Indebtedness (Tables)

12 Months Ended

Dec. 31, 2021

The following summarizes our debt activity (both current and non-current) for the year ended December 31, 2021:


	December 31, 2020		Borrowings		Repayments		Other (5)		December 31, 2021
Revolving loans (1)	$	129.8	$	209.9	$	(339.7)	$	—	$	—
Term loan (2)	248.6		—		(6.3)		0.4		242.7
Trade receivables financing arrangement (3)	28.0		179.0		(207.0)		—		—
Other indebtedness (4)	6.0		0.6		(1.0)		(2.3)		3.3
Total debt	412.4		$	389.5	$	(554.0)	$	(1.9)	246.0
Less: short-term debt	101.2								2.2
Less: current maturities of long-term debt	7.2								13.0
Total long-term debt	$	304.0							$	230.8

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(1)While not due for repayment until December 2024 under the terms of our senior credit agreement, we classify within current liabilities the portion of the outstanding balance that we believe will be repaid over the next year, with such amount based on an estimate of cash that is expected to be generated over such period.

(2)The term loan is repayable in quarterly installments beginning in the first quarter of 2021, with the quarterly installments equal to 0.625% of the initial term loan balance of $250.0 during 2021, 1.25% in each of the four quarters of 2022 and 2023, and 1.25% during the first three quarters of 2024. The remaining balance is payable in full on December 17, 2024. Balances are net of unamortized debt issuance costs of $1.0 and $1.4 at December 31, 2021 and December 31, 2020, respectively.

(3)Under this arrangement, we can borrow, on a continuous basis, up to $50.0, as available. At December 31, 2021, there was no available borrowing capacity under the agreement.

(4)Primarily includes balances under a purchase card program of $2.2 and $1.7 and finance lease obligations of $1.1 and $2.6 at December 31, 2021 and 2020, respectively. The purchase card program allows for payment beyond the normal payment terms for goods and services acquired under the program. As this arrangement extends the payment of these purchases beyond their normal payment terms through third-party lending institutions, we have classified these amounts as short-term debt.

(5)“Other” primarily includes debt assumed, foreign currency translation on any debt instruments denominated in currencies other than the U.S. dollar, and the impact of amortization of debt issuance costs associated with the term loan.

Schedule of per Annum Fees Charged and the Interest Rate Margins Applicable to Eurodollar and Alternate Base Rate Loans


Consolidated Leverage Ratio	Domestic Revolving Commitment Fee		Global Revolving Commitment Fee		Letter of Credit Fee		Foreign Credit Commitment Fee		Foreign Credit Instrument Fee		LIBOR Rate Loans		ABR Loans
Greater than or equal to 3.50 to 1.0	0.350	%	0.350	%	2.000	%	0.350	%	1.250	%	2.000	%	1.000	%
Between 2.50 to 1.0 and 3.50 to 1.0	0.300	%	0.300	%	1.750	%	0.300	%	1.000	%	1.750	%	0.750	%
Between 1.75 to 1.0 and 2.50 to 1.0	0.275	%	0.275	%	1.500	%	0.275	%	0.875	%	1.500	%	0.500	%
Less than 1.75 to 1.0	0.250	%	0.250	%	1.375	%	0.250	%	0.800	%	1.375	%	0.375	%