Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

Debt

The following is a summary of obligations under senior notes and other borrowings at June 30, 2022 and December 31, 2021.

	June 30, 2022			December 31, 2021
	(in millions)
Revolving Credit Facility due 2023	$	—		$	—
5.5% Senior Notes due in 2026	347.5			347.2
Other borrowings	1.5			3.7
Total debt	349.0			350.9
Less: current portion of long-term debt	(0.9)			(2.1)
Long-term debt	$	348.1		$	348.8
Weighted average interest rates on total debt obligations	5.5		%	5.5		%

Revolving Credit Facility

The Company entered into a $350 million Revolving Credit Facility on April 2018 (the “Revolving Credit Facility”). At June 30, 2022 and December 31, 2021, there were no outstanding borrowings on the Revolving Credit Facility. There were $2.8 million in outstanding letters of credit which resulted in available credit of $347.2 million at June 30, 2022.

The Credit Agreement contains conditions that would require mandatory principal payments in advance of the maturity date of the Revolving Credit Facility, as well as certain customary affirmative and negative covenants and events of default, as described in the Company’s Consolidated Financial Statements included in the 2021 Annual Report in the Form 10-K. The Company was in compliance with all covenant terms at June 30, 2022. There were no events of default at June 30, 2022.

5.5% Senior Notes

The Company issued the 5.5% Senior Notes in April 2018 with an aggregate principal amount of $350 million maturing on April 15, 2026 (the “5.5% Senior Notes”). Interest on the 5.5% Senior Notes is payable semi-annually in arrears on April 15 and October 15 of each year. The Company made an interest payment of $9.6 million on April 15, 2022. At June 30, 2022, the 5.5% Senior Notes are reported net of unamortized discount and debt issuance costs of $2.5 million. Based on quotes from dealers where obtainable or the value of the most recent trade in the market (Level 2), the outstanding 5.5% Senior Notes has a fair value of $348.3 million at June 30, 2022.

The 5.5% Senior Notes contain certain customary affirmative and negative covenants and events of default, as described in the Company’s Consolidated Financial Statements included in the 2021 Annual Report in the Form 10-K. The Company was in compliance with all covenants and conditions under the Indenture at June 30, 2022. There were no events of default at June 30, 2022.

Other Borrowings

Other borrowings of $1.5 million are comprised of various borrowings under lines of credits, primarily by non-U.S. subsidiaries as well as $0.9 million of finance lease obligations at June 30, 2022. Other borrowings have a fair value that approximate their carrying value. We have $44.1 million available under various non-U.S. credit facilities.