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Long-Term Debt And Short-Term Borrowings | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
Long-Term Debt And Short-Term Borrowings | 4. Long-term Debt and Short-term Borrowings Notes payable and long-term debt, listed in order of the priority of security interests in assets of the Company, consisted of the following as of March 31, 2020 and December 31, 2019:
(in millions) | March 31, 2020 |  | December 31, 2019
Euro Senior Secured Term Loan A, due May 2024 (floating interest rate of 1.50% at March 31, 2020 and 1.50% at December 31, 2019) | $ | 268.7 |  |  | $ | 275.9 |
USD Senior Secured Term Loan A, due May 2024 (floating interest rate of 2.57% at March 31, 2020 and 3.44% at December 31, 2019) | 96.2 |  |  | 97.5 |
Australian Dollar Senior Secured Term Loan A, due May 2024 (floating interest rate of 2.20% at March 31, 2020 and 2.45% at December 31, 2019) | 36.2 |  |  | 41.6 |
U.S. Dollar Senior Secured Revolving Credit Facility, due May 2024 (floating interest rate of 2.40% at March 31, 2020 and 3.26% at December 31, 2019) | 120.7 |  |  | 8.2 |
Australian Dollar Senior Secured Revolving Credit Facility, due May 2024 (floating interest rate of 1.98% at March 31, 2020 and 2.44% at December 31, 2019) | 16.7 |  |  | 14.0 |
Senior Unsecured Notes, due December 2024 (fixed interest rate of 5.25%) | 375.0 |  |  | 375.0 |
Other borrowings | 15.7 |  |  | 3.8 |
Total debt | 929.2 |  |  | 816.0 |
Less: |  |  |
Current portion | 67.2 |  |  | 33.2 |
Debt issuance costs, unamortized | 5.1 |  |  | 5.6 |
Long-term debt, net | $ | 856.9 |  |  | $ | 777.2 |
The Company entered into a Third Amended and Restated Credit Agreement (the "Credit Agreement"), dated as of January 27, 2017, among the Company, certain subsidiaries of the Company, Bank of America, N.A., as administrative agent, and the other agents and various lenders party thereto. The Credit Agreement provided for a five-year senior secured credit facility, which consisted of a €300.0 million (US$320.8 million based on January 27, 2017, exchange rates) term loan facility, an A$80.0 million (US$60.4 million based on January 27, 2017, exchange rates) term loan facility, and a US$400.0 million multi-currency revolving credit facility (the "Revolving Facility"). Effective July 26, 2018, the Company entered into the First Amendment (the "First Amendment") to the Credit Agreement among the Company, certain subsidiaries of the Company, Bank of America, N.A., as administrative agent, and the other lenders party thereto. The First Amendment increased the aggregate revolving credit commitments under the Revolving Facility by $100.0 million such that, after giving effect to such increase, the aggregate amount of revolving credit available under the Revolving Facility was $500.0 million. In addition, the First Amendment also affected certain technical amendments to the Credit Agreement, including the addition of provisions relating to LIBOR successor rate procedures if LIBOR becomes unascertainable or is discontinued in the future and to expressly permit certain intercompany asset transfers. The changes related to LIBOR successor rate procedures are not expected to have a material effect on the Company. Effective May 23, 2019, the Company entered into a Second Amendment (the "Second Amendment") to the Credit Agreement. Pursuant to the Second Amendment, the Credit Agreement was amended to, among other things:
• | extend the maturity date to May 23, 2024;
• | increase the aggregate revolving credit commitments under the Revolving Facility from $500.0 million to $600.0 million;
• | establish a new term loan facility denominated in U.S. Dollars in an aggregate principal amount of $100.0 million (the "USD Term Loan");
• | replace the minimum fixed coverage ratio of 1.25:1.00 with a minimum interest coverage ratio, as calculated under the Credit Agreement, of 3.00:1.00;
• | reflect a more favorable restricted payment covenant, with the consolidated leverage ratio hurdle for unlimited restricted
payments (including share repurchases and dividends) as calculated under the Credit Agreement increasing from 2.50 x to 3.25 x;
• | reflect, in certain cases, more favorable pricing with a 25 basis point reduction in the applicable rate on outstanding loans than was in effect prior to the Second Amendment based on the Company's current consolidated leverage ratio, along with lower fees on undrawn amounts;
• | eliminate the requirement to make annual principal prepayments of excess cash flow;
• | reduce amortization payments for the term loans; and
• | increase the qualified receivables transaction basket with respect to sales or financings of certain receivables.
Effective upon the closing of the Second Amendment, the Company borrowed the entire principal amount committed under the USD Term Loan, which was used to repay revolver borrowings and, in combination with the increase in the Revolving Facility, resulted in $200.0 million of additional liquidity becoming available under the Revolving Facility. As of March 31, 2020, there were $137.4 million in borrowings outstanding under the Revolving Facility. The remaining amount available for borrowings was $450.1 million (allowing for $12.5 million of letters of credit outstanding on that date). As of and for the periods ended March 31, 2020 and December 31, 2019, the Company was in compliance with all applicable loan covenants.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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