XML 44 R33.htm IDEA: XBRL DOCUMENT v3.20.2
Long-Term Debt Long-Term Debt (Tables)
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt consists of the following (in millions):
September 30, 2020December 31, 2019
Term A Loan$1,164.1 $1,203.1 
Revolving Credit Facility138.0 310.0 
Senior Notes1,000.0 — 
Other21.1 41.7 
Total long-term debt principal2,323.2 1,554.8 
Less: current portion of long-term debt(76.5)(79.1)
Long-term debt before debt issuance costs and discount2,246.7 1,475.7 
Less: debt issuance costs and discount(20.0)(10.6)
Long-term debt, net of current portion$2,226.7 $1,465.1 
Schedule of Maturities of Long-term Debt
As of September 30, 2020, principal maturities, including payments related to our finance leases, are as follows (in millions):
2020 (remaining)$20.4 
202172.3 
2022111.7 
20231,118.8 
2024— 
Thereafter1,000.0 
Total$2,323.2 
Schedule of Derivative Instruments As of September 30, 2020, we had the following interest rate swap agreements (collectively, the "Swap Agreements") (in millions):
Effective datesNotional amountFixed rates
March 31, 2017 through March 31, 2022$200.0 2.08%
September 29, 2017 through September 30, 2021$200.0 1.69%
April 30, 2018 through April 30, 2023$250.0 2.61%
January 31, 2019 through January 31, 2023$300.0 2.65%
Under the terms of the Swap Agreements, we receive payments based on the 1-month London Interbank Offered Rate ("LIBOR") (approximately 0.15% as of September 30, 2020).
The estimated fair values of our Swap Agreements are as follows (in millions):    
Balance sheet accountsSeptember 30, 2020December 31, 2019
Other current liabilities$3.1 $— 
Other non-current liabilities$40.0 $21.9 
A cumulative loss of $43.1 million ($32.2 million net of tax) and cumulative loss of $21.9 million ($16.4 million net of tax) is reflected in Accumulated other comprehensive loss as of September 30, 2020 and December 31, 2019, respectively. Below is a summary of the effect of derivative instruments on amounts recognized in Other comprehensive (loss) earnings ("OCE") on the accompanying Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) (in millions):
Three months ended September 30,
20202019
Amount of gain
recognized
in OCE
Amount of loss reclassified from Accumulated OCE
into Net earnings
Amount of loss
recognized
in OCE
Amount of loss reclassified from Accumulated OCE
into Net earnings
Swap agreements$0.1 $3.9 $(3.0)$0.1 
Nine months ended September 30,
20202019
Amount of loss
recognized
in OCE
Amount of loss reclassified from Accumulated OCE
into Net earnings
Amount of loss
recognized
in OCE
Amount of gain reclassified from Accumulated OCE
into Net earnings
Swap agreements$(24.1)$8.3 $(21.0)$(0.9)