DEBT

3 Months Ended

Mar. 31, 2023

The Company’s long-term debt consisted of the following:


In millions
	March 31, 2023		December 31, 2022
$1.2 billion Credit Facility, due in 2026	$	158.4	$	154.1
$200 million Term Loan, due in 2026	200.0		200.0
$600 million Senior Notes, due in 2024	600.0		600.0
$500 million Senior Notes, due in 2029	500.0		500.0
Promissory notes and deferred consideration weighted average maturity of 3.3 years at 2023 and 3.4 years at 2022	36.8		44.7
Foreign bank debt weighted average maturity 4.7 years at 2023 and 5.0 years at 2022	0.3		0.4
Obligations under finance leases	17.5		18.2
Total debt	1,513.0		1,517.4
Less: current portion of total debt	16.2		22.3
Less: unamortized debt issuance costs	10.3		11.1
Long-term portion of total debt	$	1,486.5	$	1,484.0

The estimated fair value of our debt approximated $1.4 billion and $1.4 billion as of March 31, 2023 and December 31, 2022, respectively. These fair value amounts were estimated using an income approach by applying market interest rates for comparable instruments and developed based on inputs classified as Level 2.

The weighted average interest rates on long-term debt, excluding finance leases were as follows:


	Three Months Ended March 31, 2023		Year Ended December 31, 2022
$1.2 billion Credit Facility, due in 2026 (variable rate)	6.24	%	5.92	%
$200 million Term Loan, due in 2026 (variable rate)	5.93	%	5.88	%
$600 million Senior Notes, due in 2024 (fixed rate)	5.38	%	5.38	%
$500 million Senior Notes, due in 2029 (fixed rate)	3.88	%	3.88	%
Promissory notes and deferred consideration (fixed rate)	3.48	%	3.49	%
Foreign bank debt (fixed rate)	9.80	%	9.80	%

The Credit Agreement contains, among other covenants, a financial covenant requiring maintenance of a maximum Credit Agreement Defined Debt Leverage Ratio of 4.00 to 1.00 for any fiscal quarter ending on or after September 30, 2022, which includes, among other provisions, $50.0 million cash add backs to EBITDA and with respect to any four fiscal quarter period ending on or before December 31, 2023. As of March 31, 2023, the Company was in compliance with its financial covenants. The Credit Agreement Defined Debt Leverage Ratio was 3.05 to 1.00, which was below the allowed maximum ratio of 4.00 to 1.00 as set forth in the amended Credit Agreement. If the Company's 2024 Senior Notes are still outstanding 91 days prior to their respective maturity date (the “Springing Maturity Date”), then the Credit Agreement maturity date will be the Springing Maturity Date.

Amounts committed to outstanding letters of credit and the unused portion of the Company's Senior Credit Facility were as follows:


In millions
	March 31, 2023		December 31, 2022
Outstanding letters of credit under Credit Facility	$	60.2	$	60.1
Unused portion of the Credit Facility	981.4		985.7