Long-Term Debt (Tables)

9 Months Ended

Oct. 02, 2015

Schedule of Long-Term-Debt

(in millions)	October 2, 2015			December 31, 2014
North America
5.75% Senior Notes due 2022 ("5.75% Senior Notes")	$	600.0		$	600.0
Subordinated Convertible Notes due 2029 ("Subordinated Convertible Notes")	429.5			429.5
Debt discount on Subordinated Convertible Notes	(258.3		)	(259.7		)
Senior Floating Rate Notes due 2015 ("Senior Floating Rate Notes")	—			125.0
Asset-Based Revolving Credit Facility ("Revolving Credit Facility")	133.1			136.8
Other	9.0			9.0
Europe debt
Asset-Based Revolving Credit Facility ("Revolving Credit Facility")	30.5			—
Other	10.1			10.5
Latin America credit facilities	101.7			238.6
Africa/Asia Pacific credit facilities	37.1			35.8
Total debt	1,092.7			1,325.5
Less current maturities	139.9			391.6
Long-term debt	$	952.8		$	933.9

5.75% Senior Notes due 2022 [Member]

Schedule of Long-Term-Debt

The Company's 5.75% Senior Notes are summarized in the table below:

	5.75% Senior Notes
(in millions)	October 2, 2015			December 31, 2014
Face Value	$	600.0		$	600.0
Fair Value (Level 2)	505.5			483.0
Interest Rate	5.75		%	5.75		%
Interest Payment	Semi-Annual: Apr 1 & Oct 1
Maturity Date	October 2022
Guarantee	Jointly and severally guaranteed by the Company's wholly owned U.S. subsidiaries

		5.75% Senior Notes
	Beginning Date	Percentage
Call Option (1)	October 1, 2017	102.875%
	October 1, 2018	101.917%
	October 1, 2019	100.958%
	October 1, 2020 and thereafter	100.000%

(1) The Company may, at its option, redeem the 5.75% Senior Notes on or after the stated beginning dates at percentages noted above (plus accrued and unpaid interest). Additionally, on or prior to October 1, 2015, the Company had the right to redeem in the aggregate up to 35% of the aggregate principal amount of 5.75% Senior Notes issued with the cash proceeds from one or more equity offerings, at a redemption price in cash equal to 105.75% of the principal plus accrued and unpaid interest so long as (i) at least 65% of the aggregate principal amount of the 5.75% Senior Notes issued remained outstanding immediately after giving effect to any such redemption; and (ii) notice of any such redemption was given within 60 days after the date of the closing of any such equity offering. In addition, at any time prior to October 1, 2017, the Company may redeem some or all of the 5.75% Senior Notes at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, plus a make whole premium.

Convertible Debt [Member]

Schedule of Long-Term-Debt

The Company’s Subordinated Convertible Notes are summarized as of October 2, 2015 and December 31, 2014 as follows:

	Subordinated Convertible Notes
(in millions)	October 2, 2015			December 31, 2014
Face value	$	429.5		$	429.5
Debt discount	(258.3		)	(259.7		)
Book value	171.2			169.8
Fair value (Level 1)	255.3			313.1
Maturity date	Nov 2029
Stated annual interest rate	4.50% until Nov 2019 2.25% until Nov 2029
Interest payments	Semi-annually: May 15 & Nov 15

Senior Floating Rate Notes [Member]

Schedule of Long-Term-Debt

The Company’s Senior Floating Rate Notes are summarized as of October 2, 2015 and December 31, 2014 as follows:

	Senior Floating Rate Notes
(in millions)	October 2, 2015		December 31, 2014
Face value	$	—	$	125.0
Fair value (Level 1)	—		123.8
Interest rate	N/A		2.6		%
Interest payment	3-month LIBOR rate plus 2.375% Quarterly: Jan 1, Apr 1, Jul 1 & Oct 1
Maturity date	Apr 2015

Guarantee Jointly and severally guaranteed by the Company’s wholly-owned U.S. subsidiaries

Revolving Credit Facility [Member]

Schedule of Credit Facilities

The Company’s Revolving Credit Facility is summarized in the table below:

	Revolving Credit Facility
(in millions)	October 2, 2015			December 31, 2014
Outstanding borrowings	$	163.6		$	136.8
Total credit under facility	1,000.0			1,000.0
Undrawn availability(1)	369.4			425.0
Interest rate	2.5		%	2.1		%
Outstanding letters of credit	$	42.1		$	58.5
Original issuance	July 2011
Maturity date	Sept 2018

(1) Total undrawn availability for the U.S. borrower, the Canadian borrower and the European borrowers at October 2, 2015 is $267.7 million, $46.6 million and $55.1 million, respectively. Total undrawn availability for the U.S. borrower, the Canadian borrower and the European borrowers at December 31, 2014 was $257.7 million, $54.3 million and $113.0 million, respectively.

Europe And Mediterranean Credit Facilities [Member]

Schedule of Credit Facilities

The Company’s Latin America credit facilities are summarized in the table below:

(in millions)	October 2, 2015			December 31, 2014
Outstanding borrowings	$	101.7		$	238.6
Undrawn availability	60.3			79.6
Interest rate – weighted average	8.8		%	6.1		%
Maturity date	Various; $99.6 million due within one year

Rest Of World Row Credit Facilities [Member]

Schedule of Credit Facilities

The Company’s Africa credit facilities are summarized in the table below:

(in millions)	October 2, 2015			December 31, 2014
Outstanding borrowings	$	37.1		$	35.8
Undrawn availability	69.9			44.4
Interest rate – weighted average	4.5		%	4.2		%
Maturity date	Various; $37.1 million due within one year