Debt and Financing (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

Our outstanding debt as of March 31, 2023, consisted of the following:

(in millions)	Par Value			Discount			Commitment Fee			Debt Issuance Costs			Book Value				Effective Interest Rate
UST Loan Tranche A(a)	$	329.4		$	—		$	(7.1	)	$	(1.8	)		320.5		(b)		6.3	%
UST Loan Tranche B		400.0			—			(9.4	)		(2.5	)		388.1		(b)		6.5	%
Term Loan (a)		567.4			(7.0	)		—			(3.3	)		557.1		(c)		9.5	%
ABL Facility		—			—			—			—			—			N/A
Lease financing obligations		212.2			—			—			(0.1	)		212.1		(d)		17.6	%
Total debt	$	1,509.0		$	(7.0	)	$	(16.5	)	$	(7.7	)	$	1,477.8
Current maturities of lease financing obligations		(7.8	)		—			—			—			(7.8	)
Long-term debt	$	1,501.2		$	(7.0	)	$	(16.5	)	$	(7.7	)	$	1,470.0

(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. The remaining term of these obligations ranges between 2024 and 2032 with right of renewal options available.

Schedule of Maturities of Long-term Debt

The principal maturities over the next five years and thereafter of total debt as of March 31, 2023 are as follows:

(in millions)	Principal Maturity Amount
2023 - remaining portion	$	7.8
2024		1,304.3
2025		9.6
2026		11.0
2027		14.0
Thereafter		162.3
Total	$	1,509.0

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, 2023				December 31, 2022
(in millions)	Book Value		Fair Value		Book Value		Fair Value
UST Loans	$	708.6	$	705.8	$	701.4	$	703.6
Term Loan		557.1		516.3		556.8		523.6
Second A&R CDA		—		—		66.0		66.3
Lease financing obligations		212.1		212.5		213.8		213.7
Total debt	$	1,477.8	$	1,434.6	$	1,538.0	$	1,507.2