DEBT

6 Months Ended

Jun. 30, 2024

The Company’s long-term debt consisted of the following:


In millions
	June 30, 2024		December 31, 2023
$1.2 billion Credit Facility, due in 2026	$	748.1	$	31.0
$125 million Term Loan, due in 2026	125.0		125.0
$600 million Senior Notes, due in 2024 (redeemed in March 2024)	—		600.0
$500 million Senior Notes, due in 2029	500.0		500.0
Promissory notes and deferred consideration weighted average maturity of 2.2 years at 2024 and 2.6 years at 2023	28.1		32.9

Obligations under finance leases	14.1		16.3
Total debt	1,415.3		1,305.2
Less: current portion of total debt	16.9		19.6
Less: unamortized debt issuance costs	6.1		7.8
Long-term portion of total debt	$	1,392.3	$	1,277.8

The estimated fair value of our debt approximated $1.4 billion and $1.3 billion as of June 30, 2024 and December 31, 2023, respectively. These fair value amounts were estimated using an income approach by applying market interest rates for comparable instruments and developed based on inputs classified as Level 2 in accordance with the fair value measurements accounting guidance.

The weighted average interest rates on long-term debt, excluding finance leases, were as follows:


	Six Months Ended June 30, 2024		Year Ended December 31, 2023
$1.2 billion Credit Facility, due in 2026 (variable rate)	7.02	%	6.85	%
$125 million Term Loan, due in 2026 (variable rate)	6.74	%	6.66	%
$600 million Senior Notes, due in 2024 (fixed rate) (redeemed in March 2024)	—	%	5.38	%
$500 million Senior Notes, due in 2029 (fixed rate)	3.88	%	3.88	%
Promissory notes and deferred consideration (fixed rate)	3.46	%	3.54	%

The Credit Agreement contains, among other covenants, a financial covenant requiring maintenance of a maximum Credit Agreement Defined Debt Leverage Ratio of 4.00 to 1.00 which includes, among other provisions, $50.0 million of cash add-backs to EBITDA with respect to any four fiscal quarter period ending on or before December 31, 2023. As of June 30, 2024, the Company was in compliance with its financial covenants. The Credit Agreement Defined Debt Leverage Ratio was 3.49 to 1.00, which was below the allowed maximum ratio of 4.00 to 1.00 as set forth in the amended Credit Agreement. Expiration of the $50.0 million of cash add-backs to EBITDA contributed approximately 30 points of increase to the Credit Agreement Defined Debt Leverage Ratio as of June 30, 2024 compared to December 31, 2023.

On February 1, 2024, the Company issued a redemption notice to 2019 Senior Notes holders for redemption of all of the $600 million aggregate principal amount of the outstanding 2019 Senior Notes, and on March 14, 2024 completed the redemption with borrowings from the Credit Facility. The refinancing of the 2019 Senior Notes using the Credit Facility converted the long-term debt from fixed rate to variable rate as of the redemption date.

Amounts committed to outstanding letters of credit and the unused portion of the Company's Credit Facility were as follows:


In millions
	June 30, 2024		December 31, 2023
Outstanding letters of credit under Credit Facility	$	59.7	$	59.0
Unused portion of the Credit Facility	392.2		1,110.0