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Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

As of September 30, 2021 and December 31, 2020, long-term debt consisted of the following (in thousands):

			September 30, 2021						December 31, 2020
Revolving credit facilities(1)			$	—					$	18,408
2026 Notes(2)			131,071						—
2023 Notes(3)			25,765						143,242
Promissory note			17,534						17,095
Other debt and finance lease obligations			4,298						4,792
Total debt			178,668						183,537
Less: Current portion			(18,234)						(17,778)
Total long-term debt			$	160,434					$	165,759

____________________

(1)Presented net of $0.6 million of unamortized deferred financing costs as of December 31, 2020. Unamortized deferred financing costs of $2.9 million as of September 30, 2021 are presented in Other noncurrent assets.

(2)The outstanding principal amount of the 2026 Notes was $135.0 million as of September 30, 2021.

(3)The outstanding principal amount of the 2023 Notes was $26.0 million and $157.4 million as of September 30, 2021 and December 31, 2020, respectively.

The following table provides details with respect to the carrying amount of the 2023 Notes in the consolidated balance sheets as of September 30, 2021 and December 31, 2020 (in thousands):

			September 30, 2021						December 31, 2020
Principal amount of the liability component			$	25,969					$	157,369
Less: Unamortized discount			—						12,308
Less: Unamortized issuance costs			204						1,819
Net carrying amount of the liability component			$	25,765					$	143,242
Net carrying amount of the equity component			n.a.						$	25,683

The following table presents the Company's purchases of outstanding 2023 Notes during the three and nine months ended September 30, 2021 and 2020, with non-cash gains included within other income, net (in thousands):

			Principal Amount						Carrying Value of Liability						Cash Paid						Non-cash Gains Recognized
Three Months Ended September 30,
2021			$	—					$	—					$	—					$	—
2020			17,200						15,425						9,483						5,942
Nine Months Ended September 30,
2021			$	131,400					$	129,974					$	125,952					$	4,022
2020			34,881						30,799						20,078						10,721

Schedule of Significant Provisions of Our Revolving Credit Facility

The following provides a summary of the more significant provisions of the Company's former revolving credit facility.

			Prior to June 17, 2020						From June 17, 2020 to February 10, 2021
Lender commitments			$350 million						$200 million
Interest rate on outstanding borrowings(1):
LIBOR based borrowings			LIBOR plus a margin of 1.75% to 3.00%						LIBOR plus a margin of 2.50% to 3.75%
Base-rate based borrowings			Base rate plus a margin of 0.75% to 2.00%						Base rate plus a margin of 1.50% to 2.75%
Commitment fees(2)			0.25% to 0.50%						0.375% to 0.50%

____________________

(1)Based on the ratio of the Company's total net funded debt to consolidated EBITDA.

(2)Based on unused commitments under the credit agreement.

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