Debt

6 Months Ended

Jun. 30, 2020

Debt [Abstract]

Debt

Debt

On June 7, 2018, we entered into an Amended and Restated Credit Agreement (the Credit Agreement), with Bank of America, N.A. as Administrative Agent. The Credit Agreement amended and restated our credit agreement dated as of June 22, 2015 (the Prior Credit Agreement).

The Credit Agreement provides for a $1,000.0 revolving credit facility and a $2,612.5 term loan facility. The revolving credit facility and the term loan facility mature on June 7, 2023. Beginning with the quarter ending June 30, 2019, we are required to make payments of 5.00% of the original principal amount of the term loan facility annually, payable in equal quarterly installments.

In connection with entering into the Credit Agreement and the Prior Credit Agreement, we paid an aggregate of $53.1 in financing costs in 2018. Financing costs are amortized as interest expense over the life of the debt. Amortization expense associated with deferred financing costs for the three months ended June 30, 2020 and 2019 was $1.2 and $1.3, respectively. Amortization expense associated with deferred financing costs for the six months ended June 30, 2020 and 2019 was $2.4 and $2.5, respectively. Remaining unamortized deferred financing costs as of June 30, 2020 and December 31, 2019 were $13.4 and $15.8, respectively.

We made principal payments of $32.7 and $65.3 on the term loan during the three and six months ended June 30, 2020, respectively, and as of June 30, 2020, we had $2,449.2 outstanding on the term loan. We had no outstanding borrowings under the revolving credit facility as of June 30, 2020. As of June 30, 2020, we had open letters of credit of $1.0 that offset our availability in the revolving credit facility.

The amount outstanding under the term loan of $2,449.2 as of June 30, 2020 is subject to variable interest rates, which are based on current market rates, and as such, the Company believes the carrying amount of the obligation approximates fair value.

We were in compliance with all applicable covenants under the Credit Agreement as of June 30, 2020.