Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

NOTE 17. DEBT

	December 31, 2021			December 31, 2020
Revolving credit facility due 2024	$	165.0		$	225.0
Term loan A due 2024		468.7			493.7
Principal debt outstanding		633.7			718.7
Unamortized debt financing costs		(2.3	)		(3.2	)
Long-term debt		631.4			715.5
Less current portion		25.0			25.0
Total long-term debt, less current portion	$	606.4		$	690.5

We have a $1,000.0 million variable rate senior credit facility, which is comprised of a $500.0 million revolving credit facility (with a $150.0 million sublimit for letters of credit) and a $500.0 million Term Loan A. The revolving credit facility and Term Loan A are currently priced at 1.25% over LIBOR. The senior credit facility also has a $25.0 million letter of credit facility, also known as our bi-lateral facility. The revolving credit facility and Term Loan A mature in September 2024.

On September 30, 2019, we refinanced our senior credit facility. In connection with the refinancing, we paid $3.0 million of bank, legal and other fees, of which $2.9 million were capitalized. These fees are reflected as a component of long-term debt and amortized into interest expense over the terms of the underlying debt. Additionally, we wrote off $2.7 million of unamortized debt financing costs, included as a component of interest expense, related to our previous credit facility.

The senior credit facility includes two financial covenants that require the ratio of consolidated EBITDA to consolidated cash interest expense minus cash consolidated interest income to be greater than or equal to 3.0 to 1.0 and requires the ratio of consolidated funded indebtedness, minus AWI and domestic subsidiary unrestricted cash and cash equivalents up to $100 million, to EBITDA to be less than or equal to 3.75 to 1.0. As of December 31, 2021, we were in compliance with all covenants of the senior credit facility.

Our debt agreements include other restrictions, including restrictions pertaining to the incurrence of additional debt, the redemption, repurchase or retirement of our capital stock, payment of dividends, and certain financial transactions as it relates to specified assets. We currently believe that default under these covenants is unlikely.

None of our remaining outstanding debt as of December 31, 2021 was secured with buildings and other assets. The credit lines under our revolving credit facility are subject to immaterial annual commitment fees.

Scheduled payments of long-term debt:

2022	$	25.0
2023		25.0
2024		583.7

We utilize lines of credit and other commercial commitments in order to ensure that adequate funds are available to meet operating requirements. Letters of credit are currently arranged through our revolving credit facility and our bi-lateral facility. Letters of credit

may be issued to third party suppliers, insurance and financial institutions and typically can only be drawn upon in the event of AWI’s failure to pay its obligations to the beneficiary. The following table presents details related to our letters of credit facilities:

	December 31, 2021
Financing Arrangements	Limit		Used		Available
Bi-lateral facility	$	25.0	$	8.4	$	16.6
Revolving credit facility		150.0		-		150.0
Total	$	175.0	$	8.4	$	166.6