Borrowings

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Borrowings

BORROWINGS

Borrowings are summarized as follows:

	March 31, 2022		December 31, 2021
2024 Dollar Term Loans	$	2,032.8	$	2,038.9
2025 Euro Senior Notes	501.8		508.8
2027 Dollar Senior Notes	500.0		500.0
2029 Dollar Senior Notes	700.0		700.0
Short-term and other borrowings	110.6		113.8
Unamortized original issue discount	(4.1)		(4.6)
Unamortized deferred financing costs	(25.8)		(27.3)
Total borrowings, net	3,815.3		3,829.6
Less:
Short-term borrowings	51.8		55.4
Current portion of long-term borrowings	24.3		24.3
Long-term debt	$	3,739.2	$	3,749.9

Revolving Credit Facility

At March 31, 2022 and December 31, 2021, letters of credit issued under the Revolving Credit Facility totaled $22.1 million, which reduced the availability under the Revolving Credit Facility. Availability under the Revolving Credit Facility was $527.9 million at March 31, 2022 and December 31, 2021.

Supplier financing arrangements

We have a financing program in China which is utilized to finance the purchases of goods and services from our suppliers through local banking institutions. The payment terms under the financing program vary, but the program has a weighted average maturity date that approximates 90 days. These financing arrangements are included in current portion of borrowings within the consolidated balance sheets and at the time of issuance each transaction is treated as a non-cash financing activity within the consolidated statements of cash flows. Upon settlement of the financing, the cash outflow is classified as a financing activity within the consolidated statements of cash flows. Amounts outstanding under this program were $21.2 million and $18.4 million at March 31, 2022 and March 31, 2021, respectively, including $4.2 million and $2.6 million, respectively, related to purchases of property, plant and equipment. Cash outflows under this program were $24.1 million and $13.7 million for the three months ended March 31, 2022 and March 31, 2021, respectively.

Future repayments

Below is a schedule of required future repayments of all borrowings outstanding at March 31, 2022.

Remainder of 2022	$	68.1
2023	27.5
2024	1,993.5
2025	505.1
2026	3.6
Thereafter	1,247.4
Total borrowings	3,845.2
Unamortized original issue discount	(4.1)
Unamortized deferred financing costs	(25.8)
Total borrowings, net	$	3,815.3