Debt and Financing (Tables)

12 Months Ended

Dec. 31, 2019

Our outstanding debt as of December 31, 2019 and December 31, 2018 consisted of the following:

As of December 31, 2019 (in millions)	Par Value			Discount			Debt Issuance Costs			Book Value				Effective Interest Rate
New Term Loan	$	600.0		$	(28.1	)	$	(12.0	)	$	559.9		^(a)		10.5	%
ABL Facility		—			—			—			—
Secured Second A&R CDA		26.0			—			(0.1	)		25.9				7.9	%
Unsecured Second A&R CDA		45.2			—			(0.1	)		45.1				7.9	%
Lease financing obligations		231.6			—			(0.3	)		231.3				16.5	%
Total debt	$	902.8		$	(28.1	)	$	(12.5	)	$	862.2
Current maturities of Unsecured Second A&R CDA		(1.4	)		—			—			(1.4	)
Current maturities of lease financing obligations		(2.7	)		—			—			(2.7	)
Long-term debt	$	898.7		$	(28.1	)	$	(12.5	)	$	858.1

As of December 31, 2018 (in millions)	Par Value			Discount			Debt Issuance Costs			Book Value				Effective Interest Rate
Prior Term Loan	$	573.7		$	(7.8	)	$	(6.5	)	$	559.4		^(b)		11.4	%
ABL Facility		—			—			—			—
Secured Second A&R CDA		26.9			—			(0.1	)		26.8				7.9	%
Unsecured Second A&R CDA		46.7			—			(0.2	)		46.5				7.9	%
Lease financing obligations		242.7			—			(0.5	)		242.2				14.9	%
Total debt	$	890.0		$	(7.8	)	$	(7.3	)	$	874.9
Current maturities of Term Loan		(14.2	)		—			—			(14.2	)
Current maturities of Unsecured Second A&R CDA		(1.5	)		—			—			(1.5	)
Current maturities of lease financing obligations		(5.0	)		—			—			(5.0	)
Long-term debt	$	869.3		$	(7.8	)	$	(7.3	)	$	854.2

(a)	As of December 31, 2019, the stated interest rate represented a variable interest rate of 1, 3 or 6-month LIBOR, with a floor of 1.0% plus a fixed margin of 7.50%.

(b)	As of December 31, 2018, the stated interest rate represented 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 Maturities of Long-term Debt

The principal maturities over the next five years and thereafter of total debt as of December 31, 2019 was as follows:

(in millions)	Term Loan		ABL Facility		Second A&R CDA		Lease Financing Obligations^(a)		Total
2020	$	—	$	—	$	1.4	$	2.5	$	3.9
2021		—		—		1.4		2.3		3.7
2022		—		—		68.4		3.2		71.6
2023		—		—		—		3.9		3.9
2024		600.0		—		—		1.9		601.9
Thereafter		—		—		—		217.8		217.8
Total	$	600.0	$	—	$	71.2	$	231.6	$	902.8

(a)	Lease financing obligations subsequent to 2024 of $217.8 million consist primarily of interest payments.

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:

	December 31, 2019				December 31, 2018
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Prior Term Loan	$	—	$	—	$	559.4	$	546.0
New Term Loan		559.9		559.3		—		—
ABL Facility		—		—		—		—
Lease financing obligations		231.3		233.7		242.2		234.7
Second A&R CDA		71.0		71.7		73.3		70.0
Total debt	$	862.2	$	864.7	$	874.9	$	850.7

Schedule of Cash and Cash Equivalents and Managed Accessibility

The table below summarizes cash and cash equivalents and Managed Accessibility for the years ended December 31:

(in millions)	2019			2018
Cash and cash equivalents		109.2			227.6
Less: amounts placed into restricted cash subsequent to year-end		(29.0	)		(25.0	)
Managed Accessibility		0.2			1.2
Total cash and cash equivalents and Managed Accessibility	$	80.4		$	203.8