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Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt and Finance Lease Obligations
Debt, including finance lease obligations, net of discounts and debt issuance costs, consisted of:
June 30,
  December 31,  
(Amounts in thousands, except percentages)20242023
3.50% USD Senior Notes due October 1, 2030, net of unamortized discount and debt issuance costs of $4,183 and $4,479, respectively
$495,817 $495,521 
2.80% USD Senior Notes due January 15, 2032, net of unamortized discount and debt issuance costs of $4,877 and $5,164, respectively
495,123 494,836 
Term Loan, interest rate of 6.68% at June 30, 2024 and 6.70% at December 31, 2023, net of debt issuance costs of $200 and $274, respectively
189,800 219,726 
Revolving Credit Facility, interest rate of 6.80% at June 30, 2024
75,000 — 
Finance lease obligations and other borrowings22,310 23,467 
Debt and finance lease obligations1,278,050 1,233,550 
Less amounts due within one year66,439 66,243 
Total debt due after one year$1,211,611 $1,167,307 

Senior Credit Facility
As discussed in Note 12, "Debt and Finance Lease Obligations," to our consolidated financial statements included in our 2023 Annual Report, our credit agreement (the "Senior Credit Agreement") provides a $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, and a $300 million unsecured term loan facility (the "Term Loan") with a maturity date of September 13, 2026. 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 Senior 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 Senior Credit Facility as we continue to pursue our business goals and strategy. Most other terms and conditions under the previous Senior 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 June 30, 2024, 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 June 30, 2024.
Under the terms and conditions of the Senior Credit Agreement, interest rates per annum applicable to the Term Loan 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 June 30, 2024, the interest rate on the Term Loan 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 June 30, 2024 and December 31, 2023, we had outstanding letters of credit of $103.8 million and $127.1 million, respectively. During the second quarter of 2024 the Company borrowed on the Revolving Credit Facility for general corporate purposes and, as of June 30, 2024, had $75.0 million outstanding. After consideration of the outstanding letters of credit as of June 30, 2024, the amount available for borrowings under the Senior Credit Facility was limited to $621.2 million. As of December 31, 2023, the amount available for borrowings under our Revolving Credit Facility was $672.9 million. We have scheduled repayments of $15.0 million due in each of the next four quarters on our Term Loan.
Our compliance with applicable financial covenants under the Senior Notes and Senior Credit Facility are tested quarterly. We were in compliance with all applicable covenants as of June 30, 2024.