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Senior Notes (Notes)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

SENIOR NOTES

The carrying value of our 6.625% Senior Notes due 2026 (the “Senior Notes”) at December 31, 2019 and March 31, 2020 is reflected on our Consolidated Balance Sheet as follows (in thousands):

	December 31, 2019				March 31, 2020
Long-term liabilities:
Principal amount	$	400,000			$	400,000
Debt premium, net of accumulated amortization of $0 and $54, respectively	1,688				1,633
Debt discount, net of accumulated amortization of $765 and $894, respectively	(4,110		)		(3,981		)
Debt issuance costs, net of accumulated amortization of $216 and $283, respectively	(2,131		)		(2,077		)
Carrying value of the Senior Notes	$	395,447			$	395,575

The fair value of the Senior Notes, which are Level 2 measurements, was $432.3 million at March 31, 2020. The Senior Notes are due on June 1, 2026 and bear interest at 6.625% per year which is payable semi-annually in arrears on June 1 and December 1 of each year.

Interest expense on the Senior Notes included contractual coupon interest expense of $5.4 million and $6.6 million for the three months ended March 31, 2019 and 2020, respectively. Amortization of the debt discount on the Senior Notes was $120,000 and $129,000 for the three months ended March 31, 2019 and 2020, respectively and amortization of the debt premium was $54,000 for the three months ended March 31, 2020. Amortization of debt issuance costs on the Senior Notes was $34,000 and $67,000 for the three months ended March 31, 2019 and 2020, respectively.

The debt discount, the debt premium and the debt issuance costs are being amortized using the effective interest method over the remaining term of approximately 74 months of the Senior Notes. The effective interest rate on the unamortized debt discount and the unamortized debt issuance costs for the initial Senior Notes, which were issued in May 2018, for the three months ended March 31, 2020 was 6.87% and 6.69%, respectively. The effective interest rate on the unamortized debt premium and the unamortized debt issuance costs for the additional Senior Notes, which were issued in December 2019, for the three months ended March 31, 2020 was 6.20% and 6.88%, respectively.

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- References

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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