DEBT (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Components of Long-Term Debt

The table below details the Company's debt balances. See also Note 21, "Subsequent Events," for recent debt activity updates.

	December 31,		December 31,
	2020		2019
2020 New BrandCo Second-Lien Term Loans due 2025 (a)	$	75.0	$	—
2020 New ABL FILO Term Loans due 2023 (a)	50.0		—
2020 Troubled-debt-restructuring: future interest (a)	57.8		—
5.75% Senior Notes due 2021, net of debt issuance costs (a) / (d)	—		498.1
2020 BrandCo Term Loan Facility due 2025, net of debt issuance costs (b)	1,644.8		—
2016 Term Loan Facility: 2016 Term Loan due 2023 and 2025, net of discounts and debt issuance costs (c)	874.8		1,713.6
2019 Term Loan Facility due 2023, net of discounts and debt issuance costs (e)	—		187.1
2018 Foreign Asset-Based Term Facility due 2021, net of discounts and debt issuance costs (f)	57.7		82.3
Amended 2016 Revolving Credit Facility due 2021, net of debt issuance costs (g)	136.7		269.9
6.25% Senior Notes due 2024, net of debt issuance costs (h)	425.4		442.8
Spanish Government Loan due 2025	0.3		0.4
Debt	$	3,322.5	$	3,194.2
Less current portion(*)	(217.5)		(288.0)
Long-term debt	$	3,105.0	$	2,906.2
Short-term borrowings (**)	$	2.5	$	2.2

(*) At December 31, 2020, the Company classified $217.5 million as its current portion of long-term debt, comprised primarily of $136.7 million of net borrowings under the Amended 2016 Revolving Credit Facility, net of debt issuance costs, $57.7 million of the 2018 Foreign Asset-Based Term Facility due July 9, 2021, net of debt issuance costs and debt discount, $13.7 million of payments under the 2020 BrandCo Term Loan Facility due within one year and $9.2 million of payments on the 2016 Term Loan Facility due within one year. At December 31, 2019, the Company classified $288.0 million as its current portion of long-term debt, comprised primarily of $269.9 million of net borrowings under the Amended 2016 Revolving Credit Facility, net of debt issuance costs, and $18.0 million of payments on the 2016 Term Loan Facility. See below in this Note 8, "Debt," and Note 21, "Subsequent Events," for details regarding the Company's recent debt-related transactions.

(**)The weighted average interest rate on these short-term borrowings outstanding at December 31, 2020 and 2019 was 11.7% and 8.3%, respectively.

Schedule of Debt Instrument Redemption

Corporation may redeem the 6.25% Senior Notes at its option, at any time as a whole, or from time to time in part, at the following redemption prices (expressed as percentages of principal amount), plus accrued interest to (but not including) the date of redemption, if redeemed during the 12-month period beginning on August 1 of the years indicated below:

Period	Optimal Redemption Premium Percentage
2020	103.125	%
2021	101.563	%
2022 and thereafter	100.000	%

Schedule of Line of Credit Facilities

At December 31, 2020, the aggregate principal amounts outstanding and availability under Products Corporation’s various revolving credit facilities were as follows:

	Commitment		Borrowing Base		Aggregate principal amount outstanding at December 31, 2020		Availability at December 31, 2020 (a)
Amended 2016 Revolving Credit Facility	$	400.0	$	356.9	$	188.9	$	168.0
2020 Restated Line of Credit Facility	$	30.0	N/A		$	—	$	—

(a) Availability as of December 31, 2020 is based upon the borrowing base then in effect under the Amended 2016 Revolving Credit Facility of $356.9 million, less $188.9 million then drawn consisting of $138.9 million Tranche A revolving loans and $50 million of 2020 ABL FILO Term Loans. As Products Corporation’s consolidated fixed charge coverage ratio was greater than 1.0 to 1.0 as of December 31, 2020, all of the $168.0 million of availability under the Amended 2016 Revolving Credit Facility was available as of such date. The 2018 Tranche B under the Amended 2016 Revolving Credit Facility was fully repaid in May 2020. The revolving commitments under the 2020 Restated Line of Credit Facility were terminated on December 31, 2020.