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Long-term Debt | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Long-term Debt | Long-term Debt The Company’s total indebtedness as of September 30, 2024 and December 31, 2023 consisted of the following:
Debt Instrument (defined below, as applicable) | September 30, 2024 |  | December 31, 2023
| (Dollars in millions)
3.250% Convertible Senior Notes due March 2028 (2028 Convertible Notes) | $ | 320.0 |  |  | $ | 320.0 |
Finance lease obligations | 25.1 |  |  | 22.3 |
Less: Debt issuance costs | (6.6) |  |  | (8.1) |
| 338.5 |  |  | 334.2 |
Less: Current portion of long-term debt | 14.8 |  |  | 13.5 |
Long-term debt | $ | 323.7 |  |  | $ | 320.7 |
2028 Convertible Notes On March 1, 2022, through a private offering, the Company issued the 2028 Convertible Notes in the aggregate principal amount of $320.0 million. The 2028 Convertible Notes are senior unsecured obligations of the Company and are governed under an indenture. The Company used the proceeds of the offering of the 2028 Convertible Notes and available cash to redeem its then-existing senior secured notes, and to pay related premiums, fees and expenses relating to the offering and redemptions. The Company capitalized $11.2 million of debt issuance costs related to the offering, which are being amortized over the terms of the notes. The 2028 Convertible Notes will mature on March 1, 2028, unless earlier converted, redeemed or repurchased in accordance with their terms. The 2028 Convertible Notes bear interest at a rate of 3.250% per year, payable semi-annually in arrears on March 1 and September 1 of each year. The initial conversion rate for the 2028 Convertible Notes was 50.3816 shares of the Company’s common stock per $1,000 principal amount of 2028 Convertible Notes, which represented an initial conversion price of approximately $19.85 per share of the Company’s common stock. The terms of the indenture require conversion rate adjustments upon the payment of dividends to holders of the Company’s common stock once such cumulative dividends impact the conversion rate by at least 1%. Effective February 21, 2024, the conversion rate was increased to 51.0440 shares of the Company’s common stock per $1,000 principal amount of 2028 Convertible Notes, which represented an adjusted conversion price of approximately $19.59 per share. Under the applicable conversion rate formula, the cumulative $0.150 per share dividends declared and paid during the six months ended September 30, 2024 yielded a revised conversion rate of 51.3840 shares per $1,000 principal amount of 2028 Convertible Notes, which did not meet the 1% threshold to impact the existing conversion rate of 51.0440. The conversion rate may be impacted prospectively, based upon cumulative dividends paid. The conversion rate is also subject to further adjustment under certain circumstances in accordance with the terms of the indenture. During the first three quarters of 2024, the Company’s reported common stock prices did not prompt the conversion feature of the 2028 Convertible Notes. As a result, the 2028 Convertible Notes were not convertible at the option of the holders during the second or third quarters of 2024, and will not be similarly convertible during the fourth quarter of 2024. As of September 30, 2024, the if-converted value of the 2028 Convertible Notes exceeded the principal amount by $116.4 million. Revolving Credit Facility The Company established a new revolving credit facility with a maximum aggregate principal amount of $320.0 million in revolving commitments by entering into a credit agreement, dated as of January 18, 2024 (the 2024 Credit Agreement), by and among the Company, as borrower, certain subsidiaries of the Company party thereto, PNC Bank, National Association, as administrative agent, and the lenders party thereto. The Company paid aggregate debt issuance costs of $9.7 million. The revolving commitments and any related loans, if applicable (any such loans, the Revolving Loans), established by the 2024 Credit Agreement terminate or mature, as applicable, on January 18, 2028, subject to certain conditions relating to the Company’s outstanding 2028 Convertible Notes. The Revolving Loans bear interest at a secured overnight financing rate (SOFR) plus an applicable margin ranging from 3.50% to 4.25%, depending on the Company’s total net leverage ratio (as defined under the 2024 Credit Agreement) or a base rate plus an applicable margin ranging from 2.50% to 3.25%, at the Company’s option. Letters of credit issued under the 2024 Credit Agreement incur a combined fee equal to an applicable margin ranging from 3.50% to 4.25% plus a fronting fee equal to 0.125% per annum. Unused capacity under the 2024 Credit Agreement bears a commitment fee of 0.50% per annum. As of September 30, 2024, the 2024 Credit Agreement had only been utilized for letters of credit, including $98.6 million outstanding as of September 30, 2024. These letters of credit support the Company’s reclamation bonding requirements, lease obligations, insurance policies and various other performance guarantees as further described in Note 12. “Financial Instruments and Other Guarantees.” Availability under the 2024 Credit Agreement was $221.4 million at September 30, 2024. The 2024 Credit Agreement contains customary covenants that, among other things and subject to certain exceptions (including compliance with financial ratios), may limit the Company and its subsidiaries’ ability to incur additional indebtedness, make certain restricted payments or investments, sell or otherwise dispose of assets, enter into transactions with affiliates, create or incur liens, and merge, consolidate or sell all or substantially all of their assets. The 2024 Credit Agreement is secured by substantially all assets of the Company and its U.S. subsidiaries, as well as a pledge of two Australian subsidiaries. Interest Charges The following table presents the components of the Company’s interest expense related to its indebtedness and financial assurance instruments such as surety bonds and letters of credit. Additionally, the table sets forth the amount of cash paid for interest, net of capitalized interest and the amount of non-cash interest expense primarily related to the amortization of debt issuance costs.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (Dollars in millions)
2028 Convertible Notes | $ | 2.6 |  |  | $ | 2.6 |  |  | $ | 7.8 |  |  | $ | 7.8 |
Finance lease obligations | 0.4 |  |  | 0.4 |  |  | 1.3 |  |  | 1.4 |
Financial assurance instruments | 5.8 |  |  | 8.9 |  |  | 20.7 |  |  | 28.9 |
Amortization of debt issuance costs | 0.6 |  |  | 0.7 |  |  | 4.0 |  |  | 2.9 |
Receivables securitization program | 0.5 |  |  | 0.9 |  |  | 1.9 |  |  | 2.8 |
Capitalized interest | (2.7) |  |  | — |  |  | (4.4) |  |  | — |
Other | 2.5 |  |  | 0.3 |  |  | 3.8 |  |  | 1.7 |
Interest expense, net of capitalized interest | $ | 9.7 |  |  | $ | 13.8 |  |  | $ | 35.1 |  |  | $ | 45.5 |
Cash paid for interest, net of capitalized interest | $ | 8.5 |  |  | $ | 14.8 |  |  | $ | 32.6 |  |  | $ | 56.7 |
Non-cash interest expense | $ | 0.8 |  |  | $ | 0.7 |  |  | $ | 4.0 |  |  | $ | 4.0 |
Covenant Compliance The Company was compliant with all relevant covenants under its debt and other finance agreements at September 30, 2024.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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