

 

2022

  

2021

 

Short-term debt and current portion of long-term debt:

           

Syndicated revolving credit facility

Various

 

Various

 $940.0  $610.0 

Term loan facility

6/13/2022

 

9/9/2023

  125.0    

Senior notes:

           

4.125% senior notes, less unamortized discount and debt issuance costs of $(0.4)

9/12/2012

 

9/12/2022

     349.6 

Finance lease liabilities (1)

Various

 

Various

  2.7   11.7 

Short-term debt and current portion of long-term debt

  1,067.7   971.3 

Long-term debt:

           

Senior notes:

           

3.625% senior notes, less unamortized discount and debt issuance costs of $(10.1) and $(10.3), respectively

5/13/2020

 

5/15/2050

  489.9   489.7 

4.125% senior notes, inclusive of unamortized premium, and net of unamortized discount and debt issuance costs of $9.7 and $10.9, respectively

3/6/2019

 

3/15/2029

  609.7   610.9 

4.000% senior notes, less unamortized discount and debt issuance costs of $(3.3) and $(4.1), respectively

5/15/2015

 

6/15/2025

  896.7   895.9 

5.500% senior notes, less unamortized discount and debt issuance costs of $(4.0) and $(4.1), respectively

5/15/2015

 

6/15/2045

  346.0   345.9 

Finance lease liabilities (1)

Various

 

Various

  2.2   1.6 

Syndicated revolving credit facility debt issuance costs

Various

 

Various

  (0.8)  (1.2)

Long-term debt

  2,343.7   2,342.8 

Total debt

 $3,411.4  $3,314.1 

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(1) Refer to Note 5. Leases

 

As of September 30, 2022 and December 31, 2021, we had senior notes with an aggregate principal amount of $2,350.0 million outstanding and were in compliance with our financial and other debt covenants.

 

As of September 30, 2022, we had a $1,000.0 million committed senior unsecured Credit Facility (the "Credit Facility") with Bank of America N.A., HSBC Bank USA, N.A., JP Morgan Chase Bank, N.A., Wells Fargo Bank, National Association, Citibank, N.A., Credit Suisse AG, Cayman Islands Branch, Morgan Stanley Bank, N.A., First Commercial Bank, Ltd., Los Angeles Branch, TD Bank, N.A., and the Northern Trust Company. The Credit Facility may be used for general corporate purposes, including working capital needs and capital expenditures, acquisitions, dividend payments, and the share repurchase program (the "Repurchase Program"). As of September 30, 2022, we were in compliance with all financial and other debt covenants under the Credit Facility. As of September 30, 2022 and December 31, 2021, the available capacity under the Credit Facility was $55.2 million and $384.9 million, net of the letters of credit of $4.8 million and $5.1 million, respectively. Subsequent to September 30, 2022, we have made repayments of $90.0 million and secured an additional $275.0 million in additional borrowing capacity on our Revolving Credit Facility. As a result of this activity, we now have the ability to draw up to $420.2 million from our Credit Facility.

 

On September 9, 2022, we extended our $125.0 million Bilateral Term Loan Agreement (the "Term Loan") with Bank of America, N.A for 12 months with an agreed maturity date of  October 2, 2023. The Term Loan carries an interest rate of 135 basis points plus the one-month Bloomberg Short Term Bank Yield Index ("BSBY") margin at the time. This loan  may be used for general corporate purposes, including working capital needs and capital expenditures, acquisitions, dividend payments, and the Repurchase Program.