XML 28 R16.htm IDEA: XBRL DOCUMENT v3.23.1
Long-term Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
The Company's long-term debt consists of the following:
(In thousands)March 31, 2023December 31, 2022
Senior Secured Credit Facility: (a)
Term Loan A Facility$632,813 $641,250 
Senior Notes:
5.00% Notes due April 2024
400,000 400,000 
4.75% Notes due August 2025
800,000 800,000 
       4.25% Notes due February 2029
1,000,000 1,000,000 
Total long-term debt2,832,813 2,841,250 
Unamortized discount(17,588)(18,718)
Unamortized deferred financing costs(9,270)(10,079)
Long-term debt, net2,805,955 2,812,453 
Current portion of long-term debt42,188 33,750 
Noncurrent portion of long-term debt$2,763,767 $2,778,703 
(a)The Company's revolving credit facility remains undrawn at March 31, 2023. Total undrawn revolver commitments are available to be drawn for general corporate purposes of the Company.
During the three months ended March 31, 2023, the Company repaid a total of $8.4 million of the principal amount of the Term Loan A Facility in accordance with the terms of the agreement.
In April 2023, the Company entered into Amendment No. 2 ("Amendment No. 2") to the Second Amended and Restated Credit Agreement (the "Credit Agreement"). Amendment No. 2 (i) reduced the aggregate principal amount of the revolving loan commitments under the Credit Agreement from $500 million to $400 million, (ii) replaced the interest rate based on London Interbank Offered Rate with an interest rate based on the Secured Overnight Financing Rate, (iii) increased the Company's ability to incur additional debt in the future to provide additional flexibility for future financings, including increasing the amount of the incremental debt basket to the greater of $1.2 billion and the amount that would not cause the senior secured leverage ratio to exceed 3.00 to 1.00 on a pro forma basis and (iv) made certain other modifications to the Credit Agreement.
Other Debt
During the first quarter of 2023, a majority owned subsidiary of the Company extended its credit facility totaling $4.5 million to July 21, 2023. The facility bears interest at the greater of 3.5% or the prime rate plus 1%. There were no outstanding borrowings under the credit facility as of March 31, 2023.