DEBT (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt

As of March 31, 2020 and December 31, 2019, long-term debt was as follows (amounts in millions):

	March 31, 2020		December 31, 2019
US Term loan due 2025	$	1,739.0	$	1,743.5
EMEA Term loan due 2025	951.5		828.8
7.875% Senior unsecured notes due 2024	575.0		575.0
Revolving line of credit due 2023	65.0		140.0
Other secured loans	2.1		4.3
Total debt obligations	3,332.6		3,291.6
Unamortized debt issuance costs	(26.6)		(28.0)
Unamortized original issuance discount, net	(48.0)		(40.8)
Carrying value of debt	3,258.0		3,222.8
Less current portion	(29.6)		(30.2)
Long-term debt less current portion	$	3,228.4	$	3,192.6

The unused and available amount of the Revolving Line of Credit Facility at March 31, 2020 was as follows (amounts in millions):

Committed capacity	$	250.0
Borrowings outstanding	(65.0)
Letters of credit issued	(10.9)
Unused and available	$	174.1

The following table summarizes the debt issuance costs activity for the three months ended March 31, 2020 (amounts in millions):

	US Term Loan		EMEA Term Loan		7.875% Senior Unsecured Notes		Revolving Line of Credit		Total
Balance, December 31, 2019	$	(9.9)	$	(2.7)	$	(12.3)	$	(3.1)	$	(28.0)
Debt issuance costs incurred	—		(2.3)		—		—		(2.3)
Amortization	0.4		0.3		0.5		0.2		1.4
Loss on debt extinguishment	—		2.3		—		—		2.3
Balance, March 31, 2020	$	(9.5)	$	(2.4)	$	(11.8)	$	(2.9)	$	(26.6)

The following table summarizes the original issuance (discount) and premium activity for the three months ended March 31, 2020 (amounts in millions):

	US Term Loan		EMEA Term Loan		7.875% Senior Unsecured Notes		Total
Balance, December 31, 2019	$	(34.2)	$	(18.7)	$	12.1	$	(40.8)
New Original Issuance Discount	—		(5.6)		—		(5.6)
Fees paid to lenders	—		(3.4)		—		(3.4)
Amortization	1.4		0.9		(0.5)		1.8
Balance, March 31, 2020	$	(32.8)	$	(26.8)	$	11.6	$	(48.0)

Debt Instrument, Maximum Ratio Specified

If triggered, the covenant, as amended, requires the Company to maintain a Consolidated Net Secured Leverage Ratio, on a Pro Forma Basis, below the maximum ratio specified as follows:

Fiscal Quarter Ending	Maximum Ratio
March 31, 2020	6.50:1
June 30, 2020	6.50:1
September 30, 2020	6.25:1
December 31, 2020	6.25:1
March 31, 2021	5.50:1
June 30, 2021	5.00:1
September 30, 2021	5.00:1
December 31, 2021	4.50:1
March 31, 2022	4.50:1
June 30, 2022 and thereafter	4.25:1

Schedule of Derivative Instruments

In April and May 2018, the Company entered into the following interest rate swap arrangements to partially mitigate the variability of cash flows due to changes in the Eurodollar rate, specifically related to interest payments on our term loans under the 2018 Credit Agreement:

Trade date	April 6, 2018			May 17, 2018			May 17, 2018			May 17, 2018
Notional amount (in millions)	$	500.0		$	200.0		$	300.0		€	317.0
Term (years)	5			7			3			7
Effective date	4/30/2018			6/29/2018			6/29/2018			6/29/2018
Termination date	4/30/2023			5/31/2025			6/30/2021			5/31/2025
Fixed rate	2.6430		%	3.0370		%	2.8235		%	0.8900		%
Floating rate	1-month LIBOR			1-month LIBOR			1-month LIBOR			1-month EURIBOR

Schedule of Interest Rate Derivatives

The fair value of the interest rate swaps at March 31, 2020 and December 31, 2019 was as follows (in millions):

					Fair Value
					March 31, 2020				December 31, 2019
Derivative Instrument	Aggregate Notional Amount		Effective Date	Maturity Date	Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
Interest rate swap	$	500.0	4/30/2018	4/30/2023	$	—	$	(36.1)	$	—	$	(18.2)
Interest rate swap	$	200.0	6/29/2018	5/31/2025	—		(27.1)		—		(15.3)
Interest rate swap	$	300.0	6/29/2018	6/30/2021	—		(9.5)		—		(5.8)
Interest rate swap	€	317.0	6/29/2018	5/31/2025	—		(14.0)		—		(14.2)
					$	—	$	(86.7)	$	—	$	(53.5)

Schedule of Maturities of Long-term Debt

The aggregate contractual maturities of long-term debt (excluding unamortized debt issuance costs and unamortized original issuance discounts and premiums) were as follows as of March 31, 2020 (amounts in millions):

	Total Debt
2020 remaining	$	22.9
2021	27.3
2022	27.5
2023	92.5
2024	602.4
2025 and beyond	2,560.0
	$	3,332.6