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Debt and Credit Arrangements (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Summary of Outstanding Borrowings and Costs | The following table represents the components of our borrowings:
| December 31,
| 2022 |  | 2021
Senior secured and senior unsecured notes: |  |  |
Principal amount, senior secured notes due 2030 (1) | $ | 1,460.0 |  |  | $ | — |
Principal amount, senior unsecured notes due 2031 (1) | 510.0 |  |  | — |
Unamortized discount | (29.9) |  |  | — |
Unamortized debt issuance costs | (4.8) |  |  | — |
Senior secured and senior unsecured notes, net of unamortized discount and debt issuance costs | 1,935.3 |  |  | — |
Senior secured revolving credit facilities: |  |  |
Senior secured revolving credit facility due October 2026 (2) (3) | 104.5 |  |  | 600.8 |
Convertible notes due November 2024: |  |  |
Principal amount | 258.8 |  |  | 258.8 |
Unamortized debt issuance costs | (1.9) |  |  | (2.9) |
Convertible notes due November 2024, net of unamortized debt issuance costs | 256.9 |  |  | 255.9 |
Total debt, net of debt issuance costs | 2,296.7 |  |  | 856.7 |
Less: current maturities (4) | 256.9 |  |  | 255.9 |
Long-term debt | $ | 2,039.8 |  |  | $ | 600.8 |
_______________ (1)The senior secured notes due 2030 (the “Secured Notes”) and senior unsecured notes due 2031 (the “Unsecured Notes”) bear interest at rates of 7.500% and 9.500% per year, respectively. Interest is payable semi-annually on January 1 and July 1 of each year, commencing July 1, 2023. The Secured Notes mature on January 1, 2030, and the Unsecured Notes mature on January 1, 2031. (2)As of December 31, 2022, there was $104.5 outstanding under the senior secured revolving credit facility due October 2026 bearing a weighted-average interest rate of 3.4% and $89.1 in letters of credit and bank guarantees outstanding supported by the senior secured revolving credit facility due October 2026. As of December 31, 2022 the senior secured revolving credit facility due October 2026 had availability of $806.4. (3)All of our borrowings outstanding under our senior secured revolving credit facilities due October 2026 are denominated in euros (“EUR Revolver Borrowings”). EUR Revolver Borrowings outstanding were 98.0 million euros (equivalent to $104.5) at December 31, 2022. (4)Our convertible notes due November 2024, net of debt issuance costs, are included in current maturities for both periods presented.
Scheduled Annual Maturities | The following table represents scheduled maturities for our borrowings for the next 5 years:
For the Year Ending December 31, |
2023 | $ | — |
2024 | 258.8 |
2025 | — |
2026 | 104.5 |
2027 | — |
Thereafter | 1,970.0 |
Total | $ | 2,333.3 |
Schedule of Interest Expense and Financing Cost Amortization | The following table summarizes the interest accretion of the Notes discount and contractual interest coupon associated with the Notes:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Notes, interest accretion of senior notes discount | $ | 0.1 |  |  | $ | — |  |  | $ | — |
Secured Notes, 7.5% contractual interest coupon | 3.0 |  |  | — |  |  | — |
Unsecured Notes, 9.5% contractual interest coupon | 1.3 |  |  | — |  |  | — |
Notes, total interest expense | $ | 4.4 |  |  | $ | — |  |  | $ | — |
The following table summarizes interest expense and financing costs amortization related to the Amended SSRCF and our previous credit facilities:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Interest expense, senior secured revolving credit facilities due October 2026 | $ | 23.4 |  |  | $ | 2.5 |  |  | $ | — |
Interest expense, term loan due June 2024 | — |  |  | 1.8 |  |  | 4.8 |
Interest expense, senior secured revolving credit facilities due June 2024 | — |  |  | 4.7 |  |  | 2.2 |
Total interest expense | $ | 23.4 |  |  | $ | 9.0 |  |  | $ | 7.0 |
Financing costs amortization, senior secured revolving credit facility due October 2026 | $ | 1.9 |  |  | $ | 0.4 |  |  | $ | — |
Financing costs amortization, senior secured revolving credit facility and term loan due June 2024, write off of unamortized deferred debt issuance costs | — |  |  | 3.8 |  |  | — |
Financing costs amortization, new debt issuance costs immediately charged to net income | — |  |  | 0.3 |  |  | — |
Financing costs amortization, senior secured revolving credit facility and term loan due June 2024 | — |  |  | 2.9 |  |  | 3.6 |
Total financing costs amortization | $ | 1.9 |  |  | $ | 7.4 |  |  | $ | 3.6 |
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,
| 2022 |  | 2021 |  | 2020
2024 Notes, interest accretion of convertible notes discount | $ | — |  |  | $ | — |  |  | $ | 8.0 |
2024 Notes, 1.0% contractual interest coupon, 1.5% for 2022 | 4.0 |  |  | 2.6 |  |  | 2.6 |
2024 Notes, total interest expense | $ | 4.0 |  |  | $ | 2.6 |  |  | $ | 10.6 |
2024 Notes, financing costs amortization | $ | 0.9 |  |  | $ | 0.9 |  |  | $ | 0.7 |

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