Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

NOTE 15. DEBT

Our long-term debt is comprised of borrowings outstanding under our $950.0 million variable rate senior credit facility, which is comprised of a $500.0 million revolving credit facility (with a $150.0 million sublimit for letters of credit) and a $450.0 million Term Loan A. As of September 30, 2023 and December 31, 2022, the principal balance of our Term Loan A was $450.0 million. As of September 30, 2023 and December 31, 2022, borrowings outstanding under our revolving credit facility were $175.0 million and $205.0 million, respectively. We also have a $25.0 million bi-lateral letter of credit facility separate from the senior secured credit facility.

We utilize lines of credit and other commercial commitments to ensure that adequate funds are available to meet operating requirements. Letters of credit are currently arranged through our revolving credit facility and our bi-lateral facility. Letters of credit may be issued to third-party suppliers, insurance and financial institutions and typically can only be drawn upon in the event of AWI’s failure to pay its obligations to the beneficiary. The following table presents details related to our letters of credit facilities:

	September 30, 2023
Financing Arrangements	Limit		Used		Available
Bi-lateral facility	$	25.0	$	7.7	$	17.3
Revolving credit facility		150.0		-		150.0
Total	$	175.0	$	7.7	$	167.3