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Jarden Corporation Annual Report 2014 49
8. Warranty Reserve
Warranty reserve activity for 2014 and 2013 is as follows:
(In millions) 2014 2013
Warranty reserve at January1, $98.0$97.1
Provision for warranties issued 148.2 152.8
Warranty claims paid (148.6) (151.2)
Acquisitions and other adjustments (0.8) (0.7)
Warranty reserve at December31, $96.8$98.0
Allocation in the consolidated balance sheets:
Other current liabilities $84.2$86.3
Other non-current liabilities 12.6 11.7
Total $ 96.8$98.0
9. Debt
Debt is comprised of the following at December31, 2014 and 2013:
(In millions) 2014 2013
Senior Secured Credit Facility Term Loans $2,024.6$2,127.4
61⁄8% Senior Notes due 2022 (a) 300.0 300.0
33⁄4% Senior Notes due 2021 (a) 357.9 —
71⁄2% Senior Subordinated Notes due 2017(b) 650.6 654.1
71⁄2% Senior Subordinated Notes due 2020 — 477.1
17/8% Senior Subordinated Convertible Notes due 2018(c) 445.8 433.0
11⁄2% Senior Subordinated Convertible Notes due 2019 (c) 226.0 218.5
11⁄8% Senior Subordinated Convertible Notes due 2034(c) 484.1 —
Securitization Facility 479.3 477.9
Non-U.S. borrowings 83.2 45.6
Other 7.4 8.8
Total debt 5,058.9 4,742.4
Less: current portion (594.9 )(655.1 )
Total long-term debt $4,464.0 $4,087.3
(a) Collectively, the “Senior Notes.”
(b) Collectively, the “Senior Subordinated Notes.”
(c) Collectively, the “Senior Subordinated Convertible Notes.”
Senior Secured Credit Facility
In December 2014, the Company entered into an amendment to its senior secured credit facility (the “Facility”), which resulted in,
among other things, lowering the spread and extending the maturity dates on the term loan A facility.
At December31, 2014, the Facility is comprised of:
• a $660 senior secured term loan A facility maturing in December 2019, that bears interest at LIBOR plus a basis point spread;
• a $650 senior secured term loan B facility maturing in March 2018 that bears interest at LIBOR plus a basis point spread;
• a $750 senior secured term loan B1 facility maturing in September 2020 that bears interest at LIBOR plus a basis point spread;
and
Notes to Consolidated Financial Statements
Jarden Corporation Annual Report 2014 (Dollars in millions, except per share data and unless otherwise indicated)