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Long-Term Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Line of Credit Facilities | The following table presents the outstanding balance, total amount of letters of credit outstanding, and available borrowing capacity under the Credit Agreement as of September 30, 2024, and December 31, 2023:
|  |  | As of September 30, 2024 |  | As of December 31, 2023
|  |  | (in thousands)
Revolving credit facility (1) |  |  | $ | — |  |  | $ | — |
Letters of credit (2) |  |  | 2,000 |  |  | 2,500 |
Available borrowing capacity |  |  | 1,248,000 |  |  | 1,247,500 |
Total aggregate lender commitment amount |  |  | $ | 1,250,000 |  |  | $ | 1,250,000 |
____________________________________________ (1) Unamortized deferred financing costs attributable to the revolving credit facility are presented as a component of the other noncurrent assets line item on the accompanying balance sheets and totaled $8.9 million and $8.5 million as of September 30, 2024, and December 31, 2023, respectively. These costs are being amortized over the term of the revolving credit facility on a straight-line basis. (2) Letters of credit outstanding reduce the amount available under the revolving credit facility on a dollar-for-dollar basis.
Debt Instrument Borrowing Base Utilization | Under the Second Amendment, interest and commitment fees associated with the revolving credit facility are accrued based on a total revolving commitments utilization grid set forth in the Second Amendment, and as presented in the table below. At the Company’s election, borrowings under the Credit Agreement may be in the form of Secured Overnight Financing Rate (“SOFR”) revolving loans, Alternate Base Rate (“ABR”) revolving loans, or Swingline loans. SOFR revolving loans accrue interest at SOFR plus the applicable margin from the utilization grid, and ABR revolving loans and Swingline loans accrue interest at a market-based floating rate, plus the applicable margin from the utilization grid. Commitment fees are accrued on the unused portion of the aggregate revolving lender commitment amount at rates from the utilization grid.
Total Revolving Commitments Utilization Percentage |  | <25% |  | ≥25% <50% |  | ≥50% <75% |  | ≥75% <90% |  | ≥90%
SOFR Revolving Loans |  | 1.750 | % |  | 2.000 | % |  | 2.250 | % |  | 2.500 | % |  | 2.750 | %
ABR Revolving Loans or Swingline Loans |  | 0.750 | % |  | 1.000 | % |  | 1.250 | % |  | 1.500 | % |  | 1.750 | %
Commitment Fee Rate |  | 0.375 | % |  | 0.375 | % |  | 0.500 | % |  | 0.500 | % |  | 0.500 | %
Increased Schedule of Line of Credit Facilities | The following table presents the outstanding balance, total amount of letters of credit outstanding, and available borrowing capacity under the Credit Agreement as of October 24, 2024:
| As of October 24, 2024 |  |  |  |
| (in thousands)
Revolving credit facility | $ | 159,000 |  |  |  |  |
Letters of credit (1) | 2,000 |  |  |  |  |
Available borrowing capacity | 1,839,000 |  |  |  |  |
Total aggregate lender revolving commitment amount | $ | 2,000,000 |  |  |  |  |
____________________________________________ (1) Letters of credit outstanding reduce the amount available under the revolving credit facility on a dollar-for-dollar basis.
Schedule of Long-term Debt Instruments | The Company’s Senior Notes, net line item on the accompanying balance sheets as of September 30, 2024, and December 31, 2023, consisted of the following (collectively referred to as “Senior Notes”):
| As of September 30, 2024 |  | As of December 31, 2023
| Principal Amount |  | Unamortized Deferred Financing Costs |  | Principal Amount, Net |  | Principal Amount |  | Unamortized Deferred Financing Costs |  | Principal Amount, Net
| (in thousands)
5.625% Senior Notes due 2025 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 349,118 |  |  | $ | 896 |  |  | $ | 348,222 |
6.75% Senior Notes due 2026 | 419,235 |  |  | 1,343 |  |  | 417,892 |  |  | 419,235 |  |  | 1,868 |  | 417,367 |
6.625% Senior Notes due 2027 | 416,791 |  |  | 1,813 |  |  | 414,978 |  |  | 416,791 |  |  | 2,395 |  | 414,396 |
6.5% Senior Notes due 2028 | 400,000 |  |  | 3,890 |  |  | 396,110 |  |  | 400,000 |  |  | 4,651 |  | 395,349 |
6.75% Senior Notes due 2029 | 750,000 |  |  | 11,061 |  |  | 738,939 |  |  | — |  |  | — |  | — |
7.0% Senior Notes due 2032 | 750,000 |  |  | 11,219 |  |  | 738,781 |  |  | — |  |  | — |  | —
Total | $ | 2,736,026 |  |  | $ | 29,326 |  |  | $ | 2,706,700 |  |  | $ | 1,585,144 |  |  | $ | 9,810 |  |  | $ | 1,575,334 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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