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Financial Commitments (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Long-Term Debt | Long-term debt as reported on the Consolidated Balance Sheets consisted of the following:
| As of December 31,
(in thousands) | 2021 |  | 2020
2017 Senior Notes | $ | 496,244 |  |  | $ | 495,271 |
Term Loan B | 406,335 |  |  | 408,458 |
2020 Revolver | 27,000 |  |  | — |
Convertible Notes(a) | — |  |  | 67,878 |
Equipment financing and mortgages | 56,246 |  |  | 47,594 |
Other indebtedness | 7,829 |  |  | 6,264 |
Total debt | 993,654 |  |  | 1,025,465 |
Less: Current maturities | 24,406 |  |  | 100,188 |
Long-term debt, net | $ | 969,248 |  |  | $ | 925,277 |
_____________________________________________________________________________________________________________ (a)The Company repaid the remaining principal balance of the Convertible Notes at maturity on June 15, 2021. As of December 31, 2020, the balance of the Convertible Notes was included in current maturities on the Consolidated Balance Sheet.
Reconciliation of Outstanding Debt Balance to Reported Debt Balance | The following table reconciles the outstanding debt balances to the reported debt balances as of December 31, 2021 and 2020:
| As of December 31, 2021 |  | As of December 31, 2020
(in thousands) | Outstanding Debt | Unamortized Discounts and Issuance Costs | Debt, as reported |  | Outstanding Debt | Unamortized Discounts and Issuance Costs | Debt, as reported
2017 Senior Notes | $ | 500,000 |  | $ | (3,756) |  | $ | 496,244 |  |  | $ | 500,000 |  | $ | (4,729) |  | $ | 495,271 |
Term Loan B | 419,688 |  | (13,353) |  | 406,335 |  |  | 423,938 |  | (15,480) |  | 408,458 |
Convertible Notes | — |  | — |  | — |  |  | 69,918 |  | (2,040) |  | 67,878 |
Summary of Information Related to the Liability and Equity Components of the Convertible Notes | The following table presents information related to the liability and equity components of the Convertible Notes:
(in thousands) |  |  | December 31, 2020
Liability component: |  |  |
Principal |  |  | $ | 69,918 |
Conversion feature |  |  | (46,800) |
Allocated debt issuance costs |  |  | (5,051) |
Amortization and extinguishment of discount and debt issuance costs (non-cash interest expense) |  |  | 49,811 |
Net carrying amount |  |  | $ | 67,878 |
Equity component: |  |  |
Conversion feature |  |  | $ | 46,800 |
Reacquisition of conversion option from repurchase of notes, net of tax |  |  | (764) |
Allocated debt issuance costs |  |  | (1,543) |
Deferred taxes |  |  | (18,815) |
Net carrying amount |  |  | $ | 25,678 |
Principal Payments of Long-Term Debt | The following table presents the future principal payments required under all of the Company’s debt obligations, discussed above:
Year (in thousands) |
2022 | $ | 24,406 |
2023 | 23,187 |
2024 | 16,137 |
2025 | 539,888 |
2026 | 8,578 |
Thereafter | 398,567 |
| 1,010,763 |
Less: Unamortized discounts and issuance costs | 17,109 |
Total | $ | 993,654 |
Summary of Interest Expense as Reported in the Consolidated Statements of Operations | Interest expense as reported in the Consolidated Statements of Operations consisted of the following:
| For the year ended December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Cash interest expense: |  |  |  |  |
Interest on 2017 Senior Notes | $ | 34,375 |  |  | $ | 34,375 |  |  | $ | 34,375 |
Interest on Term Loan B | 24,590 |  |  | 9,028 |  |  | — |
Interest on 2020 Revolver | 1,479 |  |  | 77 |  |  | — |
Interest on 2017 Credit Facility | — |  |  | 5,341 |  |  | 11,990 |
Interest on Convertible Notes | 921 |  |  | 4,373 |  |  | 5,750 |
Other interest | 1,905 |  |  | 2,079 |  |  | 2,172 |
Cash portion of loss on extinguishment | — |  |  | 786 |  |  | — |
Total cash interest expense | 63,270 |  |  | 56,059 |  |  | 54,287 |
Non-cash interest expense(a): |  |  |  |  |
Amortization of discount and debt issuance costs on Convertible Notes | 2,040 |  |  | 8,944 |  |  | 10,811 |
Amortization of discount and debt issuance costs on Term Loan B | 2,175 |  |  | 784 |  |  | — |
Amortization of debt issuance costs on 2020 Revolver | 568 |  |  | 206 |  |  | — |
Amortization of debt issuance costs on 2017 Credit Facility | — |  |  | 1,001 |  |  | 1,552 |
Amortization of debt issuance costs on 2017 Senior Notes | 973 |  |  | 906 |  |  | 844 |
Non-cash portion of loss on extinguishment | — |  |  | 8,312 |  |  | — |
Total non-cash interest expense | 5,756 |  |  | 20,153 |  |  | 13,207 |
Total interest expense | $ | 69,026 |  |  | $ | 76,212 |  |  | $ | 67,494 |
_____________________________________________________________________________________________________________ (a)The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes, Term Loan B and the Convertible Notes were 7.13%, 6.48% and 9.39%, respectively, for the year ended December 31, 2021

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