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Debt | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Debt | Debt The following table summarizes our long-term debt obligations, net of unamortized debt issuance costs and current maturities. The interest rates shown in parentheses are as of June 30, 2024.
($ in millions) | June 30, 2024 |  | December 31, 2023
Term Loan, due December 31, 2024 (8.50%) | $ | 79.9 |  |  | $ | 81.0 |
Series B notes, due July 5, 2024 (3.82%) | 53.0 |  |  | 53.0 |
Series C notes, due July 5, 2027 (4.02%) | 73.0 |  |  | 73.0 |
| 205.9 |  |  | 207.0 |
Less: unamortized debt issuance costs | 0.1 |  |  | 0.2 |
Total debt | 205.8 |  |  | 206.8 |
Less: current portion of long-term debt | 132.9 |  |  | 134.0 |
Long-term debt, net | $ | 72.9 |  |  | $ | 72.8 |
Credit Facility At June 30, 2024, the borrowing capacity available under our $500.0 million multi-currency revolving credit facility (the “Credit Facility”), including outstanding letters of credit of $2.4 million, was $497.6 million. Term Loan At June 30, 2024, we had $79.9 million in borrowings under the Term Loan, of which $79.9 million was classified as current. Please refer to Note 9, Derivative Financial Instruments, for a discussion of the foreign currency hedge associated with the Term Loan. Pursuant to the financial covenants in our debt agreements, we are required to maintain established interest coverage ratios and to not exceed established leverage ratios. In addition, the agreements contain other customary covenants, none of which we consider restrictive to our operations. At June 30, 2024, we were in compliance with all of our debt covenants.

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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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