Annual report pursuant to Section 13 and 15(d)

DEBT AND CREDIT FACILITIES (Tables)

v3.19.3.a.u2
DEBT AND CREDIT FACILITIES (Tables)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Debt Disclosure [Abstract]      
Schedule Of Long-Term Debt
The following represents a summary of our long-term debt:
(In Millions)
December 31, 2019
Debt Instrument
 
Annual Effective Interest Rate
 
Total Principal Amount
 
Debt Issuance Costs
 
Unamortized Discounts
 
Total Debt
Senior Secured Notes:
 
 
 
 
 
 
 
 
 
 
$400 Million 4.875% 2024 Senior Notes
 
5.00%
 
$
400.0

 
$
(4.6
)
 
$
(1.8
)
 
$
393.6

Senior Unsecured Notes:
 
 
 
 
 
 
 
 
 
 
$316.25 Million 1.50% 2025 Convertible Senior Notes
 
6.26%
 
316.3

 
(4.6
)
 
(65.0
)
 
246.7

$1.075 Billion 5.75% 2025 Senior Notes
 
6.01%
 
473.3

 
(3.6
)
 
(5.5
)
 
464.2

$750 Million 5.875% 2027 Senior Notes
 
6.49%
 
750.0

 
(6.3
)
 
(27.3
)
 
716.4

$800 Million 6.25% 2040 Senior Notes
 
6.34%
 
298.4

 
(2.2
)
 
(3.3
)
 
292.9

ABL Facility
 
N/A
 
450.0

 
N/A

 
N/A

 
—

Long-term debt
 
 
 
 
 
 
 
 
 
$
2,113.8

(In Millions)
December 31, 2018
Debt Instrument
 
Annual Effective Interest Rate
 
Total Principal Amount
 
Debt Issuance Costs
 
Unamortized Discounts
 
Total Debt
Senior Secured Notes:
 
 
 
 
 
 
 
 
 
 
$400 Million 4.875% 2024 Senior Notes
 
5.00%
 
$
400.0

 
$
(5.7
)
 
$
(2.2
)
 
$
392.1

Unsecured Senior Notes:
 
 
 
 
 
 
 
 
 
 
$700 Million 4.875% 2021 Senior Notes
 
4.89%
 
124.0

 
(0.2
)
 
—

 
123.8

$316.25 Million 1.50% 2025 Convertible Senior Notes
 
6.26%
 
316.3

 
(5.5
)
 
(75.6
)
 
235.2

$1.075 Billion 5.75% 2025 Senior Notes
 
6.01%
 
1,073.3

 
(9.9
)
 
(14.6
)
 
1,048.8

$800 Million 6.25% 2040 Senior Notes
 
6.34%
 
298.4

 
(2.3
)
 
(3.3
)
 
292.8

ABL Facility
 
N/A
 
450.0

 
N/A

 
N/A

 
—

Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
0.2

Long-term debt
 
 
 


 
 
 
 
 
$
2,092.9


   
Schedule of Extinguishment of Debt [Table Text Block]
The following is a summary of the debt extinguished and the respective loss on extinguishment:
 
 
(In Millions)
 
 
Year Ended
December 31, 2019
 
 
Debt Extinguished
 
(Loss) on Extinguishment1
Unsecured Notes:
 
 
 
 
$700 Million 4.875% 2021 Senior Notes
 
$
124.0

 
$
(5.3
)
$1.075 Billion 5.75% 2025 Senior Notes
 
600.0

 
(12.9
)
 
 
$
724.0

 
$
(18.2
)
 
 
 
 
 
1 This includes premiums paid related to the redemption of our notes of $5.3 million.

The following is a summary of the debt extinguished and the respective gain (loss) on extinguishment:
 
 
(In Millions)
 
 
Year Ended
December 31, 2018
 
 
Debt Extinguished
 
Gain (Loss) on Extinguishment1
Unsecured Notes:
 
 
 
 
$400 Million 5.90% 2020 Senior Notes
 
$
88.9

 
$
(3.3
)
$500 Million 4.80% 2020 Senior Notes
 
122.4

 
(3.7
)
$700 Million 4.875% 2021 Senior Notes
 
14.4

 
0.1

$1.075 Billion 5.75% 2025 Senior Notes
 
1.7

 
0.1

 
 
$
227.4

 
$
(6.8
)
 
 
 
 
 
1 This includes premiums paid related to the redemption of our notes of $7.1 million.

The following is a summary of the debt extinguished and the respective gain (loss) on extinguishment:
 
 
(In Millions)
 
 
Year Ended
December 31, 2017
 
 
Debt Extinguished
 
Gain (Loss) on Extinguishment1
Secured Notes:
 
 
 
 
$540 Million 8.25% 2020 First Lien Notes
 
$
540.0

 
$
(93.5
)
$218.5 Million 8.00% 2020 1.5 Lien Notes
 
218.5

 
45.1

$544.2 Million 7.75% 2020 Second Lien Notes
 
430.1

 
(104.5
)
Unsecured Notes:
 
 
 
 
$400 Million 5.90% 2020 Senior Notes
 
136.7

 
(7.8
)
$500 Million 4.80% 2020 Senior Notes
 
114.4

 
(1.9
)
$700 Million 4.875% 2021 Senior Notes
 
171.0

 
(2.8
)
 
 
$
1,610.7

 
$
(165.4
)
 
 
 
 
 
1 This includes premiums paid related to the redemption of our notes of $110.0 million.

Schedule of Maturities of Long-term Debt [Table Text Block]
The following represents a summary of our debt instrument maturities based on the principal amounts outstanding at December 31, 2019:
 
(In Millions)
 
Maturities of Debt
2020
$
—

2021
—

2022
—

2023
—

2024
400.0

2025 and thereafter
1,838.0

Total maturities of debt
$
2,238.0


   
Schedule of Line of Credit Facilities [Table Text Block]
The following represents a summary of our borrowing capacity under the ABL Facility:
 
(In Millions)
 
December 31, 2019
 
December 31, 2018
Available borrowing base on ABL Facility1
$
395.7

 
$
323.7

Letter of credit obligations and other commitments2
(37.9
)
 
(55.0
)
Borrowing capacity available3
$
357.8

 
$
268.7

 
 
 
 
1 The ABL Facility has a maximum borrowing base of $450 million, determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment.
2 We issued standby letters of credit with certain financial institutions in order to support business obligations including, but not limited to, workers compensation and environmental obligations.
3 As of December 31, 2019 and 2018 we had no loans drawn under the ABL Facility.