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Senior Notes (Notes)

6 Months Ended

Jun. 30, 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 June 30, 2020 is reflected on our Consolidated Balance Sheet as follows (in thousands):

	December 31, 2019				June 30, 2020
Long-term liabilities:
Principal amount	$	400,000			$	400,000
Debt premium, net of accumulated amortization of $0 and $109, respectively	1,688				1,579
Debt discount, net of accumulated amortization of $765 and $1,025, respectively	(4,110		)		(3,850		)
Debt issuance costs, net of accumulated amortization of $216 and $352, respectively	(2,131		)		(2,061		)
Carrying value of the Senior Notes	$	395,447			$	395,668

The fair value of the Senior Notes, which are Level 2 measurements, was $419.9 million at June 30, 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.

The interest expense and amortization of debt discount, debt premium and debt issuance costs related to our Senior Notes during the three and six months ended June 30, 2019 and 2020 is as follows (in thousands):

	Three months ended June 30,								Six months ended June 30,
	2019				2020				2019				2020
Senior Notes interest expense	$	5,383			$	6,625			$	10,766			$	13,250
Senior Notes amortization of debt discount	122				131				242				260
Senior Notes amortization of debt premium	—				55				—				109
Senior Notes amortization of debt issuance costs	34				69				68				136

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 71 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 both the three and six months ended June 30, 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 both the three and six months ended June 30, 2020 was 6.20% and 6.90%, respectively.

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- References

No definition available.

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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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