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Debt | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Debt | DEBT A summary of debt is as follows (in millions):
|  |  | June 30, 2019 |  | December 31, 2018
| Maturity |  | Current |  | Long-Term |  | Current |  | Long-Term
8.25% Notes: | Feb. 2027 |  |  |  |  |  |  |  |
Principal |  |  | $ | — |  |  | $ | 74.3 |  |  | $ | — |  |  | $ | 74.3 |
Interest |  |  | 6.1 |  |  | 42.8 |  |  | 6.1 |  |  | 45.9 |
8.25% Notes |  |  | $ | 6.1 |  |  | $ | 117.1 |  |  | $ | 6.1 |  |  | $ | 120.2 |
8% PIK Toggle Notes | Sep. 2019 (a) |  | $ | 27.5 |  |  | $ | — |  |  | $ | 26.7 |  |  | $ | — |
Less deferred issuance costs |  |  | — |  |  | — |  |  | — |  |  | — |
8% PIK Toggle Notes |  |  | $ | 27.5 |  |  | $ | — |  |  | $ | 26.7 |  |  | $ | — |
Total |  |  | $ | 33.6 |  |  | $ | 117.1 |  |  | $ | 32.8 |  |  | $ | 120.2 |
(a) Maturity can be extended to September 2024 upon the satisfaction of certain funding conditions described in the applicable indenture. 8.25% Notes Interest on the 8.25% Notes is payable semi-annually in arrears as of February 28 and August 31 based on a 360-day year consisting of twelve 30-day months. The 8.25% Notes mature on February 28, 2027. As described above, all future interest payment obligations on the 8.25% Notes are included in the carrying value of the 8.25% Notes. As a result, the Company’s reported interest expense will be less than its contractual interest payments throughout the term of the 8.25% Notes. As of June 30, 2019, and December 31, 2018, $6.1 million of interest is recorded as current and classified as Current Debt in the condensed consolidated balance sheet. 8% PIK Toggle Notes Interest on the 8% PIK Toggle Notes is payable semi-annually in arrears on March 31 and September 30 based on a 360-day year consisting of twelve 30-day months. The principal amount is increased by any payment of interest in the form of PIK payments. The Company has the option to pay up to 5.5% per annum of interest due on the 8% PIK Toggle Notes in the form of in-kind PIK payments. For the semi-annual interest periods in 2018 and 2019, the Company elected to pay interest in the form of PIK payments at 5.5% per annum. Financing costs for the issuance of the 8% PIK Toggle Notes were deferred and are being amortized on a straight-line basis, which approximates the effective interest method, over the life of the 8% PIK Toggle Notes. The 8% PIK Toggle Notes mature on September 30, 2019. Additional terms and conditions of the 8.25% Notes and the 8% PIK Toggle Notes are described in Note 9, Debt, of the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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