XML 44 R32.htm IDEA: XBRL DOCUMENT v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurement of Financial Instruments
The following table presents, for each applicable level within the fair value hierarchy, the Company’s net derivative assets and liabilities, including both current and noncurrent portions, measured at fair value on a recurring basis:
(in thousands)
Level 1Level 2Level 3
September 30, 2024
Total assets
$— $184,935 $— 
Total liabilities
— — — 
December 31, 2023
Total assets
$— $97,625 $— 
Total liabilities
— 4,052 — 
Long-term Debt, Fair Value The following table summarizes the carrying values, principal amounts and fair values of these instruments as of the periods indicated:
September 30, 2024December 31, 2023
Carrying ValuePrincipal AmountFair ValueCarrying ValuePrincipal AmountFair Value
Credit Facility(1)
$— $— $— $— $— $— 
5.375% Senior Notes due 2026(2)
288,115 289,448 288,690 287,408 289,448 285,287 
7.75% Senior Notes due 2026(2)
— — — 300,000 300,000 304,551 
6.875% Senior Notes due 2027(2)
— — — 352,619 356,351 356,852 
8.00% Senior Notes due 2027(2)
561,976 550,000 566,850 565,063 550,000 568,473 
3.25% Convertible Senior Notes due 2028(2)(3)
166,573 170,000 418,342 165,897 170,000 404,124 
5.875% Senior Notes due 2029(2)
663,299 700,000 700,726 658,562 700,000 684,705 
9.875% Senior Notes due 2031(2)
533,646 500,000 557,490 536,280 500,000 555,625 
7.00% Senior Notes due 2032(2)
984,008 1,000,000 1,041,193 982,952 1,000,000 1,030,790 
6.25% Senior Notes due 2033(2)
986,642 1,000,000 1,018,607 — — — 
(1)     The carrying values of the amounts outstanding under OpCo’s Credit Agreement approximate fair value because its variable interest rates are tied to current market rates and the applicable credit spreads represent current market rates for the credit risk profile of the Company.
(2)    The carrying values include associated unamortized debt issuance costs and any debt discounts or premiums as reflected in the consolidated balance sheets. The fair values are determined using quoted market prices for these debt securities, a Level 1 classification in the fair value hierarchy, and are based on the aggregate principal amount of the senior notes outstanding.
(3)    The Convertible Senior Notes are subject to certain conditions that allow them to be convertible prior to their maturity and as of September 30, 2024, noteholders have the right to convert during the fourth quarter of 2024. The Company has Capped Call Transactions that cover the aggregate number of shares of Class A Common Stock that underlie the Convertible Senior Notes and would offset any cash payment OpCo is required to make in excess of the principal amount of these notes. Refer to Note 4—Long-Term Debt for additional information on the Convertible Senior Notes and associated Capped Call Transactions.