DEBT (Tables)

12 Months Ended

Dec. 31, 2021

DEBT

Schedule of debt

At December 31, 2021 and 2020, the Company’s debt consisted of the following:

	As of December 31,
(In millions)	2021		2020
Private Placement Term Loans:
3.66 %, payable through 2023	$	13.7	$	22.8
4.16 %, payable through 2027		28.8		34.0
3.37 %, payable through 2027		69.2		75.0
3.14 %, payable through 2031		151.2		169.6
4.31 %, payable through 2032		25.4		27.9
Title XI Debt:
5.34 %, payable through 2028		15.4		17.6
5.27 %, payable through 2029		17.6		19.8
1.22 %, payable through 2043		174.1		182.0
1.35 %, payable through 2044		133.6		139.6
Revolving credit facility, maturity date of March 31, 2026		—		71.8
Total Debt		629.0		760.1
Less: Current portion		(65.0)		(59.2)
Total Long-term Debt		564.0		700.9
Less: Deferred loan fees		(14.3)		(15.3)
Total Long-term Debt, net of deferred loan fees	$	549.7	$	685.6

Schedule of maturities of debt

	As of
Year (in millions)	December 31, 2021
2022	$	65.0
2023		60.4
2024		51.7
2025		51.7
2026		51.7
Thereafter		348.5
Total Debt	$	629.0

Schedule of deferred loan fees

Deferred Loan Fees (in millions)	Amount
Deferred financing costs related to Title XI bonds and private placement debt amendments	$	16.0
Deferred fees expensed related to the redemption of private placement debt		(0.2)
Amortization expense for the year ended December 31, 2021		(1.5)
Balance at December 31, 2021	$	14.3

Schedule of estimated amortization expense relating to deferred laon fees

Year (in millions)	Amount
2022	$	1.3
2023		1.3
2024		1.2
2025		1.2
2026		1.0
Thereafter		8.3
Total amortization expense of deferred loan fees	$	14.3