Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Debt

The following table summarizes our long-term debt obligations, net of unamortized debt issuance costs and current maturities. The interest rates shown in parentheses are as of June 30, 2023.

($ in millions)	June 30, 2023		December 31, 2022
Term Loan, due December 31, 2024 (6.22%)	$	82.1	$	83.2
Series B notes, due July 5, 2024 (3.82%)	53.0		53.0
Series C notes, due July 5, 2027 (4.02%)	73.0		73.0
	208.1		209.2
Less: unamortized debt issuance costs	0.3		0.3
Total debt	207.8		208.9
Less: current portion of long-term debt	2.2		2.2
Long-term debt, net	$	205.6	$	206.7

Credit Facility

At June 30, 2023, the borrowing capacity available under our $500.0 million multi-currency revolving credit facility (the “Credit Facility”), including outstanding letters of credit of $2.4 million, was $497.6 million.

Term Loan

At June 30, 2023, we had $82.1 million in borrowings under the Term Loan, of which $2.2 million was classified as current and $79.9 million was classified as long-term. Please refer to Note 9, Derivative Financial Instruments, for a discussion of the foreign currency hedge associated with the Term Loan.

Pursuant to the financial covenants in our debt agreements, we are required to maintain established interest coverage ratios and to not exceed established leverage ratios. In addition, the agreements contain other customary covenants, none of which we consider restrictive to our operations. At June 30, 2023, we were in compliance with all of our debt covenants.