Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

11. Debt

For both the three months ended March 31, 2023 and 2022, cash payments for interest were $7.5 million.

Included in interest expense, net is the amortization of financing costs. For both the three months ended March 31, 2023 and 2022, amortization of financing costs was $0.4 million.

At March 31, 2023, we had $2,491.6 million of fixed-rate senior notes outstanding. The fair value of our fixed-rate debt was estimated to be $2,127.6 million. The difference between the book value and fair value is due to the difference between the period-end market interest rate and the stated rate of our fixed-rate debt. We estimated the fair value of our fixed-rate debt using quoted market prices (Level 2 inputs) within the fair value hierarchy, which is further defined in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2022 Annual Report on Form 10-K.

On April 27, 2023, we amended our Senior Unsecured Credit Agreement to formally replace the LIBOR benchmark rate with the Term SOFR rate.

For more information on our long-term debt and interest rates on that debt, see Note 11, Debt, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2022 Annual Report on Form 10-K.