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Debt and Credit Facility (Tables) | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Summary of Senior Notes | The following table summarizes key details of our Senior Notes:
|  |  |  |  |  | Outstanding (in millions of dollars) |
|  | Issuance Date |  | Maturity |  | Effective Interest Rate |  | As of September 30, 2022 |  |  | As of December 31, 2021 |
4.50% Senior Notes |  | May 2021 |  | June 2031 |  | 4.7% |  | $ | 550.0 |  |  | $ | 550.0 |
6.50% Senior Notes 1 |  | April/May 2020 |  | May 2025 |  | 6.8% |  |  | — |  |  |  | — |
4.625% Senior Notes |  | November 2019 |  | March 2028 |  | 4.8% |  |  | 500.0 |  |  |  | 500.0 |
Total debt |  |  |  |  |  |  |  |  | 1,050.0 |  |  |  | 1,050.0 |
Unamortized issuance costs |  |  |  |  |  |  |  |  | (12.4 | ) |  |  | (13.7 | )
Total carrying amount |  |  |  |  |  |  |  | $ | 1,037.6 |  |  | $ | 1,036.3 |
1 In May 2021, we redeemed in full the remaining balance of our 6.50% Senior Notes at a redemption price of 108.83% of the principal amount plus $1.3 million of accrued and unpaid interest for a total net cash outflow of $382.2 million. Upon redemption of the 6.50% Senior Notes, we recorded a loss on extinguishment of debt of $35.9 million within Other income (expense), net, on our Statements of Consolidated Income (Loss), whi ch included the premium payment of $30.9 million and a write-off of the remaining unamortized premium and debt issuance costs of $5.0 million.
Summary of Fair Value of Outstanding Senior Notes | The following table presents the fair value of our outstanding Senior Notes, which are Level 1 liabilities (in millions of dollars):
|  |  |  |  |  | As of September 30, 2022 |  |  | As of December 31, 2021 |
4.50% Senior Notes |  |  |  |  |  | $ | 399.1 |  |  | $ | 542.6 |
4.625% Senior Notes |  |  |  |  |  | $ | 410.4 |  |  | $ | 506.9 |
Schedule of Availability and Usage of Revolving Credit Facility | The following table summarizes availability and usage of our Revolving Credit Facility as determined by a borrowing base calculated as of September 30, 2022 (in millions of dollars):
Revolving Credit Facility borrowing commitment |  | $ | 575.0 |
Borrowing base availability |  | $ | 572.4 |
Less: Outstanding borrowings under Revolving Credit Facility |  |  | — |
Less: Outstanding letters of credit under Revolving Credit Facility |  |  | (17.4 | )
Remaining borrowing availability |  | $ | 555.0 |
Summary of Interest Relating to Senior Notes and Revolving Credit Facility | Interest expense relating to our Senior Notes and Revolving Credit Facility was as follows (in millions of dollars):
|  | Quarter Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Senior Notes interest expense, including debt issuance cost amortization |  | $ | 12.4 |  |  | $ | 12.4 |  |  | $ | 37.2 |  |  | $ | 36.6 |
Revolving Credit Facility commitment fees and finance cost amortization |  |  | 0.6 |  |  |  | 0.3 |  |  |  | 1.6 |  |  |  | 1.2 |
Interest expense capitalized as construction in progress |  |  | (0.9 | ) |  |  | (0.2 | ) |  |  | (2.3 | ) |  |  | (0.6 | )
Total interest expense |  | $ | 12.1 |  |  | $ | 12.5 |  |  | $ | 36.5 |  |  | $ | 37.2 |

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