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Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt outstanding

Debt outstanding was comprised of the following:

(in thousands)						September 30, 2023						December 31, 2022
Senior, secured term loan facility						$	936,844					$	987,375
Senior, unsecured notes						475,000						475,000
Amounts drawn on senior, secured revolving credit facility						233,000						197,000
Total principal amount						1,644,844						1,659,375
Less: unamortized discount and debt issuance costs						(12,409)						(15,099)
Total debt, net of discount and debt issuance costs						1,632,435						1,644,276
Less: current portion of long-term debt, net of debt issuance costs						(86,106)						(71,748)
Long-term debt						$	1,546,329					$	1,572,528

Maturities of long-term debt

Maturities of long-term debt were as follows as of September 30, 2023:

(in thousands)						Debt obligations
Remainder of 2023						$	21,656
2024						86,625
2025						101,063
2026						960,500
2027						—
Thereafter						475,000
Total principal amount						$	1,644,844

Leverage ratio requirements

The credit agreement also includes requirements regarding our consolidated total leverage ratio and our consolidated secured leverage ratio, as defined in the credit agreement. These ratios may not equal or exceed the following amounts during the periods indicated:

Fiscal Quarter Ending

Consolidated total leverage ratio

Consolidated secured leverage ratio

September 30, 2023 through March 31, 2024

4.50 to 1:00

3.50 to 1:00

June 30, 2024 and each fiscal quarter thereafter

4.25 to 1:00

3.50 to 1:00

Credit facility

As of September 30, 2023, amounts available for borrowing under our revolving credit facility were as follows:

(in thousands)						Available borrowings
Revolving credit facility commitment						$	500,000
Amounts drawn on revolving credit facility						(233,000)
Outstanding letters of credit(1)						(8,101)
Net available for borrowing as of September 30, 2023						$	258,899

(1) We use standby letters of credit primarily to collateralize certain obligations related to our self-insured workers' compensation claims, as well as claims for environmental matters, as required by certain states.These letters of credit reduce the amount available for borrowing under our revolving credit facility.

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Section 50
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-Topic 470
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