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Long-term debt | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Long-term debt | Long-term debt Our long-term debt is summarized below (in thousands):
| Mar. 31, 2023 |  | Dec. 31, 2022
Unsecured notes bearing fixed rate interest at 4.75% due March 2026 | $ | 550,000 |  |  | $ | 550,000 |
Unsecured notes bearing fixed rate interest at 7.75% due June 2027 | 200,000 |  |  | 200,000 |
Unsecured notes bearing fixed rate interest at 7.25% due September 2027 | 240,000 |  |  | 240,000 |
Unsecured notes bearing fixed rate interest at 4.625% due March 2028 | 1,000,000 |  |  | 1,000,000 |
Unsecured notes bearing fixed rate interest at 5.00% due September 2029 | 1,100,000 |  |  | 1,100,000 |
Total principal long-term debt | 3,090,000 |  |  | 3,090,000 |
Debt issuance costs | (25,774) |  |  | (26,911) |
Unamortized premiums | 5,938 |  |  | 6,227 |
Total long-term debt | $ | 3,070,164 |  |  | $ | 3,069,316 |
As of March 31, 2023, cash and cash equivalents totaled $683.2 million and we had unused borrowing capacity of $1.49 billion under our $1.51 billion revolving credit facility, which expires in August 2024. We were in compliance with all covenants, including the leverage ratio (our one financial covenant) contained in our debt agreements and revolving credit facility. We believe, based on our current financial forecasts and trends, that we will remain compliant with all covenants for the foreseeable future. Under our revolving credit facility we have the ability to draw loans based on two different interest rate indices, one of which is based on the London Interbank Offered Rate (LIBOR). We are able to draw LIBOR-based loans based on one month, three month, six month and twelve month durations originated through June 2023. We expect to amend our revolving credit facility in the second quarter of 2023 to replace the LIBOR-based interest rate index with a Secured Overnight Financing Rate (SOFR) based interest rate index. The transition from LIBOR is not expected to have a material impact on the Company.

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