Debt and Financing (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

Our outstanding debt as of March 31, 2022, consisted of the following:

(in millions)	Par Value			Discount			Commitment Fee			Debt Issuance Costs			Book Value				Effective Interest Rate
UST Loan Tranche A(a)	$	313.8		$	—		$	(11.8	)	$	(3.1	)	$	298.9		(b)		6.4	%
UST Loan Tranche B		400.0			—			(15.7	)		(4.1	)		380.2		(b)		6.5	%
Term Loan (a)		605.3			(13.3	)		—			(6.0	)		586.0		(c)		9.5	%
ABL Facility		—			—			—			—			—
Secured Second A&R CDA		23.5			—			—			—			23.5				7.7	%
Unsecured Second A&R CDA		42.5			—			—			—			42.5				7.7	%
Lease financing obligations		221.8			—			—			(0.1	)		221.7		(d)		17.4	%
Total debt	$	1,606.9		$	(13.3	)	$	(27.5	)	$	(13.3	)	$	1,552.8
Current maturities of Second A&R CDA		(66.0	)		—			—			—			(66.0	)
Current maturities of lease financing obligations		(4.7	)		—			—			—			(4.7	)
Long-term debt	$	1,536.2		$	(13.3	)	$	(27.5	)	$	(13.3	)	$	1,482.1

(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, 2, 3 or 6-month USD LIBOR, with a floor of 1.0%, plus a fixed margin of 3.5%.

(c) 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%.

(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 over the next five years and thereafter of total debt as of March 31, 2022 are as follows:

(in millions)	Principal Maturity Amount
2022 - remaining portion	$	69.3
2023		5.7
2024		1,323.2
2025		3.6
2026		0.3
Thereafter		204.8
Total	$	1,606.9

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:

	March 31, 2022				December 31, 2021
(in millions)	Book Value		Fair Value		Book Value		Fair Value
UST Loans	$	679.1	$	645.3	$	673.3	$	636.5
Term Loan		586.0		605.3		590.9		612.9
Second A&R CDA		66.0		66.0		66.5		66.6
Lease financing obligations		221.7		220.7		223.8		223.7
Total debt	$	1,552.8	$	1,537.3	$	1,554.5	$	1,539.7