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Long-term debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt consists of the following at year-end:

						2023						2022
2029 Notes						$	334,200					$	337,200
2027 Notes						379,265						381,265
2023 Notes						—						18,224
Finance lease obligations						8,498						5,032
Other long-term borrowings						1,700						—
Subtotal						723,663						741,721
Discount on 2029 Notes						(4,059)						(4,833)
Discount on 2027 Notes						(2,571)						(3,414)
Discount on 2023 Notes						—						(26)
Premium on 2029 Notes						382						461
Premium on 2027 Notes						1,141						1,506
Premium on 2023 Notes						—						9
Deferred financing costs						(3,715)						(4,720)
Total						714,841						730,704
Current portion of long-term debt						1,803						19,033
Long-term debt, excluding current portion						$	713,038					$	711,671

The following table presents additional information related to the 2029, 2027 and 2023 Notes (the “Notes”):

															Principal as of December 31,
			Annual interest rate						Currency						2023						2022						Maturity
2029 Notes			6.125		%				USD						$	334,200					$	337,200					May 27, 2029
2027 Notes			5.875		%				USD						379,265						381,265						April 4, 2027
2023 Notes			6.625		%				USD						—						18,224						September 27, 2023

The following table presents additional information for the fiscal years ended December 31, 2023, 2022 and 2021:

						Interest Expense (i)																		DFC Amortization (i)																		Amortization of Premium/Discount, net (i)
						2023						2022						2021						2023						2022						2021						2023						2022						2021
2029 Notes						$	20,511					$	14,299					$	—					$	527					$	342					$	—					$	695					$	715					$	—
2027 Notes						22,218						25,538						32,175						466						759						758						478						785						805
2023 Notes						906						6,230						13,768						12						297						224						17						388						287

(i)These charges are included within “Net interest expense and other financing results” in the consolidated statements of income.

The following table summarizes the activity of 2023 Notes as of December 31, 2023:

Transaction						Date						Principal Amount						Average Price						Early Redemption Price						Total payment (i)
Issuance						September 27, 2013						$	473,767					—						—						$	—
Cash Tender						June 28, 2016						$	(80,000)					98.00		%				101.00		%				$	(80,800)
Cash Tender						April 12, 2017						$	(45,698)					104.00		%				107.00		%				$	(48,885)
Exchange 2023 Notes for additional issuance 2027 Notes						October 13, 2020						$	(131,476)					100.50		%				105.50		%				$	(138,474)
Open market repurchases						During 2021						$	(14,830)					109.45		%				—						$	(16,231)
Cash Tender						April 22, 2022						$	(59,239)					105.36		%				—						$	(62,414)
Optional redemption (ii)						June 10, 2022						$	(123,000)					104.58		%				—						$	(128,636)
Open market repurchases						July 5, 2022						$	(1,300)					102.30		%				—						$	(1,330)
Settlement at maturity						September 27, 2023						$	(18,224)					—		%				—						$	(18,224)
Principal amount of 2023 Notes as of December 31, 2023:												$	—

(i) Not including accrued and unpaid interest

(ii) Redemption price established in accordance with the requirements of the indenture governing the 2023 Notes

The following table summarizes the activity of 2027 Notes as of December 31, 2023:

Transaction						Date						Principal Amount						Average Price						Early Redemption Price						Total payment (i)
Issuance						April 4, 2017						$	265,000					—						—						$	—
Additional issuance						September 11, 2020						$	150,000					—						—						$	—
Additional issuance of 2027 Notes related to 2023 exchange						October 13, 2020						$	138,354					—						—						$	—
Open market repurchases						During 2021						$	(17,368)					105.74		%				—						$	(18,364)
Cash Tender						May 13, 2022						$	(150,000)					99.94		%				103.00		%				$	(154,407)
Open market repurchases						During 2022						$	(4,721)					98.01		%				—						$	(4,627)
Open market repurchases						During 2023						$	(2,000)					95.20		%				—						$	(1,904)
Principal amount of 2027 Notes as of December 31, 2023:												$	379,265

(i) Not including accrued and unpaid interest

The following table summarizes the activity of 2029 Notes as of December 31, 2023:

Transaction						Date						Principal Amount						Average Price												Total payment (i)
Issuance						April 27, 2022						$	350,000					—												$	—
Open market repurchases						During 2022						$	(12,800)					93.87		%										$	(12,015)
Open market repurchases						During 2023						$	(3,000)					93.76		%										$	(2,813)
Principal amount of 2029 Notes as of December 31, 2023:												$	334,200

(i) Not including accrued and unpaid interest

Schedule of future payments related to long-term debt

As of December 31, 2023, future payments related to the Company’s long-term debt are as follows:

						Principal						Interest						Total
2024						$	1,803					$	43,419					$	45,222
2025						2,315						43,344						45,659
2026						531						43,294						43,825
2027						379,836						32,112						411,948
2028						615						20,927						21,542
Thereafter						338,563						11,304						349,867
Total payments						723,663						194,400						918,063
Interest						—						(194,400)						(194,400)
Discount on 2029 Notes						(4,059)						—						(4,059)
Discount on 2027 Notes						(2,571)						—						(2,571)
Premium on 2029 Notes						382						—						382
Premium on 2027 Notes						1,141						—						1,141
Deferred financing cost						(3,715)						—						(3,715)
Long-term debt						$	714,841					$	—					$	714,841

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