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Debt and Credit Facility (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Summary of Senior Notes | The following table summarizes key details of our outstanding Senior Notes:
|  |  |  |  |  |  |  | Outstanding (in millions of dollars) |
|  | Issuance Date |  | Maturity |  | Effective Interest Rate |  | As of December 31, 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 |  |  |  |  |  |  |  |  | (10.2 | ) |  |  | (11.9 | )
Total carrying amount |  |  |  |  |  |  |  | $ | 1,039.8 |  |  | $ | 1,038.1 |
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 December 31, |
|  |  |  |  |  | 2023 |  |  | 2022 |
4.50% Senior Notes |  |  |  |  |  | $ | 474.1 |  |  | $ | 438.7 |
4.625% Senior Notes |  |  |  |  |  | $ | 462.4 |  |  | $ | 440.4 |
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 December 31, 2023 (in millions of dollars):
Revolving Credit Facility borrowing commitment |  | $ | 575.0 |
Borrowing base availability |  | $ | 543.5 |
Less: Outstanding borrowings under Revolving Credit Facility |  |  | — |
Less: Outstanding letters of credit under Revolving Credit Facility |  |  | (26.8 | )
Remaining borrowing availability |  | $ | 516.7 |
Summary of Interest Relating to Senior Notes and Revolving Credit Facility | The following table presents interest expense relating to our Senior Notes and Revolving Credit Facility (in millions of dollars):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Senior Notes interest expense, including debt issuance cost amortization |  | $ | 49.6 |  |  | $ | 49.6 |  |  | $ | 49.0 |
Revolving Credit Facility interest expense, including commitment fees and finance cost amortization |  |  | 3.0 |  |  |  | 2.0 |  |  |  | 1.4 |
Interest expense on finance lease liabilities |  |  | 0.7 |  |  |  | 0.3 |  |  |  | 0.3 |
Interest expense capitalized as construction in progress |  |  | (6.4 | ) |  |  | (3.6 | ) |  |  | (1.2 | )
Total interest expense |  | $ | 46.9 |  |  | $ | 48.3 |  |  | $ | 49.5 |
Schedule of Future Principal Payments for Senior Notes and Revolving Credit Facility | The following table presents the future principal payments for our Senior Notes and Revolving Credit Facility as of December 31, 2023 (in millions of dollars):
Year ending December 31, |  |
2024 | $ | — |
2025 |  | — |
2026 |  | — |
2027 |  | — |
2028 |  | 500.0 |
Thereafter |  | 550.0 |
Total | $ | 1,050.0 |

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