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INDEBTEDNESS (Tables)
3 Months Ended
Mar. 28, 2015
INDEBTEDNESS  
Schedule of debt activity (both current and non-current)

 

 

 

December 31,

 

 

 

 

 

 

 

March 28,

 

 

 

2014

 

Borrowings

 

Repayments

 

Other (4)

 

2015

 

Domestic revolving loan facility

 

$

133.0

 

196.0

 

(119.0

)

 

$

210.0

 

Term loan (1)

 

575.0

 

 

 

 

575.0

 

6.875% senior notes, due in August 2017

 

600.0

 

 

 

 

600.0

 

Trade receivables financing arrangement (2)

 

10.0

 

70.0

 

(25.0

)

 

55.0

 

Other indebtedness (3)

 

51.7

 

0.2

 

(4.5

)

(1.3

)

46.1

 

Total debt

 

1,369.7

 

$

266.2

 

$

(148.5

)

$

(1.3

)

1,486.1

 

Less: short-term debt

 

181.1

 

 

 

 

 

 

 

298.5

 

Less: current maturities of long-term debt

 

30.8

 

 

 

 

 

 

 

37.7

 

Total long-term debt

 

$

1,157.8

 

 

 

 

 

 

 

$

1,149.9

 

 

 

(1)

The term loan is repayable in quarterly installments of 5.0% annually, beginning with our second fiscal quarter of 2015, with the remaining balance repayable in full on December 23, 2018.

 

(2)

Under this arrangement, we can borrow, on a continuous basis, up to $80.0, as available. At March 28, 2015, we had $19.4 of available borrowing capacity under this facility after giving effect to outstanding borrowings of $55.0.

 

(3)

Primarily included balances under a purchase card program of $28.4 and $32.1 and capital lease obligations of $12.6 and $13.6 at March 28, 2015 and December 31, 2014, respectively. The purchase card program allows for payment beyond the normal payment terms for goods and services acquired under the program. As this arrangement extends the payment of these purchases beyond their normal payment terms through third-party lending institutions, we have classified these amounts as short-term debt.

 

(4)

“Other” primarily included debt assumed and foreign currency translation on any debt instruments denominated in currencies other than the U.S. dollar.