Lines of Credit and Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2020

The following tables summarize our outstanding debt obligations and their classification in the accompanying Consolidated Balance Sheets (in millions):


	As of December 31,
	2020		2019





Current maturities of long-term debt:
Asset securitization program	$	—	$	285.0
Finance lease obligations	10.1		7.8
Domestic credit facility	—		30.0

Debt issuance costs	(0.2)		(0.9)
Total current maturities of long-term debt	$	9.9	$	321.9
Long-Term Debt:

Finance lease obligations	29.3		25.9
Domestic credit facility	—		475.5
Senior unsecured notes	950.0		350.0
Debt issuance costs	(8.6)		(2.1)
Total long-term debt	$	970.7	$	849.3
Total debt	$	980.6	$	1,171.2

Aggregate amounts of required principal payments on total debt

As of December 31, 2020, the aggregate amounts of required principal payments on total debt excluding finance lease obligations (see Note 5) were as follows (in millions):


2021	$	—
2022	—
2023	350.0
2024	—
2025	300.0
Thereafter	300.0

Eligible amounts available and beneficial interests sold

The eligible amounts available and beneficial interests sold were as follows (in millions):


	As of December 31,
	2020		2019
Eligible amount available under the ASP on qualified accounts receivable	$	279.1	$	320.0
Less: Beneficial interest transferred	—		(285.0)
Remaining amount available	$	279.1	$	35.0

Summary of weighted average borrowing rate facility

Our weighted average borrowing rate on the facility was 0% as of December 31, 2020 as there were no outstanding borrowings. Below is a summary of the weighted average interest rate for both December 31, 2020 and 2019:


	As of December 31,
	2020		2019
Weighted average borrowing rate	—	%	2.93	%

Required ratios under the domestic credit facility

The required ratios under our Domestic Credit Facility are detailed below:


Consolidated Indebtedness to Adjusted EBITDA Ratio no greater than			3.5 : 1.0
Cash Flow to Interest Expense Ratio no less than			3.0 : 1.0