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Debt (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024 included as part of the affirmative covenants in the 2022 Credit Facility:
Description of Required Covenant RatioCovenant Ratio RequirementActual Ratio
Fixed Charge Coverage RatioGreater than or equal to 1.50: 1.00
2.43:1:00
Total Secured Debt to EBITDA RatioLess than or equal to 3.50: 1.00
0.92:1:00
Total Debt to EBITDA RatioLess than or equal to 5.00: 1.00
3.58:1:00
Summary of Components of Interest Expense
The following details the components of interest expense in each of the years ended December 31, 2024, 2023 and 2022:
Year ended December 31,
(in thousands)202420232022
Interest on credit facilities$38,985 $37,269 $13,842 
Interest on Senior Notes67,500 67,500 67,500 
Unused fee on Revolving Credit Facility1,840 1,998 1,913 
Other interest expense403 363 276 
Interest income(2,045)(1,951)(49)
Interest expense, net$106,683 $105,179 $83,482 
Schedule of Long-term Debt Instruments
The following table provides the Company’s outstanding long-term debt and effective interest rates at December 31, 2024 and December 31, 2023 (in thousands):
December 31, 2024December 31, 2023
Effective Interest RateAmountEffective Interest RateAmount
2029 Senior Notes5.25%$1,000,000 5.25%$1,000,000 
2032 Senior Notes5.00%300,000 5.00%300,000 
2022 Term Loan7.60%375,000 7.50%385,000 
2022 Revolving Credit Facility7.62%110,000 — 
Unamortized premiums and debt issuance costs (10,710)(13,121)
Total debt$1,774,290 $1,671,879 
Less: Current portion, term loan facilities(15,000)(10,000)
Long-term debt$1,759,290 $1,661,879 
The following table summarizes debt issuance costs at December 31, 2024 and December 31, 2023, and the balance sheet classification in each of the periods presents (in thousands):
December 31,
20242023
Deferred debt issuance costs$32,526 $32,526 
Accumulated amortization(17,797)(13,779)
Deferred debt issuance costs, net$14,729 $18,747 
Balance sheet classification:
Other noncurrent assets$4,019 $5,626 
Long-term debt10,710 13,121 
$14,729 $18,747