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Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Summary of Components of Long-Term Borrowings and Finance Lease Obligations

The following table summarizes the components of Long-term borrowings and finance lease obligations:

(in millions)	March 31, 2020				December 31, 2019
2019 Credit Agreement (a)	$	278.2			$	219.9
Finance lease obligations	0.7				0.6
Total long-term borrowings and finance lease obligations, including current portion	278.9				220.5
Less: Current finance lease obligations	0.2				0.2
Total long-term borrowings and finance lease obligations	$	278.7			$	220.3

(a)

Defined as the Second Amended and Restated Credit Agreement, dated July 30, 2019.

Schedule of Carrying Amounts and Estimated Fair Values of Long-Term Borrowings

The following table summarizes the carrying amounts and estimated fair values of the Company’s long-term borrowings:

	March 31, 2020								December 31, 2019
(in millions)	Notional Amount				Fair Value				Notional Amount				Fair Value
Long-term borrowings (a)	$	278.9			$	278.9			$	220.5			$	220.5

(a)

Long-term borrowings includes current finance lease obligations of $0.2 million and $0.2 million as of March 31, 2020 and December 31, 2019, respectively.

Schedule of Gross Borrowings and Gross Payments

The following table summarizes the gross borrowings and gross payments under the Company’s revolving credit facilities:

	Three Months Ended   March 31,
(in millions)	2020				2019
Gross borrowings	$	81.1			$	7.0
Gross payments	17.5				1.5

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

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