Debt, Interest Income, Expense and Other Finance Costs

12 Months Ended

Dec. 31, 2021

Debt, Interest Income, Expense and Other Finance Costs [Abstract]

Debt, Interest Income, Expense and Other Finance Costs

8. Debt, Interest Income, Expense and Other Finance Costs

As of December 31, 2021 and 2020, our debt consisted of the following (in millions):


	As of December 31,
	2021		2020
Credit Facility	$	—	$	—
Term Loans	484.1		503.2
Finance leases (1)	21.2		18.2
Other	3.3		3.3
Total debt	508.7		524.7
Less: Current maturities of long-term debt and finance leases	30.6		22.9
Long-term debt	$	478.1	$	501.8

(1)See Note 15. Leases for additional information.

Credit Agreement

Our Credit Agreement matures in July 2024 and consists of a revolving loan (the "Credit Facility") and Term Loan borrowings. Under the Credit Facility, up to $1.3 billion aggregate principal amount may be borrowed, repaid and redrawn, based upon specific financial ratios and subject to the satisfaction of other customary conditions to borrowing. Our Credit Facility includes a sublimit of $400.0 million for the issuance of letters of credit and bankers' acceptances, and we have the right to request increases in available borrowings up to an additional $200.0 million, subject to the satisfaction of certain conditions.

We had no outstanding borrowings under our Credit Facility at December 31, 2021 and 2020. As of December 31, 2021 and 2020, respectively, we have issued letters of credit under the Credit Facility totaling $46.6 million and $3.4 million and had $484.1 million and $503.2 million in Term Loans outstanding. As of December 31, 2021 and 2020, the unused portion of our Credit Facility was $1.2 billion and $1.3 billion, respectively. The unused portion of our Credit Facility is limited by, among other things, our financial leverage ratio, which limits the total amount of indebtedness we may incur, and may, therefore, fluctuate from period to period.

Borrowings under our Credit Facility and Term Loans related to base rate loans or Eurodollar rate loans bear floating interest rates plus applicable margins. As of December 31, 2021, the applicable margins for base rate loans and Eurodollar rate loans were 0.75% and 1.75%, respectively.

Our Credit Facility and Term Loans contain certain financial and other covenants with which we are required to comply. As of December 31, 2021, we were in compliance with all financial covenants contained in our Credit Facility and our Term Loans.

Other Credit Lines

Outside of our Credit Facility, we have other uncommitted credit lines primarily for the issuance of letters of credit, bank guarantees and bankers’ acceptances. These credit lines are renewable on an annual basis and are subject to fees at market rates. As of December 31, 2021 and 2020, our outstanding letters of credit and bank guarantees under these credit lines totaled $404.0 million and $328.4 million, respectively. Substantially all of the letters of credit and bank guarantees issued under our Credit Facility and the uncommitted credit lines were provided to suppliers in the normal course of business and generally expire within one year of issuance. Expired letters of credit and bank guarantees are renewed as needed.

Annual Maturities

As of December 31, 2021, the aggregate annual maturities of debt are as follows (in millions):


Year Ended December 31,
2022	$	30.6
2023	32.4
2024	436.2
2025	3.4
2026	3.3
Thereafter	2.9
Total	$	508.7

The following table provides additional information about our interest income, interest expense and other financing costs, net (in millions):


	Year Ended December 31,
	2021		2020		2019
Interest income	$	7.0	$	3.6	$	6.2
Interest expense and other financing costs	(47.2)		(48.6)		(80.0)
Interest expense and other financing costs, net	$	(40.2)	$	(44.9)	$	(73.9)

The weighted average interest rate on our short-term debt was 2.0% and 3.4% as of December 31, 2021 and 2020, respectively.