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Debt and Credit Arrangements (Tables) | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Summary of outstanding borrowings | The following table represents the components of our borrowings:
| March 31, 2022 |  | December 31, 2021
Senior secured revolving credit facility due October 2026 (1) (2) | $ | 618.1 |  |  | $ | 600.8 |
Convertible notes due November 2024: |  |  |
Principal amount | 258.8 |  |  | 258.8 |
Unamortized debt issuance costs | (2.6) |  |  | (2.9) |
Convertible notes due November 2024, net of unamortized debt issuance costs | 256.2 |  |  | 255.9 |
Total debt, net of unamortized debt issuance costs | 874.3 |  |  | 856.7 |
Less: current maturities (3) | 256.2 |  |  | 255.9 |
Long-term debt | $ | 618.1 |  |  | $ | 600.8 |
_______________ (1)As of March 31, 2022, there were $618.1 in borrowings outstanding under the senior secured revolving credit facility due October 2026 bearing an interest rate of 2.4% (2.1% as of December 31, 2021) and $42.5 in letters of credit and bank guarantees outstanding supported by the senior secured revolving credit facility due 2026. As of March 31, 2022, the senior secured revolving credit facility due 2026 had availability of $339.4. (2)A portion of borrowings outstanding under our senior secured revolving credit facility due 2026 are denominated in euros (“EUR Revolver Borrowings”). EUR Revolver Borrowings outstanding were euro 78.0 million (equivalent to $86.6) and euro 78.0 million (equivalent to $88.3) at March 31, 2022 and December 31, 2021, respectively. During the three months ended March 31, 2022, we recognized an unrealized foreign currency gain of $0.9 relative to the translation of the EUR Revolver Borrowings outstanding during the reporting period. This unrealized foreign currency gain is classified as foreign currency loss and other in the condensed consolidated statements of income for the three months ended March 31, 2022. (3)Our convertible notes due November 2024, net of unamortized debt issuance costs, are included in current maturities for both periods presented.
Schedule of interest expense and financing cost amortization | The following table summarizes interest expense and financing costs amortization related to the 2026 Credit Facilities:
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Interest expense, senior secured revolving credit facility due October 2026 | $ | 3.3 |  |  | $ | — |  |  |  |  |
Interest expense, term loan due June 2024 | — |  |  | 0.6 |  |  |  |  |
Interest expense, senior secured revolving credit facility due June 2024 | — |  |  | 0.7 |  |  |  |  |
Total interest expense | $ | 3.3 |  |  | $ | 1.3 |  |  |  |  |
Financing costs amortization, senior secured revolving credit facility due October 2026 | $ | 0.5 |  |  | $ | — |  |  |  |  |
Financing costs amortization, senior secured revolving credit facility and term loan due June 2024 | — |  |  | 1.0 |  |  |  |  |
Total financing costs amortization | $ | 0.5 |  |  | $ | 1.0 |  |  |  |  |
Schedule of interest accretion | The following table summarizes 1.0% contractual interest coupon and financing costs amortization associated with the 2024 Notes:
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
2024 Notes, 1.0% contractual interest coupon | $ | 0.6 |  |  | $ | 0.6 |  |  |  |  |
2024 Notes, financing costs amortization (1) | $ | 0.2 |  |  | $ | 0.2 |  |  |  |  |
_______________ (1)We amortize debt issuance costs of $6.8 over the term of the 2024 Notes using the effective interest method.

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