Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

Note 8. Debt

The Company’s debt as of June 30, 2022 and December 31, 2021 consisted of the following:

	June 30, 2022			December 31, 2021
Term Loan A Facility	$	125.0		$	125.0
Borrowings under the Revolving Facility		110.0			—
Unamortized debt issuance costs		(0.9	)		(1.0	)
Total long-term debt	$	234.1		$	124.0

Credit Agreement—On May 27, 2021 (the "Restatement Effective Date"), the Company amended and restated its credit agreement dated as of September 30, 2016 (as in effect prior to such amendment and restatement, the “Credit Agreement,” and the Credit Agreement, as so amended and restated, the “Amended and Restated Credit Agreement”), by and among the Company, the lenders party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, to, among other things, provide for a $200.0 million delayed-draw term loan A facility (the "Term Loan A Facility") (bearing interest at a rate equal to the sum of the London Interbank Offered Rate ("LIBOR") plus a margin ranging from 2.00% to 2.50% based upon the Company's Consolidated Net Leverage Ratio), extend the maturity of the $300.0 million revolving credit facility (the "Revolving Facility") to May 27, 2026 and modify the financial maintenance and negative covenants in the Credit Agreement. The Amended and Restated Credit Agreement contains a number of covenants, including a minimum Interest Coverage Ratio and the Consolidated Net Leverage Ratio, as defined in and calculated pursuant to the Credit Agreement, that, in part, restrict the Company’s ability to incur additional indebtedness, create liens, engage in mergers and consolidations, make restricted payments and dispose of certain assets. The Credit Agreement generally allows annual dividend payments of up to $20.0 million in the aggregate.

Term Loan A Facility—The unpaid principal amount of the Term Loan A Facility is due and payable in full on May 27, 2026. Voluntary prepayments of the Term Loan A Facility are permitted at any time without premium or penalty. The weighted-average interest rate on borrowings under the Term Loan A Facility was 2.6% for the six months ended June 30, 2022. The fair value of the Term Loan A Facility was $120.0 million and $124.2 million as of June 30, 2022 and December 31, 2021, respectively, and was determined to be Level 2 under the fair value hierarchy.

Revolving Facility—As of June 30, 2022, there were $110.0 million borrowings outstanding under the Revolving Facility. The weighted average interest rate on borrowings under the Revolving Facility was 3.1% and 2.6% for the six months ended June 30, 2022 and 2021, respectively. The fair value of the Company's borrowings under the Revolving Facility is classified as Level 2 under the fair value hierarchy and approximated its carrying value as of June 30, 2022, as the Revolving Facility carries a variable rate of interest reflecting current market rates.

The following table summarizes interest expense, net included in the Unaudited Condensed Consolidated Statements of Operations:

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Interest incurred	$	2.3		$	6.1		$	3.9		$	11.5
Less: Other interest income		(0.2	)		(0.2	)		(0.3	)		(0.3	)
Interest expense, net (a)	$	2.1		$	5.9		$	3.6		$	11.2

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(a)Interest expense, net for the three and six months ended June 30, 2021 included interest expense related to the Company's 8.25% Senior Notes Due 2024, which were repaid in full in the fourth quarter of 2021.