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Debt and Credit Facility | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Debt and Credit Facility | 6. Debt and Credit Facility Senior Notes During the years ended December 31, 2021 and December 31, 2019, we issued fixed rate unsecured notes with varying maturity dates (“Senior Notes”). The stated interest rates and aggregate principal amounts of our Senior Notes were: (i) 4.50% and $550.0 million (“4.50% Senior Notes”) and (ii) 4.625% and $500.0 million (“4.625% Senior Notes”). Our Senior Notes do not require us to make any mandatory redemptions or sinking fund payments. 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, 2023 |  |  | As of December 31, 2022 |
4.50% Senior Notes |  | May 2021 |  | June 2031 |  | 4.7% |  | $ | 550.0 |  |  | $ | 550.0 |
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 |  |  |  |  |  |  |  |  | (10.6 | ) |  |  | (11.9 | )
Total carrying amount |  |  |  |  |  |  |  | $ | 1,039.4 |  |  | $ | 1,038.1 |
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, 2023 |  |  | As of December 31, 2022 |
4.50% Senior Notes |  |  |  |  |  | $ | 435.7 |  |  | $ | 438.7 |
4.625% Senior Notes |  |  |  |  |  | $ | 436.6 |  |  | $ | 440.4 |
Revolving Credit Facility In October 2019, we entered into a revolving credit facility with Wells Fargo Bank, National Association, as administrative agent, and the other financial institutions party thereto, which was subsequently amended three times in March 2021, December 2021 and April 2022 (as amended, the “Revolving Credit Facility”). The Revolving Credit Facility contains a maximum commitment amount of $575.0 million (of which up to a maximum of $50.0 million may be utilized for letters of credit) and is set to mature in April 2027. Our effective interest rate on outstanding borrowings under the Revolving Credit Facility is based on the rates of Base Rate Loans an d SOFR Loans (as defined in the Revolving Credit Facility). For borrowings outstanding during the quarter and nine months ended September 30, 2023, the rate for Base Rate Loans was equal to the prevailing Prime Rate plus 0.25%, while the rate for SOFR Loans, which are made for one or three month periods, was equal to the Term SOFR Reference Rate (as defined in the Revolving Credit Facility) plus 1.35%. Outstanding borrowings under the Revolving Credit Facility are reported within Long-term debt, net, on our Consolidate d Balance Sheets. The following table summarizes availability and usage of our Revolving Credit Facility as determined by a borrowing base calculated as of September 30, 2023 (in millions of dollars):
Revolving Credit Facility borrowing commitment |  | $ | 575.0 |
Borrowing base availability |  | $ | 556.1 |
Less: Outstanding borrowings under Revolving Credit Facility |  |  | — |
Less: Outstanding letters of credit under Revolving Credit Facility |  |  | (26.6 | )
Remaining borrowing availability |  | $ | 529.5 |
Interest Expense The following table presents interest expense relating to our Senior Notes and Revolving Credit Facility (in millions of dollars):
|  | Quarter Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Senior Notes, including debt issuance cost amortization |  | $ | 12.4 |  |  | $ | 12.4 |  |  | $ | 37.2 |  |  | $ | 37.2 |
Revolving Credit Facility, including commitment fees and finance cost amortization |  |  | 0.8 |  |  |  | 0.6 |  |  |  | 2.9 |  |  |  | 1.6 |
Interest expense capitalized as construction in progress |  |  | (1.8 | ) |  |  | (0.9 | ) |  |  | (4.7 | ) |  |  | (2.3 | )
Total interest expense |  | $ | 11.4 |  |  | $ | 12.1 |  |  | $ | 35.4 |  |  | $ | 36.5 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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