Debt and Financing (Tables)

6 Months Ended

Jun. 30, 2020

Our outstanding debt as of June 30, 2020 consisted of the following:

As of June 30, 2020 (in millions)	Par Value			Discount			Debt Issuance Costs			Book Value				Effective Interest Rate
New Term Loan	$	613.5		$	(23.9	)	$	(10.7	)	$	578.9		^(a)		15.1	%
ABL Facility		—			—			—			—
Secured Second A&R CDA		24.8			—			(0.1	)		24.7				7.8	%
Unsecured Second A&R CDA		45.2			—			(0.1	)		45.1				7.8	%
Lease financing obligations		226.3			—			(0.3	)		226.0				16.6	%
Total debt	$	909.8		$	(23.9	)	$	(11.2	)	$	874.7
Current maturities of Unsecured Second A&R CDA		(1.4	)	$	—		$	—			(1.4	)
Current maturities of lease financing obligations		(2.2	)	$	—		$	—			(2.2	)
Long-term debt	$	906.2		$	(23.9	)	$	(11.2	)	$	871.1

(a)	Effective rate noted is as of June 30, 2020. Due to the Second New Term Loan Amendment, the rate effective for the third quarter will be a variable interest rate of 1, 3 or 6-month LIBOR, with a floor of 1.0%, plus a fixed margin of 7.5%.

Schedule of Cash and Cash Equivalents and Managed Accessibility

The table below summarizes cash and cash equivalents and Managed Accessibility as of June 30, 2020 and December 31, 2019:

(in millions)	June 30, 2020		December 31, 2019
Cash and cash equivalents	$	264.2	$	109.2
Amounts placed (into)/out of restricted cash subsequent to period end		18.0		(29.0	)
Managed Accessibility		20.4		0.2
Total cash and cash equivalents and Managed Accessibility	$	302.6	$	80.4

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:

	June 30, 2020				December 31, 2019
(in millions)	Book Value		Fair Value		Book Value		Fair Value
New Term Loan	$	578.9	$	576.7	$	559.9	$	559.3
ABL Facility		—		—		—		—
Lease financing obligations		226.0		222.9		231.3		233.7
Second A&R CDA		69.8		65.7		71.0		71.7
Total debt	$	874.7	$	865.3	$	862.2	$	864.7