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Debt and Credit Arrangements (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Outstanding Borrowings and Costs | The following table represents the components of our borrowings:
| December 31,
| 2023 |  | 2022
Senior secured and senior unsecured notes: |  |  |
Principal amount, senior secured notes due 2030 (1) | $ | 1,460.0 |  |  | $ | 1,460.0 |
Principal amount, senior unsecured notes due 2031 (1) | 510.0 |  |  | 510.0 |
Unamortized discount | (26.9) |  |  | (29.9) |
Unamortized debt issuance costs | (32.9) |  |  | (4.8) |
Senior secured and senior unsecured notes, net of unamortized discount and debt issuance costs | 1,910.2 |  |  | 1,935.3 |
Senior secured revolving credit facilities and term loans: |  |  |
Term loans due March 2030 (2) | 1,631.0 |  |  | — |
Senior secured revolving credit facility due October 2026 (3)(4) | 102.8 |  |  | 104.5 |
Unamortized discount | (35.8) |  |  | — |
Unamortized debt issuance costs | (32.5) |  |  | — |
Senior secured revolving credit facility and term loan, net of unamortized discount and debt issuance costs | 1,665.5 |  |  | 104.5 |
Convertible notes due November 2024: |  |  |
Principal amount | 258.7 |  |  | 258.8 |
Unamortized debt issuance costs | (0.9) |  |  | (1.9) |
Convertible notes due November 2024, net of unamortized debt issuance costs | 257.8 |  |  | 256.9 |
Other debt facilities (5) | 1.4 |  |  | — |
Total debt, net of unamortized debt issuance costs | 3,834.9 |  |  | 2,296.7 |
Less: current maturities (6) | 258.5 |  |  | 256.9 |
Long-term debt | $ | 3,576.4 |  |  | $ | 2,039.8 |
_______________ (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)A term loan due March 2030 was drawn prior to December 31, 2023 in conjunction with the Howden Acquisition. On June 30, 2023, we drew $250.0 on an incremental term loan due March 2030. As of December 31, 2023, there were $1,631.0 in borrowings outstanding under term loans due March 2030 bearing an interest rate of 8.7%. See below for more information. (3)As of December 31, 2023, there were $102.8 in borrowings outstanding under the senior secured revolving credit facility due October 2026 bearing an interest ra te of 6.2% (3.4% as of December 31, 2022) a nd $272.0 in letters of credit and bank guarantees outstanding supported by the senior secured revolving credit facility due 2026. As of December 31, 2023, the senior secured revolving credit facility due 2026 had avail ability of $625.2. (4)A portion of borrowings outstanding u nder our senior secured revolving credit facility due 2026 are denominated in euros (“EUR Revolver Borrowings”). EUR Revolver Borrowings outstanding were euro 88.5 million (equivalent to $97.8) at December 31, 2023 and euro 98.0 million (equivalent to $104.5) at December 31, 2022. During the year ended December 31, 2023, we recognized an unrealized foreign currency loss of $3.2, relative to the translation of the EUR Revolver Borrowings outstanding. During the year ended December 31, 2022, we recognized unrealized foreign currency gain of $3.7, r espectively, relative to the translation of the EUR Revolver Borrowings outstanding. This unrealized foreign currency loss (gain) is classified within foreign currency loss (gain) in the consolidated statements of income and comprehensive income for all periods presented. (5)Other debt facilities relate to a few local debt facilities that we assumed through the Howden Acquisition. (6)Our convertible notes due November 2024, net of unamortized debt issuance costs, are included in current maturities for both periods presented. Also included in current maturities for the current period are $0.6 of other debt facilities. The following table summarizes the fair value of our actively quoted debt instruments as a percentage of their par value (1):
| December 31,
| 2023 |  | 2022
Convertible notes due November 2024 | 234 | % |  | 201 | %
Senior secured notes due 2030 | 105 | % |  | 101 | %
Senior unsecured notes due 2031 | 109 | % |  | 103 | %
Term loans due March 2030 | 100 | % |  | — | %
_______________ (1)The 2024 Notes, Secured Notes, Unsecured Notes and term loans due 2030 are actively quoted instruments and, accordingly, their fair values were determined using Level 1 inputs.
Scheduled Annual Maturities | The following table represents the scheduled maturities for our borrowings, excluding unamortized debt issuance costs, for the next five years:
For the Year Ended December 31, |
2024 | $ | 259.4 |
2025 | — |
2026 | 102.8 |
2027 | — |
2028 | — |
Thereafter | 3,601.7 |
Total | $ | 3,963.9 |
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,
| 2023 |  | 2022 |  |
Notes, interest accretion of senior notes discount | $ | 3.0 |  |  | $ | 0.1 |  |  |
Secured Notes, 7.5% contractual interest coupon | 109.7 |  |  | 3.0 |  |  |
Unsecured Notes, 9.5% contractual interest coupon | 48.6 |  |  | 1.3 |  |  |
Notes, total interest expense | $ | 161.3 |  |  | $ | 4.4 |  |  |
The following table summarizes interest expense and financing costs amortization related to the Amended SSRCF and term loans due March 2030:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Interest expense, senior secured revolving credit facilities due October 2026 | $ | 27.7 |  |  | $ | 23.4 |  |  | $ | 2.5 |
Interest expense, term loan due June 2024 | — |  |  | — |  |  | 1.8 |
Interest expense, term loans due March 2030 | 119.5 |  |  | — |  |  | — |
Interest expense, senior secured revolving credit facilities due June 2024 | — |  |  | — |  |  | 4.7 |
Total interest expense | $ | 147.2 |  |  | $ | 23.4 |  |  | $ | 9.0 |
Financing costs amortization, senior secured revolving credit facility due October 2026 | $ | 2.3 |  |  | $ | 1.9 |  |  | $ | 0.4 |
Financing costs amortization, term loans due March 2030 | 3.6 |  |  | — |  |  | — |
Financing costs amortization, senior secured revolving facility and term loan due June 2024, write off of unamortized deferred debt issuance costs | — |  |  | — |  |  | 3.8 |
Financing cost 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 |
Total financing costs amortization | $ | 5.9 |  |  | $ | 1.9 |  |  | $ | 7.4 |
Schedule of Interest Accretion, Loss on Extinguishment, and Amortization of Financing Costs | The following table summarizes 1.0% co ntractual interest coupon and financing costs amortization associated with the 2024 Notes:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
2024 Notes, 1.0% contractual interest coupon, 1.5% for 2022 | $ | 2.4 |  |  | $ | 4.0 |  |  | $ | 2.6 |
2024 Notes, financing costs amortization | $ | 1.0 |  |  | $ | 0.9 |  |  | $ | 0.9 |

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