Annual report pursuant to Section 13 and 15(d)

DEBT AND CREDIT FACILITIES (Tables)

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 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

Betfred0 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.