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v3.25.1

Senior Notes | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
SENIOR NOTES | SENIOR NOTES The carrying value of our 4.25% senior notes due 2029 (the “Senior Notes”) is reflected on our Consolidated Balance Sheets as follows (in thousands):
| March 31, 2025 |  | December 31, 2024 |
Principal amount | $ | 400,000 |  |  | $ | 400,000 |  |
Debt discount, net of accumulated amortization of $1,986 and $1,848, respectively | (2,514) |  |  | (2,652) |  |
Debt issuance costs, net of accumulated amortization of $565 and $526, respectively | (712) |  |  | (751) |  |
Carrying value of the Senior Notes | $ | 396,774 |  |  | $ | 396,597 |  |
At March 31, 2025, the fair value of the Senior Notes, which are Level 2 measurements, was $364.4 million. The Senior Notes were issued under an indenture, dated as of May 13, 2021 (the “Indenture”), among the Company, the Subsidiary Guarantors and Wilmington Trust, National Association, as trustee. The Senior Notes are unsecured, senior obligations and are fully and unconditionally guaranteed on a senior unsecured basis, jointly and severally by each of the Subsidiary Guarantors. The Senior Notes mature on May 15, 2029, unless earlier redeemed or purchased and bear interest at 4.25% per year, which is payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2021. The Indenture contains restrictive covenants limiting our ability and our Restricted Subsidiaries (as defined in the Indenture) to, among other things, incur additional indebtedness or issue certain preferred shares, create liens on certain assets to secure debt, pay dividends or make other equity distributions, purchase or redeem capital stock, make certain investments, sell assets, agree to certain restrictions on the ability of Restricted Subsidiaries to make payments to us, consolidate, merge, sell or otherwise dispose of all or substantially all assets, or engage in transactions with affiliates. The Indenture also contains customary events of default. The interest expense and amortization of debt discount and debt issuance costs related to our Senior Notes are as follows (in thousands):
|  |  | Three months ended March 31, |
|  |  |  |  | 2025 |  | 2024 |  |  |
Senior Notes interest expense |  |  |  |  | $ | 4,250 |  |  | $ | 4,250 |  |  |  |
Senior Notes amortization of debt discount |  |  |  |  | 138 |  |  | 132 |  |  |  |
Senior Notes amortization of debt issuance costs |  |  |  |  | 39 |  |  | 38 |  |  |  |
The debt discount and the debt issuance costs are being amortized using the effective interest method over the remaining term of approximately 50 months of the Senior Notes. The effective interest rates on the unamortized debt discount and the unamortized debt issuance costs for the Senior Notes for both the three months ended March 31, 2025 and 2024 were 4.42% and 4.30%, respectively.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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