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Long-Term Debt | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Long-Term Debt | LONG-TERM DEBT Long-term debt, net of current maturities and debt issuance costs, consists of the following:
|  |  | September 30, 2018
|  |  |  |  |  |  | Unamortized |  |
| Interest |  |  |  |  |  | Origination |  |
| Rates at |  | Outstanding |  | Unamortized |  | Fees and |  | Long-Term
(In thousands) | Sept. 30, 2018 |  | Principal |  | Discount |  | Costs |  | Debt, Net
Bank credit facility | 4.417 | % |  | $ | 1,401,030 |  |  | $ | (1,357 | ) |  | $ | (22,566 | ) |  | $ | 1,377,107 |
6.875% senior notes due 2023 | 6.875 | % |  | 750,000 |  |  | — |  |  | (8,139 | ) |  | 741,861 |
6.375% senior notes due 2026 | 6.375 | % |  | 750,000 |  |  | — |  |  | (9,883 | ) |  | 740,117 |
6.000% senior notes due 2026 | 6.000 | % |  | 700,000 |  |  | — |  |  | (10,972 | ) |  | 689,028 |
Other | 5.042 | % |  | 970 |  |  | — |  |  | — |  |  | 970 |
Total long-term debt |  |  | 3,602,000 |  |  | (1,357 | ) |  | (51,560 | ) |  | 3,549,083 |
Less current maturities |  |  | 18,007 |  |  | — |  |  | — |  |  | 18,007 |
Long-term debt, net |  |  | $ | 3,583,993 |  |  | $ | (1,357 | ) |  | $ | (51,560 | ) |  | $ | 3,531,076 |
|  |  | December 31, 2017
|  |  |  |  |  |  | Unamortized |  |
| Interest |  |  |  |  |  | Origination |  |
| Rates at |  | Outstanding |  | Unamortized |  | Fees and |  | Long-Term
(In thousands) | Dec. 31, 2017 |  | Principal |  | Discount |  | Costs |  | Debt, Net
Bank credit facility | 3.882 | % |  | $ | 1,621,054 |  |  | $ | (1,556 | ) |  | $ | (23,795 | ) |  | $ | 1,595,703 |
6.875% senior notes due 2023 | 6.875 | % |  | 750,000 |  |  | — |  |  | (9,455 | ) |  | 740,545 |
6.375% senior notes due 2026 | 6.375 | % |  | 750,000 |  |  | — |  |  | (10,872 | ) |  | 739,128 |
Other | 5.800 | % |  | 504 |  |  | — |  |  | — |  |  | 504 |
Total long-term debt |  |  | 3,121,558 |  |  | (1,556 | ) |  | (44,122 | ) |  | 3,075,880 |
Less current maturities |  |  | 23,981 |  |  | — |  |  | — |  |  | 23,981 |
Long-term debt, net |  |  | $ | 3,097,577 |  |  | $ | (1,556 | ) |  | $ | (44,122 | ) |  | $ | 3,051,899 |
The outstanding principal amounts under our existing bank credit facility are comprised of the following:
| September 30, |  | December 31,
(In thousands) | 2018 |  | 2017
Revolving Credit Facility | $ | — |  |  | $ | 170,000 |
Term A Loan | 248,351 |  |  | 210,938 |
Refinancing Term B Loans | 1,152,679 |  |  | 1,170,016 |
Swing Loan | — |  |  | 70,100 |
Total outstanding principal amounts under the bank credit facility | $ | 1,401,030 |  |  | $ | 1,621,054 |
At September 30, 2018, approximately $1.4 billion was outstanding under the bank credit facility. The total revolving credit commitment available under the bank credit facility is $945.5 million. There were no borrowings on the Revolving Credit Facility and the Swing Loan outstanding at that date. After consideration of $12.7 million allocated to support various letters of credit, the remaining contractual availability on the revolving credit commitment is $932.8 million. Under the Amendment No. 2 and Refinancing Amendment, dated March 29, 2017, to the Third Amended and Restated Credit Agreement, dated as of August 14, 2013 (as amended, the "Credit Agreement"), the Company is allowed to pay its quarterly amortization installments under the Term Loans prior to the last day of the applicable quarter. As of September 30, 2018, the Company has voluntarily paid its quarterly amortization installment due on or before December 31, 2018 on the Term A Loan and Refinancing Term B Loans. As such, current maturities of long-term debt on the condensed consolidated balance sheet as of September 30, 2018, reflect only three quarterly amortization installments for those installment payments due on or before March 31, 2019, June 30, 2019 and September 30, 2019. Senior Notes 6.000% Senior Notes due August 2026 Significant Terms On June 25, 2018, we issued $700.0 million aggregate principal amount of 6.000% senior notes due August 2026 (the "6.000% Notes"). The 6.000% Notes require semi-annual interest payments on February 15 and August 15 of each year, commencing on August 15, 2018. The 6.000% Notes will mature on August 15, 2026 and are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us. The Company utilized the net proceeds from the debt issuance to pay down the outstanding amounts under the Revolving Credit Facility and Swing Loan and to fund the acquisition of Valley Forge. The balance of the net proceeds are invested in cash equivalents and short-term marketable securities at a qualified institution. The 6.000% Notes contain certain restrictive covenants that, subject to exceptions and qualifications, among other things, limit our ability and the ability of our restricted subsidiaries (as defined in the indenture governing the 6.000% Notes, the "Indenture") to incur additional indebtedness or liens, pay dividends or make distributions or repurchase our capital stock, make certain investments, and sell or merge with other companies. In addition, upon the occurrence of a change of control (as defined in the Indenture), we will be required, unless certain conditions are met, to offer to repurchase the 6.000% Notes at a price equal to 101% of the principal amount of the 6.000% Notes, plus accrued and unpaid interest and Additional Interest (as defined in the Indenture), if any, to, but not including, the date of purchase. If we sell assets, we will be required under certain circumstances to offer to purchase the 6.000% Notes. At any time prior to August 15, 2021, we may redeem the 6.000% Notes, in whole or in part, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, up to, but excluding, the applicable redemption date, plus a make whole premium. Subsequent to August 15, 2021, we may redeem all or a portion of the 6.000% Notes at redemption prices (expressed as percentages of the principal amount) ranging from 103% in 2021 to 100% in 2024 and thereafter, plus accrued and unpaid interest and Additional Interest. In connection with the private placement of the 6.000% Notes, we entered into a registration rights agreement with the initial purchasers in which we agreed to file a registration statement with the SEC to permit the holders to exchange or resell the 6.000% Notes. We filed the required registration statement and commenced the exchange offer during June 2018. The exchange offer was completed on July 9, 2018 and our obligations under the registration rights agreement have been fulfilled. Debt Financing Costs In conjunction with the issuance of the 6.000% Notes, we incurred approximately $11.3 million in debt financing costs that have been deferred and are being amortized over the term of the 6.000% Notes using the effective interest method. Credit Facility On August 2, 2018, we entered into a Joinder Agreement (the "Joinder Agreement") to the Credit Agreement, among the Company, certain financial institutions and Bank of America, N.A., as administrative agent. The Joinder Agreement modifies the Credit Agreement solely to join additional financial institutions as lenders and to provide for (i) increased commitments under the senior secured revolving credit facility under the Credit Agreement (the “Revolving Credit Facility”) by an amount equal to $170.5 million resulting in total availability under the Revolving Credit Facility of an amount equal to $945.5 million and (ii) commitments from lenders to make additional Term A Loans (as defined in the Credit Agreement) in an amount equal to $49.5 million resulting in aggregate outstanding Term A Loans under the Credit Agreement in an amount equal to approximately $248.4 million. Covenant Compliance As of September 30, 2018, we believe that we were in compliance with the financial and other covenants of our debt instruments.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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