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DEBT
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
DEBT
NOTE 10. DEBT
During the three months ended March 31, 2024 and 2023, activity of our outstanding debt included:
Long-term Debt Borrowings (Repayments)
for the Three Months Ended
March 31, 2024March 31, 2023
Debt Instruments($ in millions)
Borrowings
Senior Revolving Credit Facility$180.0 $140.0 
Receivables Financing Agreement37.0 150.0 
Total borrowings217.0 290.0 
Repayments
Term Loan Facility(2.2)(2.2)
Senior Revolving Credit Facility(87.0)— 
Receivables Financing Agreement(33.1)(95.0)
Finance leases— (0.2)
Total repayments(122.3)(97.4)
Long-term debt borrowings, net$94.7 $192.6 
Senior Credit Facility
We maintain a $1,550.0 million senior credit facility (Senior Credit Facility) which 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 existing facility. The Term Loan Facility requires principal amortization payments which began on 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 March 31, 2024, we had $1,038.6 million available under our $1,200.0 million Senior Revolving Credit Facility because we had $161.0 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 March 31, 2024, 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 March 31, 2024, there were no covenants or other restrictions that limited our ability to borrow.