XML 80 R35.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
DEBT (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the original issuance (discount) and premium activity for the years ended December 31, 2019 and 2018 (amounts in millions):

 
US Term Loan
 
EMEA Term Loan
 
7.875% Senior Unsecured Notes
 
Total
Balance, December 31, 2017
$
(6.5
)
 
$
—

 
$
15.8

 
$
9.3

New Original Issuance Discount
(8.9
)
 
(4.4
)
 
—

 
(13.3
)
Fees paid to lenders
(35.2
)
 
(19.4
)
 
—

 
(54.6
)
Amortization
3.5

 
1.8

 
(1.8
)
 
3.5

Loss on debt extinguishment
7.3

 
—

 
—

 
7.3

Balance, December 31, 2018
(39.8
)
 
(22.0
)
 
14.0

 
(47.8
)
Amortization
5.6

 
3.3

 
(1.9
)
 
7.0

Balance, December 31, 2019
$
(34.2
)
 
$
(18.7
)
 
$
12.1

 
$
(40.8
)

The following table summarizes the debt issuance costs activity for the years ended December 31, 2019 and 2018 (amounts in millions):

 
US Term Loan
 
EMEA Term Loan
 
7.875% Senior Unsecured Notes
 
Revolving Line of Credit
 
Total
Balance, December 31, 2017
$
(14.7
)
 
$
—

 
$
(16.1
)
 
$
(3.0
)
 
$
(33.8
)
Debt issuance costs incurred
(4.7
)
 
(3.4
)
 
—

 
(0.6
)
 
(8.7
)
Amortization
1.8

 
0.2

 
1.8

 
0.6

 
4.4

Loss on debt extinguishment
6.1

 
—

 
—

 
0.4

 
6.5

Balance, December 31, 2018
(11.5
)
 
(3.2
)
 
(14.3
)
 
(2.6
)
 
(31.6
)
Debt issuance costs incurred
—

 
—

 
—

 
(1.2
)
 
(1.2
)
Amortization
1.6

 
0.5

 
2.0

 
0.7

 
4.8

Balance, December 31, 2019
$
(9.9
)
 
$
(2.7
)
 
$
(12.3
)
 
$
(3.1
)
 
$
(28.0
)

The unused and available amount of the Revolving Line of Credit Facility at December 31, 2019 was as follows (amounts in millions):

Committed capacity
$
250.0

Borrowings outstanding
(140.0
)
Letters of credit issued
(10.9
)
Unused and available
$
99.1


Long-term debt is summarized as follows (amounts in millions):

 
December 31,
 
2019
 
2018
US Term loan
$
1,743.5

 
$
1,761.2

EMEA Term loan
828.8

 
857.6

7.875% Senior unsecured notes
575.0

 
575.0

Revolving line of credit
140.0

 
59.0

Other secured loans
4.3

 
18.1

Total debt obligations
3,291.6

 
3,270.9

Unamortized debt issuance costs
(28.0
)
 
(31.6
)
Unamortized original issuance discount, net
(40.8
)
 
(47.8
)
Carrying value of debt
3,222.8

 
3,191.5

Less current portion
(30.2
)
 
(39.9
)
Long-term debt less current portion
$
3,192.6

 
$
3,151.6
Debt Instrument Redemption If triggered, the covenant, as amended, requires the Company to maintain a Consolidated Net Secured Leverage Ratio, on a Pro Forma Basis, below the maximum ratio specified as follows:

Fiscal Quarter Ending
 
Maximum Ratio
December 31, 2019
 
6.50:1
March 31, 2020
 
6.50:1
June 30, 2020
 
6.50:1
September 30, 2020
 
6.25:1
December 31, 2020
 
6.25:1
March 31, 2021
 
5.50:1
June 30, 2021
 
5.00:1
September 30, 2021
 
5.00:1
December 31, 2021
 
4.50:1
March 31, 2022
 
4.50:1
June 30, 2022 and thereafter
 
4.25:1
Schedule of Derivative Instruments
In April and May 2018, the Company entered into the following interest rate swap arrangements to partially mitigate the variability of cash flows due to changes in the Eurodollar rate, specifically related to interest payments on our term loans under the 2018 Credit Agreement:

Trade date
April 6, 2018

 
May 17, 2018

 
May 17, 2018

 
May 17, 2018

Notional amount (in millions)
$
500.0

 
$
200.0

 
$
300.0

 
€
317.0

Term (years)
5

 
7

 
3

 
7

Effective date
4/30/2018

 
6/29/2018

 
6/29/2018

 
6/29/2018

Termination date
4/30/2023

 
5/31/2025

 
6/30/2021

 
5/31/2025

Fixed rate
2.6430
%
 
3.0370
%
 
2.8235
%
 
0.8900
%
Floating rate
1-month LIBOR

 
1-month LIBOR

 
1-month LIBOR

 
1-month EURIBOR
Schedule of Interest Rate Derivatives
The fair value of the interest rate swaps at December 31, 2019 and December 31, 2018 were as follows (in millions):

 
 
 
 
 
Fair Value
 
 
 
 
 
December 31, 2019
 
December 31, 2018
Derivative Instrument
Aggregate Notional Amount
Effective Date
Maturity Date
 
Asset Derivatives
 
Liability Derivatives
 
Asset Derivatives
 
Liability Derivatives
Interest rate swap
$
500.0

4/30/2018
4/30/2023
 
$
—

 
$
(18.2
)
 
$
—

 
$
(4.4
)
Interest rate swap
$
200.0

6/29/2018
5/31/2025
 
—

 
(15.3
)
 
—

 
(6.9
)
Interest rate swap
$
300.0

6/29/2018
6/30/2021
 
—

 
(5.8
)
 
—

 
(2.8
)
Interest rate swap
€
317.0

6/29/2018
5/31/2025
 
—

 
(14.2
)
 
—

 
(8.3
)
 
 
 
 
 
$
—

 
$
(53.5
)
 
$
—

 
$
(22.4
)
Schedule of Maturities of Long-term Debt
The aggregate contractual maturities of long-term debt (excluding unamortized debt issuance costs and unamortized OID) were as follows as of December 31, 2019 (amounts in millions):

 
Total debt
2020
$
30.2

2021
26.4

2022
26.1

2023
166.1

2024
601.1

2025 and beyond
2,441.7

 
$
3,291.6