Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Long-term debt consisted of the following:


		December 31,
	Maturity Date	2022		2021
2027 Term Loans (effective interest rate of 4.3% at December 31, 2022 and 2.4% at December 31, 2021)	August 10, 2027	$	731.3	$	738.8
2029 Term Loans (effective interest rate of 4.1% at December 31, 2022 and 2.3% at December 31, 2021)	November 10, 2029	1,770.0		1,782.4
2027 Senior Notes (effective interest rate of 5.4% at December 31, 2022 and December 31, 2021)	December 1, 2027	600.0		600.0
2029 Senior Notes (effective interest rate of 3.6% at December 31, 2022 and December 31, 2021)	March 1, 2029	800.0		800.0
Revolver	November 10, 2027	—		—
Total		3,901.3		3,921.2
Less: unamortized original issue discount and debt issuance costs(1)		(70.2)		(38.9)
Less: current portion of long-term debt		(18.2)		(24.1)
		$	3,812.9	$	3,858.2

_________________________________

(1) Original issue discount and debt issuance costs are amortized to interest expense over the life of the related debt instruments using the interest method.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The estimated fair values of our long-term debt instruments are based on observable market prices for these loans, which are traded in less active markets and therefore classified as Level 2 fair value measurements, and were as follows as of December 31, 2022:


2027 Term Loans	$	725.4
2029 Term Loans	$	1,771.1
2027 Senior Notes	$	571.0
2029 Senior Notes	$	674.0

Aggregate Principal Payments Due on Long-Term Debt

Aggregate principal payments, exclusive of any unamortized original issue discount and debt issuance costs, due on long-term debt as of December 31, 2022 are as follows:


Year Ending December 31:
2023	$	25.2
2024	25.2
2025	25.2
2026	25.2
2027	1,319.0
Thereafter	2,481.5
	$	3,901.3

- Definition

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.

+ References

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+ Details