Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

Debt

Debt as of March 31, 2023 and December 31, 2022 is summarized as follows.

	March 31, 2023		December 31, 2022
Short-term borrowings	$	3.8	$	4.5
Long-term debt:
Dollar Term Loan B, due 2027(1)	1,841.7		1,846.3
Dollar Term Loan, due 2027(2)	899.1		901.4
Finance leases and other long-term debt	18.2		22.2
Unamortized debt issuance costs	(20.1)		(21.8)
Total long-term debt, net, including current maturities	2,738.9		2,748.1
Current maturities of long-term debt	30.1		32.0
Total long-term debt, net	$	2,708.8	$	2,716.1

(1)As of March 31, 2023, this amount is presented net of unamortized discounts of $1.3 million. As of March 31, 2023, the applicable interest rate was approximately 6.47% and the weighted-average interest rate was 6.35% for the three month period ended March 31, 2023.

(2)As of March 31, 2023, this amount is presented net of unamortized discounts of $0.7 million. As of March 31, 2023, the applicable interest rate was approximately 6.47% and the weighted average interest rate was 6.35% for the three month period ended March 31, 2023.

Senior Secured Credit Facilities

The Senior Secured Credit Facilities provided senior secured financing consisting of (i) a senior secured term loan facility denominated in U.S. dollars (as refinanced and otherwise modified from time to time prior to February 28, 2020, the “Original Dollar Term Loan”), (ii) a senior secured term loan facility denominated in U.S. dollars (entered into at the time of the Merger, the “Dollar Term Loan B”), and (iii) a senior secured revolving credit facility (as refinanced and otherwise modified from time to time the “Revolving Credit Facility”). The Revolving Credit Facility is available to be drawn in U.S. dollars (“USD”), Euros (“EUR”), Great British Pounds (“GBP”) and other reasonably accepted foreign currencies, subject to certain sublimits for the foreign currencies.

See Note 11 “Debt” to the consolidated financial statements in the Company’s annual report on Form 10-K for the year ended December 31, 2022 for further information on the Senior Secured Credit Facilities.

As of March 31, 2023, the aggregate amount of commitments under the Revolving Credit Facility was $1,100.0 million and the capacity under the Revolving Credit Facility to issue letters of credit was $400.0 million. As of March 31, 2023, the Company had no outstanding borrowings under the Revolving Credit Facility, no outstanding letters of credit under the Revolving Credit Facility and unused availability under the Revolving Credit Facility of $1,100.0 million. See Note 21 “Subsequent Event” regarding Amendment No. 9 to the Credit Agreement.

As of March 31, 2023, we were in compliance with all covenants of our Senior Secured Credit Facilities.