DEBT (Tables)

12 Months Ended

Dec. 31, 2023

DEBT

Schedule of debt

The Company’s debt consists of the following as of December 31, 2023 and 2022:

	As of December 31,
(In millions)	2023		2022
Private Placement Term Loans:
3.66 %, payable through 2023	$	—	$	4.5
3.37 %, payable through 2027		46.2		57.7
3.14 %, payable through 2031		114.4		132.8
Title XI Debt:
5.34 %, payable through 2028		—		13.2
5.27 %, payable through 2029		—		15.4
1.22 %, payable through 2043		158.2		166.2
1.35 %, payable through 2044		121.8		127.7
Total Debt		440.6		517.5
Less: Current portion		(39.7)		(76.9)
Total Long-term Debt		400.9		440.6
Less: Deferred loan fees		(11.6)		(12.9)
Total Long-term Debt, net of deferred loan fees	$	389.3	$	427.7

Schedule of maturities of debt

	As of
Year (in millions)	December 31, 2023
2024	$	39.7
2025		39.7
2026		39.7
2027		39.7
2028		28.2
Thereafter		253.6
Total Debt	$	440.6

Schedule of deferred loan fees

Deferred Loan Fees (in millions)	Amount
Balance at December 31, 2022	$	12.9
Amortization expense for the year ended December 31, 2023		(1.3)
Balance at December 31, 2023	$	11.6

Schedule of estimated amortization expense relating to deferred laon fees

Year (in millions)	Amount
2024	$	1.2
2025		1.1
2026		1.0
2027		0.9
2028		0.9
Thereafter		6.5
Total amortization expense of deferred loan fees	$	11.6