Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consists of the following:

	Interest Rate Percentage			Maturity Date	December 31, 2021		December 31, 2020 (1)
(in Millions)	LIBOR borrowings	Base rate borrowings
Revolving Credit Facility (2)	2.35%	4.5%		2023	$	—	$	35.6
4.125% Convertible Senior Notes due 2025			4.125%	2025	245.8		245.8
Transaction costs - 2025 Notes					(5.4)		(6.8)
Total long-term debt (3)					$	240.4	$	274.6

______________________________

1.As adjusted for the adoption of ASU 2020-06 using the full retrospective method.

2.As of December 31, 2021 and December 31, 2020, there were $14.5 million and $14.4 million, respectively, in letters of credit outstanding under our Revolving Credit Facility and $385.5 million and $275.0 million available funds as of December 31, 2021 and December 31, 2020, respectively. Fund availability is subject to the Company meeting its debt covenants.

3.As of December 31, 2021 and December 31, 2020, the Company had no debt maturing within one year.

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The comparative financial statements of prior years have been adjusted to apply the adopted guidance retrospectively.

Statement of operations
(in Millions, except per share amounts)
Year ended December 31, 2021	As computed under ASC 470-20		As reported under ASU 2020-06		Effect of change
Interest expense/(income)	$	7.3	$	0.3	$	(7.0)
Income from operations before income taxes	16.9		23.9		7.0
Income tax expense	21.7		23.3		1.6
Net (loss)/income	$	(4.8)	$	0.6	$	5.4
Net (loss)/income per weighted average share - basic	$	(0.03)	$	—	$	0.03
Net (loss)/income per weighted average share - diluted	$	(0.03)	$	—	$	0.03
Year ended December 31, 2020	As originally reported		As adjusted		Effect of change
Interest expense/(income)	$	3.7	$	0.3	$	(3.4)
(Loss)/income from operations before income taxes	(25.4)		(22.0)		3.4
Income tax (benefit)/expense	(6.5)		(5.7)		0.8
Net (loss)/income	$	(18.9)	$	(16.3)	$	2.6
Net (loss)/income per weighted average share - basic and diluted	$	(0.13)	$	(0.11)	$	0.02

Balance Sheet
(in Millions, except per share amounts)
December 31, 2021	As computed under ASC 470-20		As reported under ASU 2020-06		Effect of change
Deferred income taxes	$	19.3	12.7		$	(6.6)
Long-term debt	209.6		240.4		30.8
Total liabilities	$	228.9	$	253.1	$	24.2
Common stock, $0.001 per share par value	0.1		0.1		—
Capital in excess of par value of common stock	810.3		778.1		(32.2)
Retained earnings	52.9		60.9		8.0
Accumulated other comprehensive loss	(42.9)		(42.9)		—
Treasury stock	(0.8)		(0.8)		—
Total equity	819.6		795.4		(24.2)
Total liabilities and equity	$	1,048.5	$	1,048.5	$	—
December 31, 2020	As originally reported		As adjusted		Effect of change
Deferred income taxes	$	13.9	$	5.6	$	(8.3)
Long-term debt	236.7		274.6		37.9
Total liabilities	$	250.6	$	280.2	$	29.6
Common stock, $0.001 per share par value	0.1		0.1		—
Capital in excess of par value of common stock	553.1		520.9		(32.2)
Retained earnings	57.7		60.3		2.6
Accumulated other comprehensive loss	(44.4)		(44.4)		—
Treasury stock, common, at cost	(0.7)		(0.7)		—
Total equity	565.8		536.2		(29.6)
Total liabilities and equity	$	816.4	$	816.4	$	—

Statement of cash flows
(in Millions)
Year ended December 31, 2021	As computed under ASC 470-20		As reported under ASU 2020-06		Effect of change
Net (loss)/income	$	(4.8)	$	0.6	$	5.4
Adjustments to reconcile net (loss)/income to cash provided by operating activities:
Deferred income taxes	10.9		12.5		1.6
Deferred financing fee amortization	7.3		0.3		(7.0)
Net cash provided by operating activities	13.4		13.4		—
Net increase in cash and cash equivalents	101.4		101.4		—
Cash and cash equivalents, beginning of period	11.6		11.6		—
Cash and cash equivalents, end of period	$	113.0	$	113.0	$	—
Year ended December 31, 2020	As originally reported		As adjusted		Effect of change
Net (loss)/income	$	(18.9)	$	(16.3)	$	2.6
Adjustments to reconcile net (loss)/income to cash used in operating activities:
Deferred income taxes	(7.1)		(6.3)		0.8
Deferred financing fee amortization	4.1		0.7		(3.4)
Net cash used in operating activities	(21.9)		(21.9)		—
Net decrease in cash and cash equivalents	(5.2)		(5.2)		—
Cash and cash equivalents, beginning of period	16.8		16.8		—
Cash and cash equivalents, end of period	$	11.6	$	11.6	$	—