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Debt
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Debt Disclosure DEBT
The following table summarizes the components of Long-term borrowings and finance lease obligations:
(in millions)March 31,
2022		December 31, 2021
2019 Credit Agreement (a)
$327.8 $280.7 
Finance lease obligations1.9 2.1 
Total long-term borrowings and finance lease obligations, including current portion329.7 282.8 
Less: Current finance lease obligations0.5 0.6 
Total long-term borrowings and finance lease obligations$329.2 $282.2 
(a)     Defined as the Second Amended and Restated Credit Agreement, dated July 30, 2019, as amended.
As more fully described within Note 11 – Fair Value Measurements, the Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The fair value of long-term debt is based on interest rates that we believe are currently available to us for issuance of debt with similar terms and remaining maturities (Level 2 input).
The following table summarizes the carrying amounts and estimated fair values of the Company’s long-term borrowings:
 March 31, 2022December 31, 2021
 (in millions)
Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Long-term borrowings (a)
$329.7 $329.7 $282.8 $282.8 
(a)     Long-term borrowings includes current finance lease obligations of $0.5 million and $0.6 million as of March 31, 2022 and December 31, 2021, respectively.
Borrowings under the 2019 Credit Agreement bear interest, at the Company’s option, at a base rate or a Eurocurrency or SONIA daily rate (as each is defined in the 2019 Credit Agreement), plus, in each case, an applicable margin. The applicable margin ranges from zero to 0.75% for base rate borrowings and 1.00% to 1.75% for Eurocurrency or SONIA daily rate borrowings. The Company must also pay a commitment fee to the lenders ranging between 0.10% to 0.25% per annum on the unused portion of the $500 million revolving credit facility along with other standard fees. Letter of credit fees are payable on outstanding letters of credit in an amount equal to the applicable Eurocurrency or SONIA daily rate margin plus other customary fees.
The Company is subject to certain net leverage ratio and interest coverage ratio financial covenants under the 2019 Credit Agreement that are to be measured at each fiscal quarter-end. The Company was in compliance with all such covenants as of March 31, 2022.
As of March 31, 2022, there was $327.8 million of cash drawn and $9.8 million of undrawn letters of credit under the 2019 Credit Agreement, with $162.4 million of net availability for borrowings. As of December 31, 2021, there was $280.7 million cash drawn and $10.1 million of undrawn letters of credit under the 2019 Credit Agreement, with $209.2 million of net availability for borrowings.
The following table summarizes the gross borrowings and gross payments under the Company’s revolving credit facilities:
Three Months Ended
March 31,
(in millions)20222021
Gross borrowings$55.0 $45.0 
Gross payments 8.2 34.9 
Interest Rate Swap
On October 2, 2019, the Company entered into an interest rate swap (the “Swap”) with a notional amount of $75.0 million, as a means of fixing the floating interest rate component on $75.0 million of its variable-rate debt. The Swap is designated as a cash flow hedge, with a maturity date of July 30, 2024.
As a result of the application of hedge accounting treatment, all unrealized gains and losses related to the derivative instrument are recorded in Accumulated other comprehensive loss and are reclassified into operations in the same period in which the hedged transaction affects earnings. Hedge effectiveness is assessed quarterly. The Company does not use derivative instruments for trading or speculative purposes.
The fair value of the Company’s interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve (Level 2 inputs) and measured on a recurring basis in our Condensed Consolidated Balance Sheets.
At March 31, 2022, the fair value of the Swap was an asset of $2.2 million, which was included in Other long-term assets on the Condensed Consolidated Balance Sheet. At December 31, 2021, the fair value of the Swap was a liability of $0.7 million, which was included in Other long-term liabilities on the Condensed Consolidated Balance Sheet. During the three months ended March 31, 2022 and 2021, unrealized pre-tax gains of $2.9 million and $1.1 million, respectively, were recorded in Accumulated other comprehensive loss. No ineffectiveness was recorded in either period.