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DEBT
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
DEBT
NOTE 9. DEBT

Long-term Debt Borrowings (Repayments)
for the Nine Months Ended
September 30, 2023September 30, 2022
Debt Instruments($ in millions)
Borrowings:
Senior Revolving Credit Facility255.0 170.0 
Receivables Financing Agreement332.7 45.0 
Total borrowings$587.7 $215.0 
Repayments:
5.50% senior notes due 2022— (200.0)
Senior Term Loan(6.6)— 
Senior Revolving Credit Facility(90.0)(170.0)
Receivables Financing Agreement(282.7)(45.0)
Finance leases(1.8)(0.9)
Total repayments$(381.1)$(415.9)
Long-term debt borrowings (repayments), net$206.6 $(200.9)

Senior Credit Facility

On October 11, 2022, we entered into a new $1,550.0 million senior credit facility (Senior Credit Facility) that replaced our previous senior credit facility (2021 Senior Credit Facility), which included outstanding term loans of $350.0 million and a senior revolving credit facility with aggregate commitments in an amount equal to $800.0 million. The Senior Credit Facility includes a senior term loan facility with aggregate commitments of $350.0 million (Term Loan Facility) and a senior revolving credit facility with aggregate commitments of $1,200.0 million (Senior Revolving Credit Facility). The Term Loan Facility was fully drawn on the closing date with the proceeds of the Term Loan Facility used to refinance the loans and commitments outstanding under the 2021 Senior Credit Facility. The Term Loan Facility requires principal amortization amounts payable beginning March 31, 2023 at a rate of 0.625% per quarter through the end of 2024, increasing to 1.250% per quarter thereafter until maturity. The maturity date for the Senior Credit Facility is October 11, 2027.

The Senior Revolving Credit Facility includes a $100.0 million letter of credit subfacility. At September 30, 2023, we had $1,034.6 million available under our $1,200.0 million Senior Revolving Credit Facility because we had $165.0 million borrowed under the facility and issued $0.4 million of letters of credit.

We were in compliance with all covenants and restrictions under all our outstanding credit agreements as of September 30, 2023, and no event of default had occurred that would permit the lenders under our outstanding credit agreements to accelerate the debt if not cured. In the future, our ability to generate sufficient operating cash flows, among other factors, will determine the amounts available to be borrowed under these facilities. As a result of our restrictive covenant related to the net leverage ratio, the maximum additional borrowings available to us could be limited in the future. The limitation, if an amendment or waiver from our lenders is not obtained, could restrict our ability to borrow the maximum amounts available under the Senior Revolving Credit Facility and the Receivables Financing Agreement.  As of September 30, 2023, there were no covenants or other restrictions that limited our ability to borrow.