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Debt and Credit Arrangements (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Summary of outstanding borrowings

The following table represents the components of our borrowings:

			June 30, 2022						December 31, 2021
Senior secured revolving credit facility due October 2026 (1) (2)			$	666.4					$	600.8
Convertible notes due November 2024:
Principal amount			258.8						258.8
Unamortized debt issuance costs			(2.4)						(2.9)
Convertible notes due November 2024, net of unamortized debt issuance costs			256.4						255.9
Total debt, net of unamortized debt issuance costs			922.8						856.7
Less: current maturities (3)			256.4						255.9
Long-term debt			$	666.4					$	600.8

_______________

(1)As of June 30, 2022, there were $666.4 in borrowings outstanding under the senior secured revolving credit facility due October 2026 bearing an interest rate of 2.6% (2.1% as of December 31, 2021) and $61.4 in letters of credit and bank guarantees outstanding supported by the senior secured revolving credit facility due 2026. As of June 30, 2022, the senior secured revolving credit facility due 2026 had availability of $272.2.

(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 88.0 million (equivalent to $91.4) and euro 78.0 million (equivalent to $88.3) at June 30, 2022 and December 31, 2021, respectively. During the three months ended June 30, 2022 and 2021, we recognized an unrealized foreign currency gain of $5.7 and $8.9, respectively, and for the six months ended June 30, 2022 and 2021 we recognized an unrealized foreign currency gain of $6.6 and $5.0 relative to the translation of the EUR Revolver Borrowings outstanding. This unrealized foreign currency gain is classified within foreign currency (gain) loss in the condensed consolidated statements of income for all periods presented.

(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 June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
Interest expense, senior secured revolving credit facility due October 2026			$	5.0					$	—					$	8.3					$	—
Interest expense, term loan due June 2024			—						0.5						—						1.1
Interest expense, senior secured revolving credit facility due June 2024			—						1.3						—						2.0
Total interest expense			$	5.0					$	1.8					$	8.3					$	3.1
Financing costs amortization, senior secured revolving credit facility due October 2026			$	0.4					$	—					$	0.9					$	—
Financing costs amortization, senior secured revolving credit facility and term loan due June 2024			—						0.8						—						1.8
Total financing costs amortization			$	0.4					$	0.8					$	0.9					$	1.8

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 June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
2024 Notes, 1.0% contractual interest coupon			$	0.7					$	0.7					$	1.3					$	1.3
2024 Notes, financing costs amortization (1)			$	0.3					$	0.3					$	0.5					$	0.5

_______________

(1)We amortize debt issuance costs of $6.8 over the term of the 2024 Notes using the effective interest method.

Schedule of fair value of asset and liabilities derivatives

The following table represents the fair value of asset and liability derivatives and their respective locations on our condensed consolidated balance sheet as of June 30, 2022:

Asset Derivatives

Liability Derivatives

Derivatives designated as net investment hedge

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Cross-currency swap contracts

Other assets

$

1.4

Other long-term liabilities

$

—

Schedule of accumulated other comprehensive income (loss)

The following table represents the net effect derivative instruments designated in hedging relationships had on accumulated other comprehensive loss on the condensed consolidated statements of income and comprehensive income:

						Unrealized gain recognized in accumulated other comprehensive loss on derivatives, net of taxes
						Three Months Ended June 30,						Six Months Ended June 30,
Derivatives designated as net investment hedge						2022						2022
Cross-currency swap contracts (1)						$	3.8					$	3.8

_______________

(1)Our designated derivative instruments are highly effective. As such, there were no gains or losses recognized immediately in income related to hedge ineffectiveness during the three and six months ended June 30, 2022.

Schedule of interest rate derivatives

The following table represents interest income, included within interest expense, net on the condensed consolidated statements of income related to amounts excluded from the assessment of hedge effectiveness for derivative instruments designated as net investment hedges:

						Amount of gain recognized in income on derivative (amount excluded from effectiveness testing)
						Three Months Ended June 30,						Six Months Ended June 30,
Derivatives designated as net investment hedge						2022						2022
Cross-currency swap contracts (1)						$	0.5					$	0.5

_______________

(1)Represents amount excluded from effectiveness testing. Our cross-currency swaps are designated with terms based on the spot rate of the euro. Future changes in the components related to the spot change on the notional will be recorded in other comprehensive income and remain there until the hedged subsidiaries are substantially liquidated. All coupon payments are classified in interest expense, net in the condensed consolidated statements of income, and the initial value of excluded components currently recorded in accumulated other comprehensive loss as a foreign currency translation adjustment are amortized to interest expense, net over the remaining term of the swap.

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