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DEBT AND CREDIT FACILITIES (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Components of Senior Notes | The components of our senior notes at March 31, 2025 are as follows:
| Senior Notes
(in thousands) | 8.125% (1) |  | 6.50% (2) |  | Total
Senior notes due in 2026 | $ | 193,035 |  |  | $ | 151,440 |  |  | $ | 344,475 |
Unamortized deferred financing costs | (1,307) |  |  | (2,417) |  |  | (3,724) |
Unamortized premium | 132 |  |  | — |  |  | 132 |
Net debt balance | $ | 191,860 |  |  | $ | 149,023 |  |  | $ | 340,883 |
The components of senior notes outstanding at December 31, 2024 are as follows:
| Senior Notes
(in thousands) | 8.125% (1) |  | 6.50% (2) |  | Total
Senior notes due in 2026 | $ | 193,035 |  |  | $ | 151,440 |  |  | $ | 344,475 |
Unamortized deferred financing costs | (1,659) |  |  | (2,757) |  |  | (4,416) |
Unamortized premium | 168 |  |  | — |  |  | 168 |
Net debt balance | $ | 191,544 |  |  | $ | 148,683 |  |  | $ | 340,227 |
(1) The 8.125% Senior Notes mature in February 2026 and $108.4 million is included in current liabilities and $83.5 million is included in noncurrent liabilities in the Condensed Consolidated Balance Sheet at March 31, 2025. $191.5 million is included in noncurrent liabilities in the Condensed Consolidated Balance Sheets at December 31, 2024. (2) The 6.50% Senior Notes mature in December 2026 and are included in noncurrent liabilities in the Condensed Consolidated Balance Sheet at March 31, 2025 and December 31, 2024.
Schedule of Long-Term Debt Instruments | A summary of usage of letters of credit under the domestic facilities is as follows:
| March 31,
| 2025 |  | 2024
Letters of credit under domestic facilities: |  |  |
Performance letters of credit | $ | 23,259 |  |  | $ | 18,155 |
Financial letters of credit | 12,416 |  |  | 11,511 |
Total outstanding | $ | 35,675 |  |  | $ | 29,666 |
Backstopped letters of credit | $ | 750 |  |  | $ | 750 |
Surety backstopped letters of credit | $ | 11,800 |  |  | $ | 8,742 |
Letters of credit subject to currency revaluation | $ | 4,535 |  |  | $ | 4,390 |
Schedule of Line of Credit Facilities | The following table provides a summary of outstanding letters of credit issued outside of the domestic facilities and outstanding surety bonds:
| March 31,
| 2025 |  | 2024
Letters of credit under non-domestic facilities | $ | 2,907 |  |  | $ | 4,085 |
Surety Bonds | $ | 177,426 |  |  | $ | 146,838 |
Schedule of Interest Expenses | Interest expense in the Condensed Consolidated Financial Statements consisted of the following components:
| Three Months Ended March 31,
(in thousands) | 2025 |  | 2024
Components associated with borrowings from: |  |  |
Senior notes | $ | 6,320 |  |  | $ | 6,271 |
Revolving Credit Agreement | 1,168 |  |  | 1,532 |
| 7,488 |  |  | 7,803 |
Components associated with amortization or accretion of: |  |  |
Revolving Credit Agreement | 1,609 |  |  | 1,149 |
Senior notes | 656 |  |  | 644 |
| 2,265 |  |  | 1,793 |
Components associated with interest from: |  |  |
Lease liabilities | 591 |  |  | 548 |
Letter of Credit interest and fees | 452 |  |  | 1,489 |
Other interest expense | 367 |  |  | 381 |
| 1,410 |  |  | 2,418 |
Total interest expense | $ | 11,163 |  |  | $ | 12,014 |

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