XML 50 R18.htm IDEA: XBRL DOCUMENT v3.19.3
Debt and Financing (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Debt
Our outstanding debt as of September 30, 2019 consisted of the following:
As of September 30, 2019 (in millions)
Par Value
 
Discount
 
Debt Issuance Costs
 
Book
Value
Average Effective
Interest Rate
 
Term Loan
$
600.0

 
$
(29.7
)
 
$
(11.0
)
 
$
559.3

10.7
%
(a) 
ABL Facility
—

 
—

 
—

 
—

N/A

 
Secured Second A&R CDA
26.8

 
—

 
(0.1
)
 
26.7

7.9
%
 
Unsecured Second A&R CDA
46.7

 
—

 
(0.2
)
 
46.5

7.9
%
 
Lease financing obligations
232.8

 
—

 
(0.3
)
 
232.5

16.4
%
(b) 
Total debt
$
906.3

 
$
(29.7
)
 
$
(11.6
)
 
$
865.0

 
 
Current maturities of Term Loan
—

 
—

 
—

 
—

 
 
Current maturities of lease financing obligations
(2.8
)
 
—

 
—

 
(2.8
)
 
 
Current maturities of Unsecured Second A&R CDA
(1.5
)
 
—

 
—

 
(1.5
)
 
 
Long-term debt
$
902.0

 
$
(29.7
)
 
$
(11.6
)
 
$
860.7

 
 

(a)  
Variable interest rate of 1, 3 or 6-month LIBOR, with a floor of 1.0%, plus a fixed margin of 7.5%.
(b) Interest rate for lease financing obligations is derived from the difference between total rent payment and calculated principal amortization over the life of lease agreements.
Schedule Of Cash And Cash Equivalents And Managed Accessibility
The table below summarizes cash and cash equivalents and Managed Accessibility as of September 30, 2019 and December 31, 2018:

(in millions)
September 30, 2019
 
December 31, 2018
Cash and cash equivalents
$
121.3

 
$
227.6

Changes to restricted cash
—

 
(25.0
)
Managed Accessibility
28.8

 
1.2

Total cash and cash equivalents and Managed Accessibility
$
150.1

 
$
203.8
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:
 
 
September 30, 2019
 
December 31, 2018
(in millions)
Book Value
 
Fair value
 
Book Value
 
Fair value
Prior Term Loan
$
—

 
$
—

 
$
559.4

 
$
546.0

New Term Loan
559.3

 
559.3

 
—

 
—

Lease financing obligations
232.5

 
234.7

 
242.2

 
234.7

Second A&R CDA
73.2

 
74.1

 
73.3

 
70.0

Total debt
$
865.0

 
$
868.1

 
$
874.9

 
$
850.7