XML 50 R35.htm IDEA: XBRL DOCUMENT v3.22.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Summary of Actual Financial Ratios as Part of Affirmative Covenants Credit Facility The following table reflects required and actual financial ratios as of December 31, 2021 included as part of the affirmative covenants in the 2021 Credit Facility:
Description of Required Covenant RatioCovenant Ratio RequirementActual Ratio
Fixed Charge Coverage RatioGreater than or equal to 1.50: 1.005.07:1.00
Total Secured Debt to EBITDA RatioLess than or equal to 3.50: 1.000.00:1.00
Total Debt to EBITDA RatioLess than or equal to 5.00: 1.002.96:1.00
Summary of Components of Interest Expense
The following details the components of interest expense in each of the years ended December 31, 2021, 2020 and 2019:
Year ended December 31,
(in thousands)202120202019
Interest on credit facilities$2,669 $2,164 $21,996 
Interest on Senior Notes54,441 42,400 32,000 
Unused fee on Revolving Credit Facility1,598 1,386 1,851 
Amortization of debt premium/ discount(83)(222)— 
Unrealized (gains) losses on interest rate derivatives— — 3,486 
Other interest expense227 294 772 
Interest income(13)(253)(1,887)
Interest expense, net$58,839 $45,769 $58,218 
Schedule of Long-term Debt Instruments
The following table provides the Company’s outstanding long-term debt and effective interest rates at December 31, 2021 and December 31, 2020 (in thousands):
December 31, 2021December 31, 2020
Effective Interest RateAmountEffective Interest RateAmount
2029 Senior Notes4.89%$1,000,000 N/a$— 
2032 Senior Notes5.29%300,000 N/a— 
2026 Senior NotesN/a— 7.92%600,000 
Revolving Credit FacilityN/a— 2.13%307,000 
Unamortized premiums and debt issuance costs (15,174)(7,540)
Long-term debt$1,284,826 $899,460 
The following table summarizes debt issuance costs at December 31, 2021 and December 31, 2020, and the balance sheet classification in each of the periods presents (in thousands):
December 31,
20212020
Deferred debt issuance costs$27,784 $16,466 
Accumulated amortization(6,021)(6,121)
Deferred debt issuance costs, net$21,763 $10,345 
Balance sheet classification:
Other noncurrent assets$6,589 $2,805 
Long-term debt15,174 7,540 
$21,763 $10,345