Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

7. Debt

Short-term financing

As of June 30, 2023, the Company had outstanding short-term financing facilities of $7.4 million. The Company had no outstanding balance as of December 31, 2022.

The Company had $128.7 million and $127.7 million of outstanding letters of credit as of June 30, 2023 and December 31, 2022, respectively.

Long-term debt

Long-term debt consisted of the following:

(in millions)	June 30, 2023		December 31, 2022
Senior Term Loan Facilities:
Term B-5 Loan due 2026, variable interest rate of 7.54% and 6.38% at June 30, 2023 and December 31, 2022, respectively	$	386.0	$	388.0
Term B-6 Loan due 2028, variable interest rate of 7.29% and 6.13% at June 30, 2023 and December 31, 2022, respectively	980.0		985.0
Asset Backed Loan (“ABL”) Facilities:
Senior ABL Credit Facility due 2027, variable interest rate of 6.52% and 5.59% at June 30, 2023 and December 31, 2022, respectively	330.0		353.0
Senior ABL Term Loan due 2027, variable interest rate of 6.71% and 6.17% at June 30, 2023 and December 31, 2022, respectively	200.0		200.0
Senior Unsecured Notes:
Senior Unsecured Notes due 2027, fixed interest rate of 5.13% at June 30, 2023 and December 31, 2022	454.0		454.0
Finance lease obligations	116.9		104.3
Total long-term debt before unamortized debt issuance costs and discount	2,466.9		2,484.3
Less: unamortized debt issuance costs and discount on debt	(16.5)		(18.5)
Total long-term debt	2,450.4		2,465.8
Less: current maturities	(41.6)		(38.9)
Total long-term debt, excluding current maturities	$	2,408.8	$	2,426.9

The weighted average interest rate on long-term debt, including the effect of designated and undesignated derivative instruments (refer to “Note 11: Derivatives” for more information), was 4.54% and 4.36% as of June 30, 2023 and December 31, 2022, respectively.

Senior Unsecured Notes

During the second quarter of 2022, the Company repaid $46.0 million of its Senior Unsecured Notes due 2027, resulting in a gain on extinguishment of debt of $1.5 million, which is included in other (expense) income, net in the condensed consolidated statements of operations.

Other Information

The fair values of debt were based on current market quotes for similar borrowings and credit risk adjusted for liquidity, margins, and amortization, as necessary, and are classified as Level 2 in the fair value hierarchy.

	June 30, 2023				December 31, 2022
(in millions)	Carrying amount		Fair value		Carrying amount		Fair value
Total long-term debt	$	2,450.4	$	2,476.6	$	2,465.8	$	2,459.3