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Debt and Finance Lease Obligations
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt and Finance Lease Obligations DEBT AND FINANCE LEASE OBLIGATIONS
Debt, including finance lease obligations, consisted of:
 December 31,
 20232022
 (Amounts in thousands)
3.50% USD Senior Notes due October 1, 2030, net of unamortized discount and debt issuance costs of $4,479 and $5,055 at December 31, 2023 and 2022, respectively
495,521 494,945 
2.80% USD Senior Notes due January 15, 2032, net of unamortized discount and debt issuance costs of $5,164 and $5,727 at December 31, 2023 and 2022, respectively
494,836 494,273 
Term Loan Facility, interest rate of 6.70% and 5.98%, net of debt issuance costs of $274 and $444 at December 31, 2023 and 2022, respectively
219,726 259,556 
Finance lease obligations and other borrowings23,467 24,712 
Debt and finance lease obligations1,233,550 1,273,486 
Less amounts due within one year66,243 49,335 
Total debt due after one year$1,167,307 $1,224,151 
Scheduled maturities of our Senior Notes and other debt, are (amounts in thousands):
Term LoanSenior Notes and other debtTotal
(Amounts in thousands)
2024$59,863 $6,243 $66,106 
202559,905 17,224 77,129 
202699,958 — 99,958 
2027— — — 
2028— — — 
Thereafter— 990,357 990,357 
Total$219,726 $1,013,824 $1,233,550 
Senior Credit Facility
On September 13, 2021, we amended and restated our credit agreement (the "Amended and Restated Credit Agreement") under our Senior Credit Facility (the "Credit Facility") with Bank of America, N.A. 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 (the "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 $300.0 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. Subsequently, on February 3, 2023, we amended and restated our credit agreement (the “Amendment”) which (i) replaced LIBOR with Secured Overnight Financing Rate (“SOFR”) as the benchmark reference rate, (ii) lowered the Material Acquisition (as defined in the Credit Facility) threshold from $250.0 million to $200.0 million and (iii) extended compliance dates for certain financial covenants. We believe this Amendment will provide greater flexibility and additional liquidity under our Credit Facility as we continue to pursue our business goals and strategy. Most other terms and conditions under the previous Credit Facility remained unchanged.
The interest rates per annum applicable to the Revolving Credit Facility, other than with respect to swing line loans, are adjusted Term Secured Overnight Financing Rate ("Adjusted Term SOFR") 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 Senior Credit Agreement) plus between 0.000% to 0.750% depending on our debt rating by either Moody’s or S&P. An additional credit spread adjustment of 0.100% is included within Adjusted Term SOFR to account for the transition from LIBOR to SOFR. At December 31, 2023, the interest rate on the Revolving Credit Facility was the Adjusted Term SOFR plus 1.375% in the case of Adjusted Term SOFR 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 Revolving Credit Facility. The commitment fee will be between 0.080% and 0.250% of unused amounts under the Revolving Credit Facility depending on our debt rating by either Moody’s or S&P. The commitment fee was 0.175% (per annum) during the period ended December 31, 2023.
Under the terms and conditions of Senior Credit Agreement, interest rates per annum applicable to the Term Loan Facility are stated as Adjusted Term SOFR 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. At December 31, 2023, the interest rate on the Term Loan Facility was Adjusted Term SOFR plus 1.250% in the case of Adjusted Term SOFR loans and the Base Rate plus 0.250% in the case of Base Rate loans.
As of December 31, 2023, and December 31, 2022, we had no revolving loans outstanding under the Senior Credit Facility. We had outstanding letters of credit of $127.1 million and $71.7 million at December 31, 2023, and December 31, 2022, respectively. After consideration of the outstanding letters of credit as of December 31, 2023, the
amount available for borrowings under the Senior Credit Facility was limited to $672.9 million. As of December 31, 2022, the amount available for borrowings under our Revolving Credit Facility was $293.9 million. We have scheduled repayments of $15.0 million, on the Term Loan, due in each of the subsequent four quarters through December 31, 2024.
Financial Covenants — Our compliance with the financial covenants under the Senior Notes and Senior Credit Facility are tested quarterly. We were in compliance with all covenants as of December 31, 2023.