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Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt outstanding

Debt outstanding was comprised of the following:

(in thousands)						March 31, 2024						December 31, 2023
Senior, secured term loan facility						$	790,562					$	877,187
Senior, unsecured notes						475,000						475,000
Amounts drawn on senior, secured revolving credit facility						239,750						252,000
Securitization obligations						64,969						—
Total principal amount						1,570,281						1,604,187
Less: unamortized discount and debt issuance costs						(10,188)						(11,336)
Total debt, net of discount and debt issuance costs						1,560,093						1,592,851
Less: current portion of long-term debt, net of debt issuance costs						(21,550)						(86,153)
Long-term debt						$	1,538,543					$	1,506,698

Maturities of long-term debt

Maturities of long-term debt were as follows as of March 31, 2024:

(in thousands)						Debt obligations
2025						$	101,062
2026						929,250
2027						64,969
2028						—
2029						475,000
Total principal amount						$	1,570,281

Revolving credit facility

As of March 31, 2024, 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						(239,750)
Outstanding letters of credit(1)						(8,036)
Net available for borrowing as of March 31, 2024						$	252,214

(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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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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- Definition

Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481544/470-10-50-1

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