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Debt and Credit Agreements | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Debt and Credit Agreements | Debt and Credit Agreements The Company’s debt and credit agreements consisted of the following:
(In thousands) |  | September 30, 2021 |  | December 31, 2020
6.51% weighted-average senior notes |  | $ | 37,000 |  |  | $ | 37,000 |
5.58% weighted-average senior notes(1) |  | 87,000 |  |  | 175,000 |
3.65% weighted-average senior notes(2) |  | 825,000 |  |  | 925,000 |
Unamortized debt issuance costs |  | (2,491) |  |  | (3,076) |
|  | $ | 946,509 |  |  | $ | 1,133,924 |
________________________________________________________ (1)Includes $88.0 million of current portion of long-term debt at December 31, 2020, which the Company repaid in January 2021. (2)Includes $100.0 million of current portion of long-term debt at December 31, 2020, which the Company repaid in September 2021. At September 30, 2021, the Company was in compliance with all financial and other covenants applicable to its revolving credit facility and senior notes. Revolving Credit Agreement The borrowing base under the terms of the Company's revolving credit facility was redetermined annually in April until the most recent amendment to the credit agreement in September 2021. Effective April 21, 2021, the borrowing base and available commitments were reaffirmed at $3.2 billion and $1.5 billion, respectively. On June 17, 2021, the Company entered into an amendment to the credit agreement relating to its revolving credit facility to, among other things, (1) remove the requirement that certain of the Company’s restricted subsidiaries become guarantors under the credit agreement, (2) expand the permissible indebtedness that may be held or incurred by a restricted subsidiary and (3) make certain other changes to permit the Company and Cimarex to complete the Merger. This amendment became effective upon completion of the Merger on October 1, 2021. On September 16, 2021, the Company entered into another amendment to the credit agreement to, among other things: (1) remove the provisions which limited borrowings thereunder to an amount not to exceed the borrowing base and certain related provisions; (2) replace the then-existing financial maintenance covenants with a covenant requiring maintenance of a ratio of total debt to consolidated EBITDA of not more than 3.0 to 1.0; (3) provide that if, in the future, the Company no longer has any other indebtedness subject to a leverage-based financial maintenance covenant, then the leverage covenant shall be replaced by a covenant requiring maintenance of a ratio of total debt to total capitalization not to exceed 65 percent at any time; and (4) provide for changes to certain exceptions to the negative covenants to reflect the completion of the Merger. This amendment became effective upon completion of the Merger and closing of the debt exchange described below. At September 30, 2021, the Company had no borrowings outstanding under its revolving credit facility and had unused commitments of $1.5 billion. Debt Exchange Subsequent Event. On October 7, 2021 and after the completion of the Merger, the Company completed the exchange of $1.8 billion in aggregate principal of Cimarex senior notes (“Existing Cimarex Notes”) for $1.8 billion in aggregate principal of new notes issued by Coterra (“New Coterra Notes”) and $1.8 million of cash consideration. In connection with the debt exchange, Cimarex obtained consents to adopt certain proposed amendments to each of the indentures governing the Existing Cimarex Notes to eliminate certain of the covenants, restrictive provisions and events of default from such indentures. The New Coterra Notes are general, unsecured, senior obligations of the Company and have substantially identical terms and covenants to the Existing Cimarex Notes (before giving effect to the amendments referred to in the immediately preceding sentence).

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- Definition The entire disclosure for long-term debt. + 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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