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Borrowings and Lines of Credit (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Term Loan and Revolving Credit Facilities
Revolving Credit Facility

Revolving credit facility borrowings consist of the following:
(in millions)December 31, 2022December 31, 2021
$400.0 million revolving credit facility $45.0 $70.0 
Less current maturities (1)
— — 
Long-term portion$45.0 $70.0 
(1) There are no required principal payments due until maturity in January 2024.

On September 4, 2020, the Company entered into a Credit Agreement (the "2020 Credit Agreement"). The 2020 Credit Agreement provided for a senior secured revolving credit facility (the "2020 Credit Facility") with borrowings in an aggregate principal amount at any time outstanding not to exceed $400.0 million. The 2020 Credit Agreement served as refinancing of indebtedness and terminated the Company's Revolving Credit Facility Agreement dated as of October 11, 2017 (the "2017 Credit Facility"). The 2017 Credit Facility consisted of a $400.0 million senior secured revolving credit facility.

At any time during the term of the 2020 Credit Facility, the Company was permitted to increase the commitments under the 2020 Credit Facility or to establish one or more incremental term loan facilities under the 2020 Credit Facility in an aggregate principal amount not to exceed $200.0 million for all such incremental facilities. Commitments under the 2020 Credit Facility were set to terminate, and loans outstanding thereunder were set to mature, on January 2, 2024.
The 2020 Credit Agreement included requirements, to be tested quarterly, that the Company maintain (i) a minimum ratio of Consolidated EBITDA to consolidated interest expense of 3.25 to 1.0, (the "Interest Coverage Ratio"), (ii) a maximum ratio of Consolidated total indebtedness to Consolidated EBITDA of 3.75 to 1.0 (the "Total Leverage Ratio"), and (iii) a maximum ratio of senior secured indebtedness to Consolidated EBITDA of 3.25 to 1.0 (the "Senior Secured Leverage Ratio"). For these ratios, Consolidated EBITDA and consolidated interest expense are calculated using the most recent four consecutive fiscal quarters in a manner defined in the 2020 Credit Agreement. At December 31, 2022, the Company was in compliance with these covenants.

The interest rates under the 2020 Credit Facility were, at the Borrowers' option (1) LIBOR (or EURIBOR for borrowings denominated in Euro; or SONIA for borrowings denominated in Pounds Sterling) plus the rates per annum determined from time to time based on the total leverage ratio of the Company as of the end of and for the most recent period of four fiscal quarters for which financial statements have been delivered (the "Applicable Margin"); or (2) in the case of borrowings denominated in U.S. dollars, alternate base rate ("ABR") (as defined in the 2020 Credit Agreement) plus the Applicable Margin. The Applicable Margin for LIBOR could range from 1.50% to 2.50% while the Applicable Margin for ABR could range from 0.50% to 1.50%.

The interest rate under the 2020 Credit Facility was variable based on LIBOR at the time of the borrowing and the Applicable Margin. In addition, a commitment fee accrued on the average daily unused portion of the 2020 Credit Facility at a rate of 0.225% to 0.375%.

The weighted-average interest rate on the Company's borrowings under the 2020 Credit Facility and the 2017 Credit Facility was 3.21%, 2.25%, and 2.20% for the years ended December 31, 2022, 2021, and 2020, respectively. The weighted-average commitment fee on the revolving lines of credit was 0.23% for the year ended December 31, 2022, and 0.26% for the years ended December 31, 2021 and 2020, respectively.

On February 8, 2023, the Company entered into an Amended and Restated Credit Agreement (the “A&R Credit Agreement”). that amends and restates the 2020 Credit Agreement. For additional information, refer to Note 20. Subsequent Events.
Schedule of Interest Expense and Interest Income
Interest expense and interest income for the years ended December 31, 2022, 2021, and 2020 were as follows:
 Years Ended December 31,
 (in millions)202220212020
Interest expense$4.3 $14.4 $17.1 
Interest income(0.4)(0.2)(0.7)
Interest expense, net$3.9 $14.2 $16.4 
Schedule of Convertible Debt Instruments
3.25% Convertible Senior Notes Due November 1, 2021

In May 2016, the Company issued $172.5 million aggregate principal amount of 3.25% convertible senior notes which matured on November 1, 2021 (the "Notes"). Interest was payable semiannually in arrears on May 1 and November 1 of each year. The Notes were governed by an Indenture between the Company, as issuer, and U.S. Bank National Association as trustee. Upon conversion, the Company could elect to pay or deliver cash, shares of the Company's common stock, or a combination of cash and shares of common stock. The conversion rate was 54.2741 shares of common stock per $1,000 principal amount of Notes. The conversion price was $18.4250 per share of common stock. The Notes were senior unsecured obligations.

Upon maturity of the Notes, the Company settled the principal amount of $172.5 million in cash and the excess conversion value by delivering 0.4 million shares of its common stock held in treasury. The shares of common stock delivered to settle the excess conversion value of the Notes were offset by shares received under the convertible note hedge transactions described below. Settlement of the excess conversion value resulted in a $5.9 million decrease in treasury stock, which was measured based on the acquisition cost of the delivered shares determined on a FIFO basis, offset by an equivalent decrease in additional paid-in capital with no net impact to equity.
In accounting for the issuance of the Notes, the Company separated the Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that did not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the face value of the Notes as a whole. The excess of the principal amount of the liability component over its carrying amount was amortized to interest expense over the term of the Notes. The equity component recorded within additional paid-in capital of $29.9 million was not remeasured as it continued to meet the conditions for equity classification.

The following table sets forth total interest expense recognized related to the Notes:
Years Ended December 31,
(in millions)20212020
3.25% coupon$4.7 $5.6 
Amortization of debt issuance costs0.8 0.9 
Amortization of debt discount6.6 7.4 
Total$12.1 $13.9