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Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | The following table summarizes our outstanding debt (in thousands):
| December 31,
| 2023 |  | 2022
ABL Credit Facility due 2028 | $ | 115,000 |  |  | $ | — |
Term Loan Credit Agreement due 2030 | 545,875 |  |  | — |
7.75% Senior Secured Notes due 2025 | — |  |  | 281,000 |
Term Loan B Facility due 2026 | — |  |  | 203,125 |
12.875% Senior Secured Notes due 2026 | — |  |  | 31,314 |
Other long-term debt | 4,746 |  |  | — |
Principal amount of long-term debt | 665,621 |  |  | 515,439 |
Less: unamortized discount and deferred financing costs | (14,763) |  |  | (9,907) |
Total debt, net of unamortized discount and deferred financing costs | 650,858 |  |  | 505,532 |
Less: current maturities, net of unamortized discount and deferred financing costs | (4,255) |  |  | (10,956) |
Long-term debt, net of current maturities | $ | 646,603 |  |  | $ | 494,576 |
Schedule of Annual Maturities of Long-term Debt | Annual maturities of our long-term debt for the next five years and thereafter are as follows (in thousands):
Year Ended |  | Amount Due
2024 |  | $ | 6,138 |
2025 |  | 6,169 |
2026 |  | 6,201 |
2027 |  | 6,234 |
2028 |  | 121,269 |
Thereafter |  | 519,610 |
Total |  | $ | 665,621 |
Schedule of Applicable Margin for Debt Instrument | Under the ABL Credit Agreement, the applicable margins for the ABL Credit Facility and advances under the ABL Credit Facility are as specified below:
Level |  | Arithmetic Mean of Daily Availability (as a percentage of the borrowing base) |  | Term SOFR Loans |  | Base Rate Loans
1 |  | >50% |  | 1.25% |  | 0.25%
2 |  | >30% but ≤50% |  | 1.50% |  | 0.50%
3 |  | ≤30% |  | 1.75% |  | 0.75%
Schedule of Term Loan Agreement | The Term Loan Credit Agreement bears interest at a fluctuating rate per annum equal to either a SOFR rate or base rate “Base Rate”, provided that the Base Rate shall not be below 1.5%, as defined in the Term Loan Credit Agreement. The SOFR rate and Base Rate definitions are summarized below:
SOFR Rate loan | Secured overnight financing rate plus the applicable margin of 4.250% per annum with a stepdown in the applicable margin of 0.25% in the event the Company’s credit rating is upgraded to Ba3/BB-,
Base Rate loan | A per annum rate plus the applicable margin of 3.250%. The base rate is the greatest of:
• | a rate as calculated by the Federal Reserve Bank of New York based on such day’s federal funds transactions by depository institutions (“Federal Funds Rate”) for such day, plus 0.5%;
• | a rate equal to adjusted term SOFR for a one month interest period as of such day plus 1.0%; or
• | a rate as announced by Wells Fargo (the “Prime Rate”).

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- Definition Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (S-X 210.12-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 + Details
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