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Long-term Debt and Short-term Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Notes Payable and Long-Term Debt | 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 December 31, 2021 and 2020:
(in millions) | 2021 |  | 2020 |
Euro Senior Secured Term Loan A, due March 2026 (floating interest rate of 2.00% at December 31, 2021) | $ | 254.8 |  |  | $ | — |  |
Euro Senior Secured Term Loan A, due May 2024 (floating interest rate of 2.50% at December 31, 2020) | — |  |  | 287.4 |  |
USD Senior Secured Term Loan A, due March 2026 (floating interest rate of 2.22% at December 31, 2021) | 89.0 |  |  | — |  |
USD Senior Secured Term Loan A, due May 2024 (floating interest rate of 3.50% at December 31, 2020) | — |  |  | 92.5 |  |
Australian Dollar Senior Secured Term Loan A, due March 2026 (floating interest rate of 2.11% at December 31, 2021) | 39.4 |  |  | — |  |
Australian Dollar Senior Secured Term Loan A, due May 2024 (floating interest rate of 2.57% at December 31, 2020) | — |  |  | 43.4 |  |
U.S. Dollar Senior Secured Revolving Credit Facility, due March 2026 (floating interest rate of 2.10% at December 31, 2021) | 13.7 |  |  | — |  |
U.S. Dollar Senior Secured Revolving Credit Facility, due May 2024 (floating interest rate of 3.50% at December 31, 2020) | — |  |  | 307.2 |  |
Australian Dollar Senior Secured Revolving Credit Facility, due March 2026 (floating interest rate of 2.06% at December 31, 2021) | 25.4 |  |  | — |  |
Australian Dollar Senior Secured Revolving Credit Facility, due May 2024 (floating interest rate of 2.57% at December 31, 2020) | — |  |  | 25.4 |  |
Senior Unsecured Notes, due March 2029 (fixed interest rate of 4.25%) | 575.0 |  |  | — |  |
Senior Unsecured Notes, due December 2024 (fixed interest rate of 5.25%) | — |  |  | 375.0 |  |
Other borrowings | 9.4 |  |  | 5.7 |  |
Total debt | 1,006.7 |  |  | 1,136.6 |  |
Less: |  |  |  |
Current portion | 43.0 |  |  | 76.5 |  |
Debt issuance costs, unamortized | 9.6 |  |  | 5.5 |  |
Long-term debt, net | $ | 954.1 |  |  | $ | 1,054.6 |  |
Schedule of Debt Consolidated Leverage Ratio | the maximum Consolidated Leverage Ratio financial covenant by 0.50:1.00 from current levels for each of the six fiscal quarters ending March 31, 2021 and ending June 30, 2022, as follows:
Quarter Ended |  | Maximum Consolidated Leverage Ratio
March 2021 |  | 5.25:1.00
June 2021 |  | 5.25:1.00
September 2021 |  | 4.75:1.00
December 2021 |  | 4.25:1.00
March 2022 |  | 4.25:1.00
June 2022 |  | 4.25:1.00
September 2022 and thereafter |  | 3.75:1.00
Schedule of Credit Spread Based on Consolidated Leverage Ratio | Amounts outstanding under the Credit Agreement, as amended, bear interest at a rate per annum equal to the Euro Rate (with a zero percent floor for Euro borrowings), the Australian BBSR Rate, the Canadian BA Rate or the Base Rate, as applicable and as each such rate is defined in the Credit Agreement, as amended, plus an "applicable rate." The applicable rate applied to outstanding Euro, Australian and Canadian dollar denominated loans and Base Rate loans is based on the Company’s Consolidated Leverage Ratio as follows:
Consolidated Leverage Ratio |  | Applicable Rate on Euro/AUD/CDN Dollar Loans |  | Applicable Rate on Base Rate Loans |  | Undrawn Fee
> 4.50 to 1.00 |  | 2.50% |  | 1.50% |  | 0.50%
≤ 4.50 to 1.00 and > 4.00 to 1.00 |  | 2.25% |  | 1.25% |  | 0.38%
≤ 4.00 to 1.00 and > 3.50 to 1.00 |  | 2.00% |  | 1.00% |  | 0.35%
≤ 3.50 to 1.00 and > 3.00 to 1.00 |  | 1.75% |  | 0.75% |  | 0.30%
≤ 3.00 to 1.00 and > 2.00 to 1.00 |  | 1.50% |  | 0.50% |  | 0.25%
≤ 2.00 to 1.00 |  | 1.25% |  | 0.25% |  | 0.20%

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