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Debt
6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
Debt for the Company consists of the following:
June 30, 2023December 31, 2022
(in millions, except percentages)AmountRateAmountRateMaturity Date
2019 Credit Agreement:
Term A Facility$611.6 (1)$638.8 (2)October 16, 2024
Revolver282.0 (1)337.0 (2)October 16, 2024
2031 Senior Notes800.0 3.875%800.0 3.875%October 15, 2031
2029 Senior Notes800.0 4.000%800.0 4.000%April 15, 2029
Securitized debt175.3 (3)139.3 (4)April 7, 2025
Finance lease obligations (5)
75.3 78.7 Various
Other55.7 37.0 Various
Total debt2,799.9 2,830.8 
Less: Deferred financing costs18.8 20.5 
Total debt, net2,781.1 2,810.3 
Less: Current portion73.6 70.4 
Total long-term debt, net$2,707.5 $2,739.9 
(1)
Interest at SOFR index plus 10 basis points of credit spread adjustment, plus applicable margin of 1.375% as of June 30, 2023.
(2)
Interest at LIBOR plus applicable margin of 1.250% as of December 31, 2022.
(3)
Interest at one month SOFR index plus 10 basis points of credit spread adjustment, plus 85 basis points.
(4)
Interest at one month LIBOR index plus 70 basis points.
(5)
New finance lease obligations are a non-cash financing activity.

As of June 30, 2023, the Company was in compliance with all applicable debt covenants.

2019 Credit Agreement

On October 16, 2019, the Company entered into the 2019 Credit Agreement with a syndicate of banks. The 2019 Credit Agreement, as amended, provides for a $725.0 million revolving credit facility and a $725.0 million term loan facility. On May 19, 2023, the Company entered into an amendment to the 2019 Credit Agreement that replaced LIBOR with SOFR as the reference rate for U.S. dollar-denominated loans. Borrowings under the amended Credit Agreement will bear interest at a base rate or a rate equal to SOFR plus an applicable margin. For the revolving credit facility and the term loan facility such applicable margins are determined by a pricing grid based on the consolidated total net leverage ratio of the Company.

The Company had $282.0 million in outstanding borrowings under its revolving credit facility as of June 30, 2023. Total remaining availability under the revolving credit facility was $442.4 million after a $0.6 million reduction for outstanding letters of credit as of June 30, 2023.

Securitized Debt

The Company and certain of its subsidiaries are party to a securitization transaction with respect to certain accounts receivable due to the Company and certain of its subsidiaries (as amended, the "Accounts Receivable Securitization"). On April 6, 2023, the Company and certain of its subsidiaries entered into a second amendment to the Accounts Receivable Securitization. The amendment, among other things, extended the maturity date of the Accounts Receivable Securitization to April 7, 2025. While subject to a $200.0 million overall limit, the availability of revolving loans varies over the course of the year based on the seasonality of the Company's accounts receivable. As of June 30, 2023, the Company had completely drawn on the outstanding availability of the Accounts Receivable Securitization with borrowings of $175.3 million.