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Debt and Credit Arrangements (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Instrument  
Summary of Outstanding Borrowings and Costs
The following table represents the components of our borrowings:
 
December 31,
 
2019
 
2018
Senior secured revolving credit facilities and term loan:
 
 
 
Term loan due June 2024 (1)
$
447.2

 
$
—

Senior secured revolving credit facility due June 2024 (2)
119.0

 
—

Senior secured revolving credit facility due November 2022
—

 
329.3

Unamortized debt issuance costs
(5.5
)
 
—

Senior secured revolving credit facility and term loan, net of debt issuance costs
560.7

 
329.3

 
 
 
 
Convertible notes due November 2024:
 
 
 
Principal amount
258.8

 
258.8

Unamortized discount
(42.8
)
 
(50.4
)
Unamortized debt issuance costs
(3.8
)
 
(4.5
)
Convertible notes due November 2024, net of unamortized discount and debt issuance costs
212.2

 
203.9

 
 
 
 
Foreign facilities
4.4

 
11.2

 
 
 
 
Total debt, net of unamortized discount and debt issuance costs
777.3

 
544.4

Less: current maturities
15.7

 
11.2

Less: current portion of unamortized debt issuance costs
0.6

 
—

Long-term debt
$
761.0

 
$
533.2

_______________
(1) 
As of December 31, 2019, there was $447.2 in borrowings outstanding under the term loan bearing an interest rate of 3.99%. The term loan is repayable annually in quarterly installments of 2.5% of the loan amount over the first two years, 5.0% for the third year, 7.5% for the fourth year and 10.0% for the fifth and final year.
(2) 
The senior secured revolving credit facility due 2024 includes $100.0 sub limit for letters of credit, a $250.0 sub limit for discretionary letters of credit and a $50.0 sub-limit for swingline loans. As of December 31, 2019, there was $119.0 in borrowings outstanding under the senior secured revolving credit facility due 2024 bearing a weighted-average interest rate of 2.57% and $71.5 in letters of credit and bank guarantees outstanding supported by the senior secured revolving credit facility due 2024. As December 31, 2019, the senior secured revolving credit facility due 2024 had availability of $359.5.
Scheduled Annual Maturities
The scheduled annual maturities of debt at December 31, 2019, are as follows: 
Year
Amount
2020 (1)
$
15.7

2021
14.0

2022
25.3

2023
36.6

2024
737.8

Total
$
829.4

_______________
(1) 
Includes $4.4 current maturities related to foreign facilities.
Schedule of Interest Expense and Financing Cost Amortization
The following table summarizes interest expense and financing costs amortization related to the 2019 Credit Facilities and our previous senior secured revolving credit facility:
 
Year Ended December 31,
 
2019
 
2018
 
2017
Interest expense, term loan due June 2024
$
8.4

 
$
—

 
$
—

Interest expense, senior secured revolving credit facilities
7.5

 
11.8

 
2.7

Interest expense, senior secured revolving credit facilities and term loan due June 2024
$
15.9

 
$
11.8

 
$
2.7

 
 
 
 
 
 
Financing costs amortization, senior secured revolving credit facilities and term loan due 2024
$
2.0

 
$
0.6

 
$
0.6
Convertible Notes, due 2024  
Debt Instrument  
Schedule of Interest Accretion, Loss on Extinguishment, and Amortization of Financing Costs
The following table summarizes interest accretion of the 2024 Notes discount, 1.0% contractual interest coupon and financing costs amortization associated with the 2024 Notes:
 
Year Ended December 31,
 
2019
 
2018
2024 Notes, interest accretion of convertible notes discount
$
7.6

 
$
7.2

2024 Notes, 1.0% contractual interest coupon
2.6

 
2.6

2024 Notes, total interest expense
$
10.2

 
$
9.8

 
 
 
 
2024 Notes, financing costs amortization
$
0.7

 
$
0.6
Convertible Notes, due 2018  
Debt Instrument  
Schedule of Interest Accretion, Loss on Extinguishment, and Amortization of Financing Costs
The following table summarizes interest accretion of the 2018 Notes discount, 2.0% contractual interest coupon, loss on extinguishment of debt and financing costs amortization associated with the 2018 Notes:
 
Year Ended December 31,
 
2018
 
2017
2018 Notes, interest accretion of convertible notes discount
$
1.9

 
$
11.8

2018 Notes, 2.0% contractual interest coupon
1.0

 
4.3

2018 Notes, total interest expense
$
2.9

 
$
16.1

 
 
 
 
2018 Notes, loss on extinguishment of debt, bond cost portion
—

 
4.3

2018 Notes, write off of unamortized debt issuance costs
—

 
0.4

2018 Notes, total loss on extinguishment of debt (1)
$
—

 
$
4.7

 
 
 
 
2018 Notes, financing costs amortization
$
0.1

 
$
0.6


______________
(1) 
During the year ended December 31, 2017, we wrote off $0.2 of unamortized debt issuance costs related to our senior secured revolving credit facility. When combined with the total loss on extinguishment associated with the 2018 Notes, consolidated loss on extinguishment was $4.9.