Debt, Interest Income, Expense, and Other Finance Costs

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt, Interest Income, Expense, and Other Finance Costs

6. Debt, Interest Income, Expense, and Other Finance Costs

Credit Facility

On April 1, 2022, the Company entered into Amendment No. 8 to Fourth Amended and Restated Credit Agreement (the "Amendment") to: (i) increase the revolving credit facility to $1.5 billion; (ii) provide a new term loan of $500 million, thereby increasing the total borrowing capacity under the credit facility to $2.0 billion; (iii) modify the pricing of the loans, including the reference rates for various currencies to reflect the discontinuation of LIBOR; (iv) extend the maturity to April 1, 2027; and (v) modify certain financial and other covenants to provide greater operating flexibility.

Long-Term Debt

Our outstanding debt consists of the following (in millions):

	March 31, 2022		December 31, 2021
Credit Facility	$	424.8	$	—
Term loans	436.7		484.1
Finance leases	19.5		21.2
Other	3.2		3.3
Total debt	884.2		508.7
Less: Current maturities of long-term debt and finance leases (1)	15.0		30.6
Long-term debt	$	869.1	$	478.1

(1)Current maturities as of March 31, 2022 reflect the terms of the Credit Facility amendment effective April 1, 2022 as discussed above.

Interest Expense

The following table provides additional information about our Interest income (expense), and other financing costs, net (in millions):

	For the Three Months Ended March 31,
	2022		2021
Interest income	$	2.5	$	2.3
Interest expense and other financing costs	(16.8)		(11.1)
Interest expense and other financing costs, net	$	(14.3)	$	(8.7)