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Debt and Financing (Tables)
 3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Debt
Our outstanding debt as of March 31, 2019 consisted of the following:
As of March 31, 2019 (in millions)
Par Value
 
Discount
 
Debt Issuance Costs
 
Book
Value
 
Average Effective
Interest Rate
Term Loan
$
573.0

 
$
(7.3
)
 
$
(6.0
)
 
$
559.7

(a) 
11.6
%
ABL Facility
—

 
—

 
—

 
—

 
N/A

Secured Second A&R CDA
26.8

 
—

 
(0.1
)
 
26.7

 
8.0
%
Unsecured Second A&R CDA
46.7

 
—

 
(0.2
)
 
46.5

 
8.0
%
Lease financing obligations
238.0

 
—

 
(0.4
)
 
237.6

 
15.1
%
Total debt
$
884.5

 
$
(7.3
)
 
$
(6.7
)
 
$
870.5

 
 
Current maturities of Term Loan
(18.0
)
 
—

 
—

 
(18.0
)
 
 
Current maturities of lease financing obligations
(4.1
)
 
—

 
—

 
(4.1
)
 
 
Current maturities of Unsecured Second A&R CDA
(1.5
)
 
—

 
—

 
(1.5
)
 
 
Long-term debt
$
860.9

 
$
(7.3
)
 
$
(6.7
)
 
$
846.9

 
 

(a)  
Variable interest rate of 1, 3 or 6-month LIBOR, with a floor of 1.0%, plus a fixed margin of 8.50%.
Schedule Of Cash And Cash Equivalents And Managed Accessibility
The table below summarizes cash and cash equivalents and Managed Accessibility as of March 31, 2019 and December 31, 2018:

(in millions)
March 31, 2019
 
December 31, 2018
Cash and cash equivalents
126.6

 
227.6

Changes to restricted cash
20.0

 
(25.0
)
Managed Accessibility
9.1

 
1.2

Total cash and cash equivalents and Managed Accessibility
$
155.7

 
$
203.8
Schedule of Maximum Total Leverage Ratio for Remaining Test Periods
Our total maximum leverage ratio covenants are as follows:
Four Consecutive Fiscal Quarters Ending
Maximum Total
Leverage Ratio
 
Four Consecutive Fiscal Quarters Ending
Maximum Total
Leverage Ratio
March 31, 2019
3.25 to 1.00
 
June 30, 2020
3.00 to 1.00
June 30, 2019
3.25 to 1.00
 
September 30, 2020
2.75 to 1.00
September 30, 2019
3.25 to 1.00
 
December 31, 2020
2.75 to 1.00
December 31, 2019
3.00 to 1.00
 
March 31, 2021
2.75 to 1.00
March 31, 2020
3.00 to 1.00
 
June 30, 2021 and thereafter
2.50 to 1.00
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The book value and estimated fair values of our long-term debt, including current maturities and other financial instruments, are summarized as follows:
 
 
March 31, 2019
 
December 31, 2018
(in millions)
Book Value
 
Fair value
 
Book Value
 
Fair value
Term Loan
$
559.7

 
$
569.5

 
$
559.4

 
$
546.0

Lease financing obligations
237.6

 
234.9

 
242.2

 
234.7

Second A&R CDA
73.2

 
73.0

 
73.3

 
70.0

Total debt
$
870.5

 
$
877.4

 
$
874.9

 
$
850.7