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Debt and Credit Arrangements (Tables) | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Summary of outstanding borrowings | The following table represents the components of our borrowings:
| March 31, 2021 |  | December 31, 2020
Senior secured revolving credit facility and term loan: |  |  |
Term loan due June 2024 (1) | $ | 103.1 |  |  | $ | 103.1 |
Senior secured revolving credit facility due June 2024 (2) (3) | 204.7 |  |  | 123.5 |
Unamortized debt issuance costs | (4.7) |  |  | (5.0) |
Senior secured revolving credit facility and term loan, net of debt issuance costs | 303.1 |  |  | 221.6 |
Convertible notes due November 2024: |  |  |
Principal amount | 258.8 |  |  | 258.8 |
Unamortized discount (4) | — |  |  | (34.8) |
Unamortized debt issuance costs | (3.6) |  |  | (3.1) |
Convertible notes due November 2024, net of unamortized discount and debt issuance costs | 255.2 |  |  | 220.9 |
Foreign facilities | — |  |  | — |
Total debt, net of unamortized discount and debt issuance costs | 558.3 |  |  | 442.5 |
Less: current maturities | 255.2 |  |  | 220.9 |
Long-term debt | $ | 303.1 |  |  | $ | 221.6 |
_______________ (1)As of March 31, 2021, there were $103.1 in borrowings outstanding under the term loan due June 2024, which is due at maturity, bearing an interest rate of 2.0% (2.5% as of December 31, 2020). (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 $50.0 sub limit for swingline loans. As of March 31, 2021, there were $204.7 in borrowings outstanding under the senior secured revolving credit facility due 2024 bearing a weighted-average interest rate of 1.8% (2.1% as of December 31, 2020) and $53.1 in letters of credit and bank guarantees outstanding supported by the senior secured revolving credit facility due 2024. As of March 31, 2021, the senior secured revolving credit facility due 2024 had availability of $292.2. (3)A portion of borrowings outstanding under our senior secured revolving credit facility due 2024 are denominated in euros (“EUR Revolver Borrowings”). As of both March 31, 2021 and December 31, 2020, EUR Revolver Borrowings outstanding were EUR 71.5 million (equivalent to $83.8 and $87.7 at March 31, 2021 and December 31, 2020, respectively). During the three months ended March 31, 2021, we recognized an unrealized foreign currency gain of $3.9 relative to the translation of the EUR Revolver Borrowings outstanding during the reporting period. This unrealized foreign currency gain is classified as foreign currency (gain) loss and other in the condensed consolidated statement of income for the three months ended March 31, 2021. (4)We derecognized the debt discount associated with the convertible notes due November 2024 upon adoption of ASU 2020-06 on January 1, 2021.
Schedule of interest expense and financing cost amortization | The following table summarizes interest expense and financing costs amortization related to the 2024 Credit Facilities:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020
Interest expense, term loan due June 2024 |  |  |  |  | $ | 0.6 |  |  | $ | 4.2 |
Interest expense, senior secured revolving credit facility due June 2024 |  |  |  |  | 0.7 |  |  | 0.6 |
Interest expense, senior secured revolving credit facility and term loan due June 2024 |  |  |  |  | $ | 1.3 |  |  | $ | 4.8 |
Financing costs amortization, senior secured revolving credit facility and term loan due 2024 |  |  |  |  | $ | 1.0 |  |  | $ | 0.8 |
Schedule of Interest Accretion | 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:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020
2024 Notes, interest accretion of convertible notes discount |  |  |  |  | $ | — |  |  | $ | 1.9 |
2024 Notes, 1.0% contractual interest coupon |  |  |  |  | 0.6 |  |  | 0.6 |
2024 Notes, total interest expense |  |  |  |  | $ | 0.6 |  |  | $ | 2.5 |
2024 Notes, financing costs amortization |  |  |  |  | $ | 0.2 |  |  | $ | 0.2 |

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