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Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2016
Line of Credit Facility [Line Items]  
Schedule of Long-Term-Debt
(in millions)
 
Dec 31, 2016
 
Dec 31, 2015
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
 
(255.6
)
 
(257.8
)
Debt issuance costs
 
(10.6
)
 
(12.1
)
Asset-Based Revolving Credit Facility ("Revolving Credit Facility")
 
75.9

 
127.6

Other
 
9.0

 
9.2

Europe
 
 
 
 
Revolving Credit Facility
 

 
8.7

Other
 
7.4

 
23.4

Latin America credit facilities
 
82.4

 
113.8

Africa/Asia Pacific credit facilities
 
0.6

 
37.4

Total debt
 
938.6

 
1,079.7

Less current maturities
 
67.5

 
168.1

Long-term debt
 
$
871.1

 
$
911.6

Schedule of Debt Information
The Company’s Subordinated Convertible Notes and terms are summarized in the tables below. For a discussion of the effects on earnings per share, refer to Note 17 - Earnings Per Common Share.
 
 
Subordinated Convertible Notes due 2029 (1)
Conversion Rights — The notes are convertible at the option of the holder into the Company’s common stock upon the occurrence of certain events, including
 
(i) during any calendar quarter commencing after March 31, 2010, in which the closing price of the Company’s common stock is greater than or equal to 130% of the conversion price for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter (establishing a contingent conversion price of $47.78);
 
 
(ii) during any five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the notes for each day of that period is less than 98% of the product of the closing sale price of the Company’s common stock and the applicable conversion rate;
 
 
(iii) certain distributions to holders of the Company’s common stock are made or upon specified corporate transactions including a consolidation or merger;
 
 
(iv) a fundamental change as defined;
 
 
 
 
 
(v) at any time during the period beginning on August 31, 2029 and ending on the close of business on the business day immediately preceding the stated maturity date; and
 
 
 
 
 
(vi) on or after November 15, 2019, the Company may redeem all or a part of the notes for cash at a price equal to 100% of the principal amount of the notes, plus interest, if the price of the Company's common stock has been at least 150% of the conversion price then in effect for at least 20 trading days during the 30 consecutive trading day period immediately preceding the date on which notice is given.
 
 
 
Initial conversion rate
 
$36.75 per share — approximating 27.2109 shares per $1,000 principal amount of notes
 
 
 
Upon conversion
 
A holder will receive, in lieu of common stock, an amount of cash equal to the lesser of (i) the principal amount of the notes, or (ii) the conversion value, determined in the manner set forth in the indenture governing the notes, of a number of shares equal to the conversion rate.
 
 
If the conversion value exceeds the principal amount of the notes on the conversion date, the Company will also deliver, at the Company’s election, cash or common stock or a combination of cash and common stock with respect to the conversion value upon conversion.
 
 
If conversion occurs in connection with a “fundamental change” as defined in the notes indenture, the Company may be required to repurchase the notes for cash at a price equal to the principal amount plus accrued but unpaid interest.
 
 
If conversion occurs in connection with certain changes in control, the Company may be required to deliver additional shares of the Company’s common stock (a “make whole” premium) by increasing the conversion rate with respect to such notes.
 
 
 
Share issuable upon conversion
 
The Company may issue additional shares up to 11,686,075 under almost all conditions and up to 14,315,419 under the “make-whole” premium
 
 
 
Guarantee
 
None
(1)
In the event of a “fundamental change” or exceeding the aforementioned average pricing thresholds, the Company would be required to classify the amount outstanding as a current liability.
5.75% Senior Notes due 2022 [Member]  
Line of Credit Facility [Line Items]  
Schedule of Long-Term-Debt
The Company's 5.75% Senior Notes are summarized in the table below:
 
5.75% Senior Notes
(in millions)
December 31, 2016
 
December 31, 2015
Face Value
$
600.0

 
$
600.0

Debt issuance costs
(7.0
)
 
(8.2
)
Book value
593.0

 
591.8

Fair Value (Level 1)
579.0

 
450.0

Stated 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]  
Line of Credit Facility [Line Items]  
Schedule of Long-Term-Debt
The Company’s Subordinated Convertible Notes due 2029 outstanding as of December 31, 2016 and 2015 are as follows:
 
 
Subordinated Convertible Notes Due 2029
 
 
 
(in millions)
 
Dec 31, 2016
 
Dec 31, 2015
Face value
 
$
429.5

 
$
429.5

Debt discount
 
(255.6
)
 
(257.8
)
Debt issuance costs
 
(3.6
)
 
(3.9
)
Book value
 
170.3

 
167.8

Fair value (Level 1)
 
343.8

 
265.8

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
Revolving Credit Facility [Member]  
Line of Credit Facility [Line Items]  
Schedule of Credit Facilities
The Company's Revolving Credit Facility is summarized in the table below:
 
Revolving Credit Facility
(in millions)
Dec 31, 2016
 
Dec 31, 2015
Outstanding borrowings
$
75.9

 
$
136.3

Total credit under facility
700.0

 
1,000.0

Undrawn availability(1)
399.0

 
347.5

Interest rate
2.5
%
 
2.5
%
Outstanding letters of credit
$
21.7

 
$
36.7

Original issuance
Jul 2011
Maturity date
Sept 2018


(1) Total undrawn availability for the U.S. borrower, the Canadian borrower and the European borrowers at December 31, 2016 is $265.0 million, $36.6 million and $97.4 million, respectively. Total undrawn availability for the U.S. borrower, the Canadian borrower and the European borrowers at December 31, 2015 is $239.1 million, $34.8 million and $73.6 million, respectively.
Europe And Mediterranean Credit Facilities [Member]  
Line of Credit Facility [Line Items]  
Schedule of Credit Facilities
The Company’s Latin America credit facilities are summarized in the table below:
(in millions)
 
Dec 31, 2016
 
Dec 31, 2015
Outstanding borrowings
 
$
82.4

 
$
113.8

Undrawn availability
 
38.2

 
44.4

Interest rate — weighted average
 
11.0
%
 
8.6
%
Maturity date
 
Various; $63.9 million due within one year
Rest Of World Credit Facilities [Member]  
Line of Credit Facility [Line Items]  
Schedule of Credit Facilities
The Company’s Africa/Asia Pacific credit facilities are summarized in the table below:
(in millions)
 
Dec 31, 2016
 
Dec 31, 2015
Outstanding borrowings
 
$
0.6

 
$
37.4

Undrawn availability
 
11.2

 
85.8

Interest rate — weighted average
 
8.5
%
 
6.5
%
Maturity date
 
Various; $0.6 million due within one year