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Long-Term Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Long-Term Debt

8. Long-Term Debt

Long-term debt consisted of the following as of:

 

 

 

September 30,
2023

 

 

December 31,
2022

 

 

 

(in thousands)

 

Revolving credit facility (1)

 

$

682,000

 

 

$

264,000

 

4.25% 2032 notes

 

 

1,300,000

 

 

 

1,300,000

 

6.375% 2032 notes

 

 

700,000

 

 

 

700,000

 

2030 notes

 

 

550,000

 

 

 

550,000

 

Other finance obligations

 

 

193,465

 

 

 

197,281

 

Finance lease obligations

 

 

2,807

 

 

 

4,105

 

 

 

 

3,428,272

 

 

 

3,015,386

 

Unamortized debt discount/premium and debt issuance costs

 

 

(29,026

)

 

 

(31,189

)

 

 

 

3,399,246

 

 

 

2,984,197

 

Less: current maturities of long-term debt

 

 

3,897

 

 

 

6,355

 

Long-term debt, net of current maturities, discounts and issuance costs

 

$

3,395,349

 

 

$

2,977,842

 

(1)
The weighted average interest rate was 6.9% and 3.7% as of September 30, 2023, and December 31, 2022, respectively.

2023 Debt Transactions

On January 17, 2023, and April 3, 2023, the Company amended the Revolving Facility to extend the maturity of $1,620.0 million, and $180.0 million, respectively, of the total $1,800.0 million commitments to January 17, 2028. These amendments included additional interest pricing tiers for borrowings, which range from 1.10% to 1.60% in the case of loans using the Secured Overnight Financing Rate (“SOFR”), and 0.00% to 0.50% in the case of base rate loans. The letters of credit are assessed at a rate between 1.00% to 1.50% based on the average excess availability. In connection with these amendments, we expensed approximately $0.7 million of unamortized debt issuance costs related to exiting lenders to interest expense, and we incurred approximately $1.9 million of new debt issuance costs which, together with the previous unamortized debt issuance costs, have been deferred and amortized over the remaining contractual life.

The Revolving Facility and outstanding senior unsecured notes are discussed in more detail in our 2022 Form 10-K and in our quarterly report on Form 10-Q for the three months ended March 31, 2023.

Fair Value

As of September 30, 2023, and December 31, 2022, the Company does not have any financial instruments that are measured at fair value on a recurring basis. We have elected to report the value of our 5% senior unsecured notes due 2030 (the “2030 notes”), 4.25% senior unsecured notes due 2032 (the “4.25% 2032 notes”), 6.375% senior unsecured notes due 2032 (the “6.375% 2032 notes” and together with the 4.25% 2032 notes, the “2032 notes”), and Revolving Facility at amortized cost. The fair values of the 2030 notes, 4.25% 2032 notes, and 6.375% 2032 notes at September 30, 2023, were approximately $491.8 million, $1.1 billion, and $661.9 million, respectively, and were determined using Level 2 inputs based on market prices. The carrying value of the Revolving Facility at September 30, 2023, approximates fair value as the rates are comparable to those at which we could currently borrow under similar terms, are variable and incorporate a measure of our credit risk. As such, the fair value of the Revolving Facility was also classified as Level 2 in the hierarchy.

We were not in violation of any covenants or restrictions imposed by any of our debt agreements at September 30, 2023.