Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt

Note 6 — Debt

Debt and notes payable consists of the following:

	March 31,			December 31,
	2020			2019
	(In millions)
Pension liability	$	—		$	13.5
Stock purchase agreement notes payable (see Note 14 – Related Party Transactions)		17.6			17.6
Orix notes payable		29.1			13.0
Deferred financing costs		(2.7	)		(2.7	)
Other liabilities		0.5			0.2
Total long term debt		44.5			41.6

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 Company has multiple notes payable with Orix. Notes payable of $16 million issued in March of 2020 bear interest at a 5.0% annual rate and mature on September 18, 2021.

Prior Orix notes payable of $13 million 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 March 31, 2020, in each of the next five fiscal years and thereafter are as follows:

Fiscal years ending in	(in millions)
2020	$	—
2021		22.3
2022		22.6
2023		0.8
2024		0.7
2025 and thereafter		1.5
Total		47.2