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Long-Term Debt and Short-Term Borrowings (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Summary of 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 September 30, 2022 and December 31, 2021:

(in millions)		September 30, 2022				December 31, 2021
Euro Senior Secured Term Loan A, due March 2026 (floating interest rate of 2.69% at September 30, 2022 and 2.00% at December 31, 2021)	$		212.2		$		254.8
USD Senior Secured Term Loan A, due March 2026 (floating interest rate of 5.12% at September 30, 2022 and 2.22% at December 31, 2021)			85.6				89.0
Australian Dollar Senior Secured Term Loan A, due March 2026 (floating interest rate of 5.07% at September 30, 2022 and 2.11% at December 31, 2021)			33.9				39.4
U.S. Dollar Senior Secured Revolving Credit Facility, due March 2026 (floating interest rate of 4.92% at September 30, 2022 and 2.10% at December 31, 2021)			149.9				13.7
Australian Dollar Senior Secured Revolving Credit Facility, due March 2026 (floating interest rate of 4.90% at September 30, 2022 and 2.06% at December 31, 2021)			24.0				25.4
Senior Unsecured Notes, due March 2029 (fixed interest rate of 4.25%)			575.0				575.0
Other borrowings			1.4				9.4
Total debt			1,082.0				1,006.7
Less:
Current portion			28.6				43.0
Debt issuance costs, unamortized			8.4				9.6
Long-term debt, net	$		1,045.0		$		954.1

Schedule of Maximum Consolidated Leverage Ratio

the maximum Consolidated Leverage Ratio (as defined in the Credit Agreement) financial covenant for the fiscal quarters beginning March 31, 2021, 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		4.00:1.00

Schedule of Applicable Rate and Undrawn Fee Based on Company's Consolidated Leverage Ratio

The current maturity of the Credit Agreement is March 31, 2026 and the current pricing is 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 %		0.500 %
≤ 4.50 to 1.00 and > 4.00 to 1.00		2.25 %		1.25 %		0.375 %
≤ 4.00 to 1.00 and > 3.50 to 1.00		2.00 %		1.00 %		0.350 %
≤ 3.50 to 1.00 and > 3.00 to 1.00		1.75 %		0.75 %		0.300 %
≤ 3.00 to 1.00 and > 2.00 to 1.00		1.50 %		0.50 %		0.250 %
≤ 2.00 to 1.00		1.25 %		0.25 %		0.200 %

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Schedule of Applicable Rate and Undrawn Fee Based on Company's Consolidated Leverage Ratio

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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