Long-Term Debt

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Note 14 – Long-Term Debt

				December 31,
(In millions)				2014	2013
Bank credit facilities:
	Revolving Facility (year-end weighted average interest
		rate of 1.6% in 2014 and 1.6% in 2013)	$	233.0	120.6
	Private Placement Notes (Series A interest rate of 4.6%, Series B interest
		rate of 5.2%), due 2021		100.0	100.0
	Other non-U.S. dollar-denominated facilities (year-end weighted
		average interest rate of 6.9% in 2014 and 5.7% in 2013)		9.5	14.9
Dominion Terminal Associates 6.0% bonds(a)				-	43.2
Capital leases (average rates: 3.5% in 2014 and 3.7% in 2013)				64.9	76.4
		Total long-term debt	$	407.4	355.1
Included in:
	Current liabilities		$	34.1	24.6
	Noncurrent liabilities			373.3	330.5
		Total long-term debt	$	407.4	355.1
(a)		Redeemed in 2014.

We have a $480million unsecured revolving bank credit facility (the “Revolving Facility”) that matures in January 2017. The Revolving Facility’s interest rate is based on LIBOR plus a margin, alternate base rate plus a margin, or competitive bid. The Revolving Facility allows us to borrow or issue letters of credit (or otherwise satisfy credit needs) on a revolving basis over the term of the facility.As of December 31, 2014, $247million was available under the Revolving Facility. Amounts outstanding under the Revolving Facility as of December 31, 2014, were denominated primarily in U.S. dollars and to a lesser extent in euros.

The margin on LIBOR borrowings under the Revolving Facility, which can range from 0.9%to 1.575% depending on our credit rating, was 1.40% at December 31, 2014. The margin on alternate base rate borrowings under the Revolving Facility can range from 0.0% to 0.575%. We also pay an annual facility fee on the Revolving Facility based on our credit rating. The facility fee can range from 0.10% to0.30% and was 0.225% at December 31, 2014.

We have $100million in unsecured notes through a private placement debt transaction (the “Notes”). The Notes comprise $50million in series A notes with a fixed interest rate of 4.57% and $50million in series B notes with a fixed interest rate of 5.20%. The Notes are due in January 2021 with principal payments under the series A notes beginning in January 2015.

As of December 31, 2014, we had two unsecured multi-currency revolving bank credit facilities with a total of $40million in available credit, of which approximately $20million was available at December 31, 2014. A $20million facility expires in December 2015 and a $20million facility expires in February 2017. Interest on these facilities is based on LIBOR plus a margin. The margin ranges from 0.9% to 2.0%. We also have the ability to borrow from other banks, at the banks’ discretion, under short-term uncommitted agreements. Various foreign subsidiaries maintain other lines of credit and overdraft facilities with a number of banks.

We have a $24million unsecured committed credit facility that expires in April 2016. Interest on this facility is based on LIBOR plus a margin, which ranges from 1.20% to 1.575%. As of December 31, 2014, $24million was available under the facility.

We have three unsecured letter of credit facilities totaling $179million, of which approximately $72million was available at December 31, 2014. An $85million facility expires in June 2015, a $40million facility expires in December 2015, and a $54 million facility expires in December 2016. The Revolving Facility and the multi-currency revolving credit facilities are also used for issuance of letters of credit and bank guarantees.

Minimum repayments of long-term debt are as follows:
	(In millions)		Capital leases	Other long-term debt	Total
	2015	$	21.3	12.8	34.1
	2016		17.3	8.9	26.2
	2017		9.7	240.6	250.3
	2018		7.1	7.1	14.2
	2019		4.5	7.1	11.6
	Later years		5.0	66.0	71.0
	Total	$	64.9	342.5	407.4

The Revolving Facility, the Notes, the unsecured multi-currency revolving bank credit facilities, the unsecured committed credit facility and the letter of credit facilities contain subsidiary guarantees and various financial and other covenants. The financial covenants, among other things, limit our total indebtedness, limit priority debt, limit asset sales, limit the use of proceeds from asset sales and provide for minimum coverage of interest costs. The credit agreements do not provide for the acceleration of payments should our credit rating be reduced. If we were not to comply with the terms of our various credit agreements, the repayment terms could be accelerated and the commitments could be withdrawn. An acceleration of the repayment terms under one agreement could trigger the acceleration of the repayment terms under the other loan agreements. We were in compliance with all financial covenants at December 31, 2014.

We redeemed $43.2 million of bonds issued by the Peninsula Ports Authority of Virginia at par in the third quarter of 2014. The amount paid, including accrued and unpaid interest, was $44.3 million. Although we were not the primary obligor of the debt, we recorded the obligation as debt because we had guaranteed its payment. The guarantee originated as part of a former interest in Dominion Terminal Associates, a deep water coal terminal related to our former coal business.

At December 31, 2014, we had undrawn letters of credit and guarantees totaling $123.1million, including $107.0million issued under the letter of credit facilities, $14.3million issued under the multi-currency revolving bank credit facilities, and $1.8million issued under other credit facilities. These letters of credit primarily support our obligations under various self-insurance programs and credit facilities.

Capital Leases

Property and equipment acquired under capital leases are included in property and equipment as follows:

			December 31,
(In millions)			2014	2013
Asset class:
	Buildings	$	2.3	2.6
	Vehicles		107.5	103.7
	Machinery and equipment		31.5	31.8
			141.3	138.1
	Less: accumulated amortization		(71.2)	(57.6)
	Total	$	70.1	80.5