XML 23 R17.htm IDEA: XBRL DOCUMENT v3.25.1
Long-Term Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt

8. Long-Term Debt

Long-term debt consisted of the following as of:

 

 

 

March 31,
2025

 

 

December 31,
2024

 

 

 

(in thousands)

 

Revolving credit facility (1)

 

$

775,000

 

 

$

—

 

4.25% 2032 notes

 

 

1,300,000

 

 

 

1,300,000

 

6.375% 2034 notes

 

 

1,000,000

 

 

 

1,000,000

 

6.375% 2032 notes

 

 

700,000

 

 

 

700,000

 

5.00% 2030 notes

 

 

550,000

 

 

 

550,000

 

Other finance obligations

 

 

189,858

 

 

 

190,312

 

Finance lease obligations

 

 

892

 

 

 

1,078

 

 

 

 

4,515,750

 

 

 

3,741,390

 

Unamortized debt discount/premium and debt issuance costs

 

 

(36,246

)

 

 

(37,277

)

 

 

 

4,479,504

 

 

 

3,704,113

 

Less: current maturities of long-term debt

 

 

7,244

 

 

 

3,470

 

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

 

$

4,472,260

 

 

$

3,700,643

 

(1)
The weighted average interest rate was 5.4% as of March 31, 2025.

 

The Company’s Revolving Facility and outstanding senior unsecured notes are discussed in more detail in our 2024 Form 10-K.

Fair Value

As of March 31, 2025, and December 31, 2024, 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 Revolving Facility, 4.25% senior notes due 2032 (the “4.25% 2032 Notes”), 6.375% senior notes due 2034 (the “6.375% 2034 Notes”), 6.375% senior notes due 2032 (the “6.375% 2032 Notes”), and 5.00% senior notes due 2030 (the “5.00% 2030 Notes”), at amortized cost. The fair values of the 4.25% 2032 Notes, 6.375% 2034 Notes, 6.375% 2032 Notes, and 5.00% 2030 Notes, at March 31, 2025, were approximately $1.2 billion, $1.0 billion, $705.3 million, and $528.0 million, respectively, which were determined using Level 2 inputs based on market prices. The carrying value of the Revolving Facility as of March 31, 2025 approximates its fair value, as the rates of the Revolving Facility are comparable to those at which we could currently borrow under similar terms. 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 March 31, 2025.