XML 32 R16.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Long-Term Debt | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
Long-Term Debt | 9. Long-Term Debt Long-term debt consisted of the following (in millions):
|  | December 31,
|  | 2023 |  | 2022
Senior Secured Credit Facility: |  |  |  |
Revolving credit facility |  | $ | — |  |  | $ | 31.5 |
Term loan B |  | 498.8 |  |  | 490.8 |
Unsecured Senior Notes |  | 550.0 |  |  | 550.0 |
|  | 1,048.8 |  |  | 1,072.3 |
Unamortized deferred loan costs |  | (7.2) |  |  | (5.7) |
Term loan B, principal payments due in the next 12 months |  | (5.0) |  |  | — |
|  | $ | 1,036.6 |  |  | $ | 1,066.6 |
__________ In connection with the amendments described below, the Company is required to make quarterly minimum principal payments totaling $5.0 million annually on the term loan until its maturity date; this amount is included in other current liabilities on the accompanying consolidated balance sheet as of December 31, 2023. Taking into consideration the $5.0 million annual required principal payments, the balance due at maturity will be $466.3 million. Senior Secured Credit Facility — In August 2023, the Company amended its senior secured credit facility (the "facility") to extend the maturity date of the term loan B ("term loan") to August 2030 and the maturity date of the revolving credit facility (the "revolver") to February 2028 and increased the borrowing capacity of the revolver to $500.0 million. Related to the debt amendment there were $9.8 million of costs, comprised of $1.2 million original issue discount and $8.6 million in debt amendment costs. The Company accounted for the debt amendment as a modification and accordingly, $6.7 million of the debt amendment costs were capitalized and will be amortized over the remaining life of the facility and $1.9 million was expensed as incurred. There was an insignificant amount of previously capitalized costs that were written-off. Borrowings under the $498.8 million term loan bear interest, at the Company's election, at (i) the secured overnight financing rate ("SOFR") plus 2.25 percent, or (ii) the bank’s base rate plus 1.25 percent. Borrowings under the revolver bear interest, at the Company's election, at (i) SOFR plus a 10 basis points adjustment plus 2.00 to 3.00 percent, or (ii) the bank’s base rate plus 1.00 to 2.00 percent, depending on leverage levels. A commitment fee of 0.30 to 0.45 percent is payable on the undrawn portion of the revolver. The facility is subject to various restrictive covenants including, when amounts are drawn under the revolver, a maximum ratio of senior secured debt to trailing-twelve-months of lender-defined consolidated EBITDA of 3.75 to 1, which was 0.96 to 1 at December 31, 2023. The facility is secured by substantially all of the Company's assets and at December 31, 2023, the Company was in compliance with its debt covenants. Unsecured Senior Notes — The Company has $550.0 million of unsecured senior notes, due in 2028, which bear interest at 4.625 percent payable semiannually in arrears on May 15 and November 15. These notes are unsecured obligations and are subordinate to the senior secured credit facility. These notes also contain certain customary limitations including, the Company's ability to incur additional indebtedness, engage in mergers and acquisitions, transfer or sell assets, and make certain distributions.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration