XML 44 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Debt And Financing (Tables)
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Debt [Table Text Block]
Our outstanding debt as of December 31, 2018 and December 31, 2017 consisted of the following:

As of December 31, 2018 (in millions)
Par Value
 
Discount
 
Debt Issuance Costs
 
Book
Value
 
Effective
Interest Rate
Term Loan
$
573.7

 
$
(7.8
)
 
$
(6.5
)
 
$
559.4

(a) 
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

 
 


As of December 31, 2017 (in millions)
Par Value
 
Discount
 
Debt Issuance Costs
 
Book
Value
 
Effective
Interest Rate
Term Loan
$
595.5

 
$
(10.4
)
 
$
(8.3
)
 
$
576.8

(a) 
10.5
%
ABL Facility(a)

 

 

 

 
N/A

Secured Second A&R CDA
26.9

 

 
(0.1
)
 
26.8

 
7.8
%
Unsecured Second A&R CDA
48.2

 

 
(0.3
)
 
47.9

 
7.8
%
Lease financing obligations
255.5

 

 
(0.9
)
 
254.6

 
12.1
%
Total debt
$
926.1

 
$
(10.4
)
 
$
(9.6
)
 
$
906.1

 
 
Current maturities of Term Loan
(18.0
)
 

 

 
(18.0
)
 
 
Current maturities of Unsecured Second A&R CDA
(1.5
)
 

 

 
(1.5
)
 
 
Current maturities of lease financing obligations
(11.1
)
 

 

 
(11.1
)
 
 
Long-term debt
$
895.5

 
$
(10.4
)
 
$
(9.6
)
 
$
875.5

 
 

(a)
As of December 31, 2018 and 2017, 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 Maximum Total Leverage Ratio for Remaining Test Periods [Table Text Block]
Our total maximum leverage ratio covenants are as follows:

Four Consecutive Fiscal Quarters Ending
Maximum Total
Leverage Ratio
Four Consecutive Fiscal Quarters Ending
Maximum Total
Leverage Ratio
December 31, 2018
3.50 to 1.00
June 30, 2020
3.00 to 1.00
March 31, 2019
3.25 to 1.00
September 30, 2020
2.75 to 1.00
June 30, 2019
3.25 to 1.00
December 31, 2020
2.75 to 1.00
September 30, 2019
3.25 to 1.00
March 31, 2021
2.75 to 1.00
December 31, 2019
3.00 to 1.00
June 30, 2021 and thereafter
2.50 to 1.00
March 31, 2020
3.00 to 1.00
 
 
Schedule of Maturities of Long-term Debt [Table Text Block]
The principal maturities over the next five years and thereafter of total debt as of December 31, 2018 was as follows:
                                         
(in millions)
Term Loan
ABL Facility
Second A&R CDA
Lease Financing Obligations(a)
Total
2019
$
14.2

$

$
1.5

$
5.1

$
20.8

2020
18.0


1.4

3.6

23.0

2021
18.0


1.4

3.4

22.8

2022
523.5


69.3

4.3

597.1

2023



5.1

5.1

Thereafter



221.2

221.2

Total
$
573.7

$

$
73.6

$
242.7

$
890.0



(a)
Lease financing obligations subsequent to 2023 of $221.2 million represent principal cash obligations of $17.1 million and the estimated net book value of the underlying assets at the expiration of their associated lease agreements of $204.1 million.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
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, 2018
 
December 31, 2017
(in millions)
Book Value
 
Fair Value
 
Book Value
 
Fair Value
Term Loan
$
559.4

 
$
546.0

 
$
576.8

 
$
596.9

ABL Facility

 

 

 

Lease financing obligations
242.2

 
234.7

 
254.6

 
257.7

Second A&R CDA
73.3

 
70.0

 
74.7

 
75.3

Total debt
$
874.9

 
$
850.7

 
$
906.1

 
$
929.9

Schedule Of Cash And Cash Equivalents And Managed Accessibility [Table Text Block]
The table below summarizes cash and cash equivalents and Managed Accessibility for the years ended December 31:

(in millions)
2018
 
2017
Cash and cash equivalents
227.6

 
91.6

Less: amounts placed into restricted cash subsequent to year-end
(25.0
)
 

Managed Accessibility
1.2

 
26.7

Total cash and cash equivalents and Managed Accessibility
$
203.8

 
$
118.3