CNST » Topics » Commitments

This excerpt taken from the CNST 10-Q filed Nov 14, 2008.

Commitments

Information regarding the Company’s contingent liabilities appears in Part I within Item 1 of this report under Note 10 to the accompanying Condensed Consolidated Financial Statements, which information is incorporated herein by reference.

This excerpt taken from the CNST 10-Q filed Aug 14, 2008.

Commitments

Information regarding the Company’s contingent liabilities appears in Part I within Item 1 of this report under Note 10 to the accompanying Condensed Consolidated Financial Statements, which information is incorporated herein by reference.

This excerpt taken from the CNST 10-Q filed May 15, 2008.

Commitments

As a result of the adoption of FIN 48, the Company had a material change to the scheduled contractual obligations table disclosed in its 2006 Annual Report on Form 10-K filed March 29, 2007. As of June 30, 2007, the Company’s contractual obligation related to the adoption of FIN 48 was $0.7 million.

Information regarding the Company’s contingent liabilities appears in Part I within Item 1 of this report under Note 9 to the accompanying Condensed Consolidated Financial Statements, which information is incorporated herein by reference.

 

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Table of Contents
This excerpt taken from the CNST 10-Q filed May 15, 2008.

Commitments

Information regarding the Company’s contingent liabilities appears in Part I within Item 1 of this report under Note 9 to the accompanying Condensed Consolidated Financial Statements, which information is incorporated herein by reference.

This excerpt taken from the CNST 10-Q filed May 15, 2008.

Commitments

Information regarding the Company’s contingent liabilities appears in Part I within Item 1 of this report under Note 10 to the accompanying Condensed Consolidated Financial Statements, which information is incorporated herein by reference.

 

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Table of Contents
This excerpt taken from the CNST 10-Q filed May 15, 2008.

Commitments

As a result of the adoption of FIN 48, the Company had a material change to the scheduled contractual obligations table disclosed in its 2006 Annual Report on Form 10-K filed March 29, 2007. As of September 30, 2007, the Company’s contractual obligation related to the adoption of FIN 48 was approximately $0.7 million.

Information regarding the Company’s contingent liabilities appears in Part I within Item 1 of this report under Note 9 to the accompanying Condensed Consolidated Financial Statements, which information is incorporated herein by reference.

This excerpt taken from the CNST 10-Q filed Nov 14, 2007.

Commitments

As a result of the adoption of FIN 48, the Company had a material change to the scheduled contractual obligations table disclosed in its 2006 Annual Report on Form 10-K filed March 29, 2007. As of September 30, 2007, the Company’s contractual obligation related to the adoption of FIN 48 was approximately $0.7 million.

Information regarding the Company’s contingent liabilities appears in Part I within Item 1 of this report under Note 9 to the accompanying Condensed Consolidated Financial Statements, which information is incorporated herein by reference.

This excerpt taken from the CNST 10-Q filed Aug 14, 2007.

Commitments

As a result of the adoption of FIN 48, the Company had a material change to the scheduled contractual obligations table disclosed in its 2006 Annual Report on Form 10-K filed March 29, 2007. As of June 30, 2007, the Company’s contractual obligation related to the adoption of FIN 48 was $0.7 million.

Information regarding the Company’s contingent liabilities appears in Part I within Item 1 of this report under Note 9 to the accompanying Condensed Consolidated Financial Statements, which information is incorporated herein by reference.

This excerpt taken from the CNST 10-Q filed May 15, 2007.

Commitments

Information regarding the Company’s contingent liabilities appears in Part I within Item 1 of this report under Note 9 to the accompanying Condensed Consolidated Financial Statements, which information is incorporated herein by reference.

This excerpt taken from the CNST 10-K filed Mar 29, 2007.

Commitments

 

     Payments Due by Period
(dollars in millions)    Total    < 1
year
   2 - 3
years
   4 - 5
years
   After 5
years

Long-term debt obligations

   $ 395.0    $ —      $ —      $ —      $ 395.0

Interest on long-term debt

     217.1      37.9      75.3      75.3      28.6

Operating lease obligations

     60.6      11.8      19.6      15.4      13.8

Purchase obligations

     99.1      99.1      —        —        —  

Asset retirement obligations

     2.2      —        1.2      —        1.0

Pension and post-retirement obligations

     5.1      5.1      —        —        —  

Other long-term obligations

     6.9      6.9      —        —        —  
                                  

Total contractual cash obligations

   $ 786.0    $ 160.8    $ 96.1    $ 90.7    $ 438.4
                                  

At December 31, 2006, the Company had certain commitments that will require future outlays of cash. Commitments related to future minimum lease payments under long-term operating leases, principally for real estate, are $11.8 million for 2007, $10.3 million for 2008, $9.3 million for 2009, $8.2 million for 2010, $7.2 million for 2011 and $13.8 million thereafter. Commitments related to future expenditures on approved capital projects are $6.9 million for 2007.

The Company’s credit facility matures in 2009 and the Senior Notes and Subordinated Notes mature in 2012. There are no required annual principal payments on either of these loans prior to their respective maturities. Annual interest expense, net for fiscal 2006 was approximately $41.1 million. The Subordinated Notes carry a fixed interest rate of 11% on the $175 million outstanding. Annual cash payments will be $19.3 million while our Subordinated Notes are outstanding. The Senior Notes bear interest at the rate of three-month LIBOR plus 3.375% per annum. Interest on the Senior Notes is reset quarterly. In May 2005, the Company entered into an interest rate swap for a notional amount of $100.0 million. The Company effectively exchanged its floating interest rate of LIBOR plus 3.375% for a fixed rate of 7.9% through the period ending February 2012. In addition, the Company’s borrowings under its credit facility bear interest rates based on either a floating base rate or LIBOR. Therefore, we are not able to accurately predict future interest payments because of the variability of future interest rates and borrowing requirements. However, based on interest rates and debt levels at December 31, 2006, annualized cash interest costs for fiscal 2007 would be approximately $37.9 million. There were no other commitments outstanding at December 31, 2006 that were material to the Company’s financial condition. See Note 10 to the accompanying Notes to Consolidated Financial Statements.

The Company is party to two purchase commitments with suppliers of raw materials. The commitments contain minimum purchase requirements for raw materials subject to adjustment based on the contractual terms.

The Company has asset retirement obligations (“ARO”) resulting from certain leased facilities where a contractual commitment exists to remove leasehold improvements and return the property to a specified condition when the lease terminates. At December 31, 2006, the net present value of these obligations was $2.2 million.

In addition, the Company expects to make cash contributions to its domestic and foreign benefit plans of approximately $5.1 million during 2007. Cash contributions in subsequent years will depend on a number of factors and assumptions including the performance of plan assets, discount rates, compensation increases, health care cost increases, mortality and employee turnover.

This excerpt taken from the CNST 10-Q filed Nov 14, 2006.

Commitments

Information regarding the Company’s contingent liabilities appears in Part I within Item 1 of this report under Note 8 to the accompanying Condensed Consolidated Financial Statements, which information is incorporated herein by reference.

This excerpt taken from the CNST 10-Q filed Aug 14, 2006.

Commitments

Information regarding the Company’s contingent liabilities appears in Part I within Item 1 of this report under Note 8 to the accompanying Condensed Consolidated Financial Statements, which information is incorporated herein by reference.

This excerpt taken from the CNST 10-Q filed May 15, 2006.

Commitments

Information regarding the Company’s contingent liabilities appears in Part I within Item 1 of this report under Note 7 to the accompanying Consolidated Financial Statements, which information is incorporated herein by reference.

This excerpt taken from the CNST 10-K filed Mar 29, 2006.

Commitments

 

     Payments Due by Period

($ in millions)    Total

   Less than
1 year


   2 - 3
years


   4 - 5
years


   After 5
years


Debt

   $ 405.2    $ 1.5    $ —      $ 10.5    $ 393.2

Operating Leases

     68.9      12.8      19.2      15.6      21.3

Other Long-Term Obligations

     6.0      6.0      —        —        —  
    

  

  

  

  

Total Contractual Cash Obligations

   $ 480.1    $ 20.3    $ 19.2    $ 26.1    $ 414.5
    

  

  

  

  

 

At December 31, 2005, the Company had certain commitments that will require future outlays of cash. Commitments related to future minimum lease payments under long-term operating leases, principally for real estate, are $12.8 million for 2006, $10.1 million for 2007, $9.1 million for 2008, $8.2 million for 2009, $7.4 million for 2010 and $20.6 million thereafter. Commitments related to future expenditures on approved capital projects are $6.0 million for 2006. The Company’s credit facility matures in 2009 and the Senior Notes and Subordinated Notes mature in 2012. There are no required annual principal payments on either of these loans prior to their respective maturities. All amounts previously outstanding under the Company’s former revolver loan, Term B Loan and second lien loan were repaid. In connection therewith, the Company incurred approximately $3.5 million of prepayment penalties.

 

Annual interest expense, net for fiscal 2005 was approximately $38.9 million. Our Subordinated Notes carry a fixed interest rate of 11% on the $175 million outstanding. Annual cash payments will be $19.3 million while our Subordinated Notes are outstanding. Our Senior Notes bear interest at the rate of three-month LIBOR plus 3.375% per annum. Interest on the Senior Notes is reset quarterly. In May 2005, the Company entered into an interest rate swap for a notional amount of $100.0 million. The Company effectively exchanged its floating interest rate of LIBOR plus 3.375% for a fixed rate of 7.9% through the period ending February 2012. In addition, the Company’s borrowings under its credit facility bear interest rates based on either a floating base rate or LIBOR. Therefore, we are not able to accurately predict future interest payments because of the variability of future interest rates and borrowing requirements. However, based on interest rates and debt levels at December 31, 2005, our annualized cash interest costs for fiscal 2006 would be approximately $37.6 million. There were no other commitments outstanding at December 31, 2005 that were material to our financial condition. See Note 9 to the accompanying Notes to Consolidated Financial Statements.

 

In addition, the Company expects to make cash contributions to its domestic and foreign benefit plans of approximately $6.6 million during 2006. Cash contributions in subsequent years will depend on a number of factors and assumptions including the performance of plan assets, discount rates, compensation increases, health care cost increases, mortality and employee turnover.

 

This excerpt taken from the CNST 10-Q filed Nov 9, 2005.

Commitments

 

Information regarding the Company’s contingent liabilities appears in Part I within Item 1 of this report under Note 11 to the accompanying Consolidated Financial Statements, which information is incorporated herein by reference.

 

This excerpt taken from the CNST 10-Q filed Aug 18, 2005.

Commitments

 

Information regarding the Company’s contingent liabilities appears in Part I within Item 1 of this report under Note 11 to the accompanying Consolidated Financial Statements, which information is incorporated herein by reference.

 

This excerpt taken from the CNST 10-Q filed Aug 9, 2005.

Commitments

 

Information regarding the Company’s contingent liabilities appears in Part I within Item 1 of this report under Note 11 to the accompanying Consolidated Financial Statements, which information is incorporated herein by reference.

 

This excerpt taken from the CNST 10-Q filed May 10, 2005.

Commitments

 

Information regarding the Company’s contingent liabilities appears in Part I within Item 1 of this report under Note 11 to the accompanying Consolidated Financial Statements, which information is incorporated herein by reference.

 

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Table of Contents
This excerpt taken from the CNST 10-K filed Mar 31, 2005.

Commitments

 

     Payments Due by Period

($ in millions)    Total

   Less than
1 year


   2 - 3
years


   4 - 5
years


   After 5
years


Debt

   $ 388.4    $ 2.7    $ 19.6    $ 118.2    $ 247.9

Operating Leases

     61.7      12.1      16.4      12.5      20.7

Other Long-Term Obligations

     6.5      6.5      —        —        —  
    

  

  

  

  

Total Contractual Cash Obligations

   $ 456.6    $ 21.3    $ 36.0    $ 130.7    $ 268.6
    

  

  

  

  

 

At December 31, 2004, the Company had certain commitments that will require future outlays of cash. Commitments related to future minimum lease payments under long-term operating leases, principally for real estate, are $12.1 million for 2005, $9.9 million for 2006, $6.5 million for 2007, $5.7 million for 2008, $6.8 million for 2009 and $20.7 million thereafter. Commitments related to future expenditures on approved capital projects are $6.5 million for 2005. Prior to the February 2005 refinancing, the Company was required to pay $1.3 million of principal annually with respect to the Term B Loan. The Revolver Loan was to mature in 2007, the Term B Loan was to mature in 2009, and the Notes mature in 2012. In addition, the Second Lien Loan of $75 million was to mature in 2010. Subsequent to the refinancing in February 2005, the Company’s new Credit Agreement matures in 2009 and the Senior Notes mature in 2012. There are no required annual principal

 

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Table of Contents

payments on either of these loans prior to their respective maturities. All amounts previously outstanding under the Revolver Loan, Term B Loan and Second Lien Loan were repaid. In connection therewith, the Company incurred approximately $3.5 million of prepayment penalties.

 

These amounts exclude interest expense to be paid in connection with the loans discussed above. Annual interest expense, net for fiscal 2004 was approximately $39.8 million. The Notes carry a fixed interest rate of 11% on the $175 million outstanding. Annual cash payments will be $19.3 million while these Notes are outstanding. The Company’s borrowings under the new Credit Agreement and Senior Notes bear interest rates based on either a floating rate Base Rate or the LIBOR Rate. Therefore, the Company is not able to accurately predict future interest payments because of the variability of future interest rates and borrowing requirements. There were no other commitments outstanding at December 31, 2004 that were material to the Company’s financial condition. See Note 10 to the accompanying Notes to Combined and Consolidated Financial Statements for information related to the Notes and the Senior Secured Credit Agreement.

 

In addition, the Company expects to make cash contributions to its domestic and foreign benefit plans of approximately $9.0 million during 2005. Cash contributions in subsequent years will depend on a number of factors and assumptions including the performance of plan assets, discount rates, compensation increases, health care cost increases, mortality and employee turnover.

 

This excerpt taken from the CNST 8-K filed Feb 2, 2005.

Commitments

 

The following table summarizes our future minimum non-cancelable contractual obligations at December 31, 2003:

 

     Payment Due by Period

Contractual Obligations


   Total

   Less than
1 year


   2-3
years


   4-5
years


  

After

5 years


     (dollars in millions)

Debt

   $ 397.4    $ 1.2    $ 4.1    $ 27.6    $ 364.5

Operating leases

     57.0      13.7      15.9      8.4      19.0

Other long-term obligations

     7.6      7.6      —        —        —  
    

  

  

  

  

Total contractual obligations

   $ 462.0    $ 22.5    $ 20.0    $ 36.0    $ 383.5
    

  

  

  

  

 

See “—Liquidity and Capital Resources” for our debt obligations following the completion of the refinancing plan.

 

At December 31, 2003, we had certain commitments that will require future outlays of cash. Commitments related to future minimum lease payments under long-term operating leases, principally for real estate, are $13.7 million for 2004, $8.8 million for 2005, $7.1 million for 2006, $4.4 million for 2007, $4.0 million for 2008 and $19.0 million thereafter. Commitments related to future expenditures on approved capital projects are $7.6 million for 2004. We will be required to pay $1.3 million of principal annually with respect to the Term B Loan. The Revolver Loan matures in 2007, the Term B Loan matures in 2009, and our $175.0 million of subordinated notes mature in 2012. In addition, the Second Lien Loan of $75 million matures in 2010. These amounts exclude interest expense to be paid in connection with the loans discussed above. Annual interest expense, net for fiscal 2003 was approximately $34.2 million. There were no other commitments outstanding at December 31, 2003 that were material to our financial condition.

 

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In addition, we made cash contributions to our domestic pension plan of approximately $1.0 million during 2004. Cash contributions in subsequent years will depend on a number of factors including the performance of plan assets.

 

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