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

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021:

(in millions)		December 31, 2022				December 31, 2021
Euro Senior Secured Term Loan A, due March 2026 (floating interest rate of 3.90% at December 31, 2022 and 2.00% at December 31, 2021)	$		227.4		$		254.8
USD Senior Secured Term Loan A, due March 2026 (floating interest rate of 6.40% at December 31, 2022 and 2.22% at December 31, 2021)			84.4				89.0
Australian Dollar Senior Secured Term Loan A, due March 2026 (floating interest rate of 5.30% at December 31, 2022 and 2.11% at December 31, 2021)			34.9				39.4
U.S. Dollar Senior Secured Revolving Credit Facility, due March 2026 (floating interest rate of 6.36% at December 31, 2022 and 2.10% at December 31, 2021)			58.6				13.7
Australian Dollar Senior Secured Revolving Credit Facility, due March 2026 (floating interest rate of 5.18% at December 31, 2022 and 2.06% at December 31, 2021)			14.2				25.4
Senior Unsecured Notes, due March 2029 (fixed interest rate of 4.25%)			575.0				575.0
Other borrowings			10.4				9.4
Total debt			1,004.9				1,006.7
Less:
Current portion			60.0				43.0
Debt issuance costs, unamortized			8.4				9.6
Long-term debt, net	$		936.5		$		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

the maximum Consolidated Leverage Ratio financial covenant from current levels for each of the five fiscal quarters beginning December 31, 2022, and ending December 31, 2023, as follows:

Quarter Ended		Maximum Consolidated Leverage Ratio
December 2022		4.50:1.00
March 2023		5.00:1.00
June 2023		5.00:1.00
September 2023		4.75:1.00
December 2023		4.25:1.00

Schedule of Applicable Rate and Undrawn Fee Based on Company's 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 %		0.500 %
≤ 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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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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