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Debt | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt | Note 14. Debt
|  | Interest Rate 1 |  | March 31, 2025 |  | December 31, 2024
Short-term debt |  | 6.48 | % |  | $ | 62.8 |  |  | $ | 27.7 |
Long-term debt: |  |  |  |  |  |
Term loans (maturing September 2026): |  |  |  |  |  |
Term Loan A Facility loan denominated in Canadian dollars, secured |  | 5.27 | % |  | 71.2 |  |  | 72.5 |
Term Loan A Facility loan denominated in US dollars, secured |  | 6.64 | % |  | 1,225.0 |  |  | 1,225.0 |
Less: unamortized debt issuance costs |  |  |  | (6.0) |  |  | (7.0) |
Senior secured and unsecured notes: |  |  |  |  |  |
Senior secured notes due in March 2028 |  | 6.75 | % |  | 550.0 |  |  | 550.0 |
Less: unamortized debt issuance costs |  |  |  | (4.8) |  |  | (5.2) |
Senior unsecured notes due in March 2031 |  | 7.75 | % |  | 800.0 |  |  | 800.0 |
Less: unamortized debt issuance costs |  |  |  | (8.7) |  |  | (9.1) |
Total long-term debt |  |  |  | 2,626.7 |  |  | 2,626.2 |
Less: current portion of long-term debt |  |  |  | 4.1 |  |  | 4.1 |
Long-term debt |  |  |  | $ | 2,622.6 |  |  | $ | 2,622.1 |
1 Interest rates on short-term debt and term loans reflect the weighted-average interest rates on borrowings as of March 31, 2025. At March 31, 2025, the Company had unused committed revolving credit facilities aggregating $676.0 million that are available until September 2026, subject to certain covenant restrictions, and unused uncommitted revolving credit facilities aggregating $15.0 million with no maturity date. The Company was in compliance with all financial and other covenants applicable to the credit facilities at March 31, 2025. Term Loans In 2016, the Company entered into a credit agreement with a syndicate of lenders (as amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). The Credit Agreement is comprised of multicurrency revolving facilities (the “Revolving Facilities”) and the Term Loan A facility (the “TLA Facility”). The TLA Facility is comprised of a facility denominated in U.S. dollars (the “USD TLA Facility”) and a facility denominated in Canadian dollars (the “CAD TLA Facility”). On April 3, 2025, the Company amended the Credit Agreement to, among other things, increase the aggregate principal amount of Revolving Facilities from $750.0 million to $1.3 billion, reduce the USD TLA Facility from $1.225 billion to $950.0 million, reduce certain loan margins and fees, adjust certain covenants for more financial flexibility, and extend the maturity of the Credit Agreement from September 21, 2026 to April 3, 2030. TLA Facility loans bear interest at a benchmark rate plus an applicable margin and are subject to quarterly installment payments of 1.25% of principal, with the balance payable at maturity. As of March 31, 2025, there are no mandatory principal repayments remaining on the USD TLA Facility until maturity of the debt, however, with the refinancing completed in April 2025, quarterly installment payments will begin in the third quarter of 2025. Senior Secured and Unsecured Notes On March 15, 2023, the Company completed the offering of (i) $550.0 million aggregate principal amount of 6.750% senior secured notes due March 15, 2028 (the “Secured Notes”) and (ii) $800.0 million aggregate principal amount of 7.750% senior unsecured notes due March 15, 2031 (the “Unsecured Notes”, and together with the Secured Notes, the “Notes”). Interest on the Notes is payable in cash semi-annually in arrears on March 15 and September 15 of each year, and began on September 15, 2023. The Secured Notes are jointly and severally guaranteed on a senior secured basis and the Unsecured Notes are jointly and severally guaranteed on a senior unsecured basis by certain of the Company’s subsidiaries.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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