Debt, Interest Income, Expense, and Other Finance Costs

12 Months Ended

Dec. 31, 2022

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

Debt, Interest Income, Expense, and Other Finance Costs

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

The following table provides information about our debt (in millions):


	As of December 31,
	2022		2021
Credit Facility	$	339.0	$	—
Term Loan	488.4		484.1
Finance leases (1)	15.4		21.2
Other	2.9		3.3
Total debt	845.7		508.7
Less: Current maturities of long-term debt and finance leases	15.8		30.6
Long-term debt	$	829.9	$	478.1

(1)See Note 13. Leases for additional information.

Credit Agreement

Our Credit Agreement matures in April 2027 and provides for a revolving credit facility and term loan borrowings. On April 1, 2022, we entered into Amendment No. 8 to the Fourth Amended and Restated Credit Agreement, as further modified by Amendment No. 9 dated July 12, 2022 (as amended, the "Credit Agreement"), to: (i) increase the revolving credit facility provided under the Credit Agreement (the "Credit Facility") to $1.5 billion and provide a term loan of $500.0 million ("Term Loan"), thereby replacing the existing term loan and increasing the total facility to $2.0 billion; (ii) modify the pricing of the loans, including the reference rates for various currencies to reflect the discontinuation of LIBOR; (iii) extend the maturity to April 1, 2027; and (iv) modify certain financial and other covenants to provide greater operating flexibility.

Under the Credit Facility, up to $1.5 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.

As of December 31, 2022 and 2021, we had issued letters of credit under the Credit Facility totaling $38.3 million and $46.6 million, respectively. As of December 31, 2022 and 2021, the unused portion of our Credit Facility was $1.1 billion and $1.2 billion, respectively. The unused portion of our Credit Facility is limited by, among other things, our consolidated total 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 Loan related to base rate loans or Eurodollar rate loans bear floating interest rates plus applicable margins. As of December 31, 2022, the applicable margins for base rate loans and Eurodollar rate loans were 0.75% and 1.75%, respectively.

Our Credit Agreement contains certain financial and other covenants with which we are required to comply. As of December 31, 2022, we were in compliance with all financial covenants contained in our Credit Agreement.

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, 2022 and 2021, our outstanding letters of credit and bank guarantees under these credit lines totaled $523.1 million and $404.0 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, 2022, the aggregate annual maturities of debt are as follows (in millions):


Year Ended December 31,
2023	$	15.8
2024	27.3
2025	27.6
2026	27.5
2027	747.1
Thereafter	0.5
Total	$	845.7

Interest Income, Expense, and Other Financing Costs

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


	Year Ended December 31,
	2022		2021		2020
Interest income	$	6.8	$	7.0	$	3.6
Interest expense and other financing costs	(117.4)		(47.2)		(48.6)
Interest expense and other financing costs, net	$	(110.6)	$	(40.2)	$	(44.9)

The weighted average interest rate on our short-term debt was 5.2% and 2.0% as of December 31, 2022 and 2021, respectively.