Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Debt

Note 7 — Debt

Debt and notes payable consists of the following:

	Years Ended December 31,
	2019			2018
	(In millions)
Pension liability	$	13.5		$	25.1
Stock purchase agreement notes payable (see Note 15 – Related Party Transactions)		17.6			—
Orix notes payable		13.0			—
Deferred financing costs		(2.7	)
Other liabilities		0.2			2.9
Total long term debt		41.6			28.0

Pension liabilities of $13.5 million as of December 31, 2019 are not included in the maturity schedule below as the Company is no longer obligated for the liability as of January 6, 2020. See Note 10 – Retirement Plans for additional information on the pension liability.

Stock purchase agreement notes payable bear interest at a 5% annual rate and mature on December 12, 2022. The interest under the notes is payable in arrears on the first day of each calendar quarter, or, at the Company’s option, in shares of common stock of the Company at a price reflecting market value.

The Orix notes payable bear interest at a 7.5% annual rate and mature on September 30, 2026. Principal payments are due annually, commencing on March 31, 2021 and thereafter on March 31 of each year until maturity. The first two principal installments are $3,461,538 each and the remaining installments are $519,231 each. All accrued interest is due and payable in arrears, commencing on September 30, 2020 and thereafter on September 30 of each year until maturity.

Scheduled maturities of the Company’s long-term debt, as they exist as of December 31, 2019, in each of the next four fiscal years and thereafter are as follows:

Fiscal years ending in	(in millions)
2020	$	—
2021		5.0
2022		22.6
2023		0.8
2024		0.7
2025 and thereafter		1.8
Total		30.6