Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

Debt

The following table summarizes our long-term debt obligations, net of unamortized debt issuance costs and current maturities. The interest rates shown in parentheses are as of March 31, 2025.

($ in millions)	March 31, 2025		December 31, 2024
Term Loan, due July 2, 2027 (5.65%)	$	130.0	$	130.0
Series C notes, due July 5, 2027 (4.02%)	73.0		73.0
	203.0		203.0
Less: unamortized debt issuance costs for Term Loan and Series Notes	0.4		0.4
Total debt	202.6		202.6
Less: current portion of long-term debt	—		—
Long-term debt, net	$	202.6	$	202.6

Term Loan

At March 31, 2025, the Company had $130.0 million in borrowings under the New Term Loan which were classified as long-term. Please refer to Note 9, Derivative Financial Instruments, for a discussion of the foreign currency hedge associated with the New Term Loan.

Multi-Currency Revolving Credit Facility

At March 31, 2025, the borrowing capacity available under our $500.0 million multi-currency revolving credit facility, including outstanding letters of credit of $2.3 million, was $497.7 million.

Pursuant to the financial covenants in our debt agreements, we are required to maintain established interest coverage ratios and to not exceed established leverage ratios. In addition, the agreements contain other customary covenants, none of which we consider restrictive to our operations. At March 31, 2025, we were in compliance with all of our debt covenants.