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Long-term Debt and Short-term Borrowings | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Long-term Debt and Short-term Borrowings | 3. 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 September 30, 2023 and December 31, 2022:
(in millions) |  | September 30, 2023 |  |  | December 31, 2022 |
Euro Senior Secured Term Loan A, due March 2026 (floating interest rate of 6.22% at September 30, 2023 and 3.90% at December 31, 2022) | $ |  | 212.9 |  | $ |  | 227.4 |
USD Senior Secured Term Loan A, due March 2026 (floating interest rate of 7.66% at September 30, 2023 and 6.40% at December 31, 2022) |  |  | 79.8 |  |  |  | 84.4 |
Australian Dollar Senior Secured Term Loan A, due March 2026 (floating interest rate of 6.44% at September 30, 2023 and 5.30% at December 31, 2022) |  |  | 31.3 |  |  |  | 34.9 |
U.S. Dollar Senior Secured Revolving Credit Facility, due March 2026 (floating interest rate of 7.59% at September 30, 2023 and 6.36% at December 31, 2022) |  |  | 49.9 |  |  |  | 58.6 |
Australian Dollar Senior Secured Revolving Credit Facility, due March 2026 (floating interest rate of 6.42% at September 30, 2023 and 5.18% at December 31, 2022) |  |  | 17.7 |  |  |  | 14.2 |
Senior Unsecured Notes, due March 2029 (fixed interest rate of 4.25%) |  |  | 575.0 |  |  |  | 575.0 |
Other borrowings |  |  | 2.8 |  |  |  | 10.4 |
Total debt |  |  | 969.4 |  |  |  | 1,004.9 |
Less: |  |  |  |  |  |
Current portion |  |  | 70.1 |  |  |  | 60.0 |
Debt issuance costs, unamortized |  |  | 7.1 |  |  |  | 8.4 |
Long-term debt, net | $ |  | 892.2 |  | $ |  | 936.5 |
Credit Agreement The Company is party to 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, as amended, provides for a senior secured credit facility, which consists 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, a US$100.0 million term loan facility, and a US$600.0 million multi-currency revolving credit facility (the "Revolving Facility"). From July 2018 to November 2022, the Company entered into six amendments (the "Amendments") to the Credit Agreement. The following are the key changes, among other things, to the Credit Agreement as a result of the Amendments: • replace the minimum fixed coverage ratio of 1.25:1.00 with a minimum Interest Coverage Ratio (as defined in the Credit Agreement) of 3.00:1.00; • increase 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
• modify the maximum Consolidated Leverage Ratio financial covenant for all first and second fiscal quarters after December 31, 2023, from the current level of 4.00x to 4.50x, while maintaining the current level of 4.00x for all third and fourth fiscal quarters; • limit the maximum Consolidated Leverage Ratio to 5.00:1.00 at any time, thereby capping any material acquisition step ups for the fiscal quarters ending March 31, 2023, June 30, 2023 and September 30, 2023; • increase the Company’s flexibility under the restricted payments baskets; and • change the U.S. dollar reference rate from LIBOR-based pricing to SOFR-based pricing, with no changes to existing margins. 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 %
As of September 30, 2023, there was $67.6 million in borrowings outstanding under the Revolving Facility. The remaining amount available for borrowings was $522.8 million (allowing for $9.6 million of letters of credit outstanding on that date). As of September 30, 2023, our Consolidated Leverage Ratio was approximately 3.78 to 1.00 versus our maximum covenant of 4.75 to 1.00. Senior Unsecured Notes On March 15, 2021, the Company completed a private offering of $575.0 million in aggregate principal amount of 4.25 percent Senior Unsecured Notes (the "Notes") due March 2029. Interest on the Notes is payable semiannually on March 15 and September 15 of each year. The Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each of the Company's existing and future U.S. subsidiaries, other than certain excluded subsidiaries. Guarantees and Security Generally, obligations under the Credit Agreement are guaranteed by certain of the Company’s existing and future subsidiaries, and are secured by substantially all of the Company’s and certain guarantor subsidiaries’ assets, subject to certain exclusions and limitations.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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