Debt and Financing (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

Our outstanding debt as of September 30, 2021, consisted of the following:

(in millions)	Par Value			Discount			Commitment Fee			Debt Issuance Costs			Book Value				Effective Interest Rate
Term Loan (a)	$	612.5		$	(16.5	)	$	—		$	(7.3	)	$	588.7		(b)		9.5	%
ABL Facility		—			—			—			—			—			N/A
UST Loan Tranche A(a)		309.0			—			(14.1	)		(3.7	)		291.2		(c)		6.4	%
UST Loan Tranche B		400.0			—			(18.9	)		(4.9	)		376.2		(c)		6.5	%
Secured Second A&R CDA		24.1			—			—			—			24.1				7.7	%
Unsecured Second A&R CDA		43.9			—			—			(0.1	)		43.8				7.7	%
Lease financing obligations		224.6			—			—			(0.2	)		224.4		(d)		17.4	%
Total debt	$	1,614.1		$	(16.5	)	$	(33.0	)	$	(16.2	)	$	1,548.4
Current maturities of Unsecured Second A&R CDA		(1.4	)		—			—			—			(1.4	)
Current maturities of lease financing obligations		(3.4	)		—			—			—			(3.4	)
Long-term debt	$	1,609.3		$	(16.5	)	$	(33.0	)	$	(16.2	)	$	1,543.6

(a) The Par Value and the Book Value both reflect the accumulated cash funds that have been drawn, plus the accumulated paid-in-kind interest.

(b) Variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 3 or 6-month USD LIBOR, with a floor of 1.0%, plus a fixed margin of 7.5%.

(c) Variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 2, 3 or 6-month USD LIBOR, with a floor of 1.0%, plus a fixed margin of 3.5%.

(d) 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 Maturities of Long-term Debt

The principal maturities of long-term debt for the next five years are as follows:

(in millions)	Principal Maturity Amount
2021 - remaining portion	$	2.0
2022		70.2
2023		4.5
2024		1,323.5
2025		-
Thereafter		213.9
Total	$	1,614.1

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, are summarized as follows:

	September 30, 2021				December 31, 2020
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Term Loan	$	588.7	$	612.5	$	582.7	$	611.0
UST Loans		667.4		627.3		349.2		322.0
Second A&R CDA		67.9		68.0		67.8		67.8
Lease financing obligations		224.4		224.1		225.7		225.8
Total debt	$	1,548.4	$	1,531.9	$	1,225.4	$	1,226.6