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DEBT AND CREDIT FACILITIES
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIESIn June 2018, the Company issued $600.0 million of fixed-rate unsecured senior notes (the "Notes") due June 15, 2028. Interest is payable semi-annually in arrears, with payments due in June and December of each year. The Company may redeem the Notes, in whole or in part, at any time and from time to time at specified redemption prices. In addition, upon the occurrence of certain change of control triggering events, the Company may be required to repurchase all or a portion of the Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest. The Notes also include covenants that limit the Company's ability to incur secured indebtedness, enter into sale and leaseback transactions, and consolidate, merge, or transfer all or substantially all of its assets.
The following is a summary of the Notes as of December 31, 2022 and 2021:
 December 31,
 2022 2021
 AmountEffective
Interest Rate		 AmountEffective
Interest Rate
(in millions)(in millions)
Fixed-rate 4.3% Notes
$600.0 4.329 %$600.0 4.329 %
Unamortized discount(0.9)  (1.0) 
Unamortized debt issuance costs(2.8)(3.3)
Total carrying amount$596.3   $595.7  

As of December 31, 2022 and 2021, the fair value of the Notes was $575.2 million and $675.4 million, respectively, based on observable market prices in less active markets and categorized as Level 2 (Note 11). The debt issuance costs, as well as the discount, are being amortized to interest expense over the term of the Notes.

In July 2022, the Company and certain of its subsidiaries, as borrowers, entered into a new Five-Year Credit Agreement ("the New Credit Agreement") with the lenders thereto, which provides for a $750.0 million multi-currency unsecured revolving credit facility and replaces the Company's prior credit agreement and related revolving credit facility. The New Credit Agreement matures on July 15, 2027. Subject to certain terms and conditions and the agreement of the lenders, the Company may increase the amount available under the New Credit Agreement by up to an additional $250.0 million in the aggregate and extend the maturity date for an additional year. Borrowings under the New Credit Agreement bear interest at a variable rate based on the Secured Overnight Financing Rate ("SOFR"), plus a spread ranging from 0.785% to 1.3%, depending on the leverage ratio or credit rating, as defined in the agreement. The Company will also pay a facility fee ranging from 0.09% to 0.20%, depending on the Company's leverage ratio or credit rating, on the entire credit commitment available, whether or not drawn. The facility fee is expensed as incurred. During 2022, under the New Credit Agreement, the spread over SOFR was 0.9% and the facility fee was 0.1%, and under the previous credit agreement, the spread over the London interbank offered rate was 0.9% and the facility fee was 0.1%. Issuance costs of $2.1 million are being amortized to interest expense over the term of the New Credit Agreement. As of December 31, 2022 and 2021, there were no borrowings outstanding. Amounts outstanding under the New Credit Agreement, if any from time to time, are classified as long-term obligations in accordance with the terms of the agreement. The New Credit Agreement is unsecured and contains various financial and other covenants, including a maximum leverage ratio, as defined in the agreement. The Company was in compliance with all covenants under the New Credit Agreement at December 31, 2022.
The weighted-average interest rate under all debt obligations, including the impact of the cross currency swap contract (see Note 12), was 3.4% at both December 31, 2022 and 2021, respectively.