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Long-Term Debt | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Long-Term Debt | LONG-TERM DEBT Long-term debt consisted of the following (in millions):
| As of March 31, |  | As of December 31,
| 2024 |  | 2023
Senior Notes due 2028, net of unamortized debt issuance costs of $2.3 and $2.5, respectively | $ | 297.7 |  |  | $ | 297.5 |
Term loan, net of unamortized debt issuance costs of $4.6 and $4.4, respectively | 495.4 |  |  | 485.6 |
Vehicle and equipment notes, maturing through March 2029; payable in various monthly installments, including interest rates ranging from 1.9% to 7.3% | 80.7 |  |  | 83.0 |
Note payable, maturing April 2025; payable in annual installments, including interest rate at 5.0% | 1.2 |  |  | 1.2 |
| 875.0 |  |  | 867.3 |
Less: current maturities | (31.6) |  |  | (32.2) |
Long-term debt, less current maturities | $ | 843.4 |  |  | $ | 835.1 |
Remaining required repayments of debt principal, gross of unamortized debt issuance costs, as of March 31, 2024 are as follows (in millions):
Remainder of 2024 | $ | 24.4 |
2025 | 27.8 |
2026 | 23.4 |
2027 | 18.6 |
2028 | 311.2 |
Thereafter | 476.5 |
Term Loan Agreement Amendment In March 2024, we entered into Amendment No. 3 to our Term Loan Credit Agreement ("Third Amendment"). The Third Amendment amended certain terms of the existing seven-year term loan facility due December 2028, as amended (the "Term Loan Credit Agreement") and allowed for the issuance of a new term loan ("New Term Loan") in the amount of $500.0 million which will mature on March 28, 2031. Net proceeds of the New Term Loan were used to refinance the remaining $490.0 million on our existing term loan, pay fees and increase working capital. The New Term Loan does not have any financial maintenance covenants, eliminates the credit spread adjustment and the floor is reduced to 0.00%. The New Term Loan bears interest, at our option, at a rate equal to either: the adjusted term secured overnight financing rate plus 2.00% per annum, or an alternative base rate plus 1.00%. The New Term Loan also includes (i) a six-month “soft call” protection provision during which a 1.00% premium will be charged in connection with certain repricing transactions, and (ii) a 50 basis points most favored nation protection for 12 months following the effective date. As of March 31, 2024, we had $495.4 million, net of unamortized debt issuance costs, due on our New Term Loan. We have various interest rates swaps that serve to hedge $400.0 million of the variable cash flows on our New Term Loan through December 14, 2028. For further information about our interest rate swaps, see Note 11, Derivatives and Hedging Activities. We wrote off $1.1 million in previously capitalized loan costs during the three months ended March 31, 2024. In addition, we expensed loan costs that did not meet the requirements for capitalization of approximately $3.0 million during the three months ended March 31, 2024. We had no such write-offs or expenses during the three months ended March 31, 2023.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
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