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

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022:

(in millions)		March 31, 2023				December 31, 2022
Euro Senior Secured Term Loan A, due March 2026 (floating interest rate of 5.27% at March 31, 2023 and 3.90% at December 31, 2022)	$		229.4		$		227.4
USD Senior Secured Term Loan A, due March 2026 (floating interest rate of 7.18% at March 31, 2023 and 6.40% at December 31, 2022)			83.3				84.4
Australian Dollar Senior Secured Term Loan A, due March 2026 (floating interest rate of 6.00% at March 31, 2023 and 5.30% at December 31, 2022)			34.1				34.9
U.S. Dollar Senior Secured Revolving Credit Facility, due March 2026 (floating interest rate of 7.17% at March 31, 2023 and 6.36% at December 31, 2022)			148.4				58.6
Australian Dollar Senior Secured Revolving Credit Facility, due March 2026 (floating interest rate of 5.84% at March 31, 2023 and 5.18% at December 31, 2022)			20.1				14.2
Senior Unsecured Notes, due March 2029 (fixed interest rate of 4.25%)			575.0				575.0
Other borrowings			9.1				10.4
Total debt			1,099.4				1,004.9
Less:
Current portion			56.4				60.0
Debt issuance costs, unamortized			8.0				8.4
Long-term debt, net	$		1,035.0		$		936.5

Schedule of Maximum Consolidated Leverage Ratio

the maximum Consolidated Leverage Ratio (as defined in the Credit Agreement) financial covenant 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

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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