XML 36 R25.htm IDEA: XBRL DOCUMENT v3.24.3
Long-Term Debt (Tables)
 9 Months Ended
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, 2024As of December 31, 2023
(in thousands)
Revolving credit facility (1)
$— $— 
Letters of credit (2)
2,000 2,500 
Available borrowing capacity1,248,000 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 Rate0.375 %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 capacity1,839,000 
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, 2024As of December 31, 2023
Principal AmountUnamortized Deferred Financing CostsPrincipal Amount, NetPrincipal AmountUnamortized Deferred Financing CostsPrincipal 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 1,868417,367 
6.625% Senior Notes due 2027
416,791 1,813 414,978 416,791 2,395414,396 
6.5% Senior Notes due 2028
400,000 3,890 396,110 400,000 4,651395,349 
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