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Debt | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Debt | Debt Debt, including finance lease obligations, net of discounts and debt issuance costs, consisted of:
| March 31, |  | December 31,
(Amounts in thousands, except percentages) | 2022 |  | 2021
3.50% USD Senior Notes due October 1, 2030, net of unamortized discount and debt issuance costs of $5,474 and $5,611, respectively | $ | 494,526 |  |  | $ | 494,389 |
2.80% USD Senior Notes due January 15, 2032, net of unamortized discount and debt issuance costs of $6,138 and $6,273, respectively | 493,862 |  |  | 493,727 |
Term Loan Facility, interest rate of 2.26% at March 31, 2022 and 1.45% at December 31, 2021, net of debt issuance costs of $589 and $639, respectively | 284,411 |  |  | 291,861 |
Finance lease obligations and other borrowings | 23,412 |  |  | 22,851 |
Debt and finance lease obligations | 1,296,211 |  |  | 1,302,828 |
Less amounts due within one year | 44,616 |  |  | 41,058 |
Total debt due after one year | $ | 1,251,595 |  |  | $ | 1,261,770 |
Senior Notes On March 19, 2021, we redeemed the remaining $400.9 million of our 2022 Euro Senior Notes and have r ecorded a loss on early extinguishment of $7.6 million in the first quarter of 2021, which included the impact of a $6.6 million make-whole premium. Senior Credit Facility As discussed in Note 13 to our consolidated financial statements included in our 2021 Annual Report, we amended our credit agreement ("Amended and Restated Credit Agreement") under our Senior Credit Facility ("Credit Facility") with Bank of America, N.A. ("Administrative Agent") and the other lenders to provide greater flexibility in maintaining adequate liquidity and access to available borrowings. The Amended and Restated Credit Agreement, (i) retained, from the previous credit agreement, the $800.0 million unsecured Revolving Credit Facility, which includes a $750.0 million sublimit for the issuance of letters of credit and a $30.0 million sublimit for swing line loans, (ii) provides for an up to $300 million unsecured Term Loan Facility (the "Term Loan"), (iii) extends the maturity date of the agreement to September 13, 2026, (iv) reduces commitment fees, (v) extends net leverage ratio covenant definition through the maturity of the agreement, and (vi) provides the ability to make certain adjustments to the otherwise applicable commitment fee, interest rate and letter of credit fees based on the Company’s performance against to-be-established key performance indicators with respect to certain of the Company’s environmental, social and governance targets. The interest rates per annum applicable to the Revolving Credit Facility are unchanged under the Amended and Restated Credit Agreement. The interest rates per annum applicable to the Credit Facility, other than with respect to swing line loans, are LIBOR plus between 1.000% to 1.750%, depending on our debt rating by either Moody’s Investors Service, Inc. ("Moody's") or Standard & Poor’s Financial Services LLC ("S&P"), or, at our option, the Base Rate (as defined in the Amended and Restated Credit Agreement) plus between 0.000% to 0.750% depending on our debt rating by either Moo dy’s or S&P. At March 31, 2022, the interest rate on the Revolving Credit Facility was LIBOR plus 1.375% in the case of LIBOR loans and the Base Rate plus 0.375% in the case of Base Rate loans. In addition, a commitment fee is payable quarterly in arrears on the daily unused portions of the Credit Facility. The commitment fee will be betw een 0.080% and 0.250% of unused amounts under the Credit Facility depending on our debt rating by either Moody’s or S&P. The commitment f ee was 0.175% (per annum) during the period ended March 31, 2022. Under the terms and conditions of the Amended and Restated Credit Agreement, interest rates per annum applicable to the Term Loan are stated as LIBOR plus between 0.875% to 1.625%, depending on the Company’s debt rating by either Moody’s or S&P, or, at the option of the Company, the Base Rate plus between 0.000% to 0.625% depending on the Company’s debt rating by either Moody’s or S&P. As of March 31, 2022 and December 31, 2021, we had no revolving loans outstanding and we had outstanding letters of credit of $87.1 million and $78.3 million at March 31, 2022 and December 31, 2021, respectively. After consideration of the financial covenants under our Senior Credit Facility and outstanding letters of credit, as of March 31, 2022, the amount available for borrowings was limited to $383.5 million. As of December 31, 2021, t he amount available for borrowings under our Revolving Credit Facility was $614.2 million. Our compliance with applicable financial covenants under the Senior Notes and Credit Facility are tested quarterly. We were in compliance with all applicable covenants as of March 31, 2022. We have scheduled repayments of $7.5 million due in each of the next two quarters and $10.0 million due on December 31, 2022 and March 31, 2023, respectively, on our Term Loan.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + 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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