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Debt | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Debt | 8. Debt The following table presents information about our debt:
(dollars in millions) | March 31, 2023 |  | December 31, 2022
Interest terms |  | Rate |  | Amount |
Receivables facility | SOFR 1 plus 0.80% |  | 5.70% |  | $ | 287.3 |  |  | $ | 327.2 |
Senior secured credit facilities: |  |  |  |  |  |  |
Euro term loans B-4 | EURIBOR plus 2.50% |  | 4.93% |  | 646.2 |  |  | 636.7 |
Euro term loans B-5 | EURIBOR plus 2.00% |  | 4.43% |  | 347.1 |  |  | 342.0 |
U.S. dollar term loans B-5 | LIBOR plus 2.25% |  | 6.88% |  | 1,263.1 |  |  | 1,488.3 |
2.625% secured notes | fixed rate |  | 2.625% |  | 706.6 |  |  | 694.5 |
3.875% unsecured notes | fixed rate |  | 3.875% |  | 800.0 |  |  | 800.0 |
3.875% unsecured notes | fixed rate |  | 3.875% |  | 434.8 |  |  | 427.3 |
4.625% unsecured notes | fixed rate |  | 4.625% |  | 1,550.0 |  |  | 1,550.0 |
Finance lease liabilities | 69.0 |  |  | 68.9 |
Other | 13.6 |  |  | 14.2 |
Total debt, gross | 6,117.7 |  |  | 6,349.1 |
Less: unamortized deferred financing costs | (56.5) |  |  | (61.6) |
Total debt | $ | 6,061.2 |  |  | $ | 6,287.5 |
Classification on balance sheets: |  |  |
Current portion of debt | $ | 325.2 |  |  | $ | 364.2 |
Debt, net of current portion | 5,736.0 |  |  | 5,923.3 |
━━━━━━━━━ 1. SOFR includes credit spread adjustment. Credit facilities The following table presents availability under our credit facilities:
(in millions) | March 31, 2023
Receivables facility |  | Revolving credit facility |  | Total
Capacity | $ | 352.8 |  |  | $ | 515.0 |  |  | $ | 867.8 |
Undrawn letters of credit outstanding | (13.7) |  |  | — |  |  | (13.7) |
Outstanding borrowings | (287.3) |  |  | — |  |  | (287.3) |
Unused availability | $ | 51.8 |  |  | $ | 515.0 |  |  | $ | 566.8 |
Capacity under the receivables facility is calculated as the lower of eligible borrowing base and facility limit of $400.0 million. Eligible borrowing base is determined as total available accounts receivable less ineligible accounts receivable and other adjustments. At March 31, 2023, total available accounts receivable under the receivables facility were $615.6 million. Senior secured credit facilities During the quarter ended March 31, 2023, we made prepayments of $220.0 million on our U.S. dollar term loan B-5 that matures on November 8, 2027. In connection with this prepayment, we expensed $2.3 million of previously unamortized deferred financing costs related to this term loan as a loss on extinguishment of debt. Debt covenants Our debt agreements include representations and covenants that we consider usual and customary, and our receivables facility and senior secured credit facilities include a financial covenant that becomes applicable for periods in which we have drawn more than 35% of our revolving credit facility under the senior secured credit facilities. In this circumstance, we are not permitted to have combined borrowings on our senior secured credit facilities and secured notes in excess of a pro forma net leverage ratio, as defined in our credit agreements. As we had not drawn more than 35% of our revolving credit facility in this period, this covenant was not applicable at March 31, 2023.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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