Debt |
6 Months Ended |
|---|---|
Jun. 30, 2023 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt Credit Facility The Company has a $250.0 million credit facility which matures in April 2026. On March 28, 2023, the Company entered into a Fourth Amendment to the Credit Agreement with the administrative agent to replace the London Interbank Offered Rate (“LIBOR”) reference rate with the Secured Overnight Financing Rate (“SOFR”) reference rate (as defined therein). No other terms or conditions of the Credit Agreement were changed as a result of this amendment. The Company had no amounts outstanding under its credit facility and was in compliance with the financial covenants as of June 30, 2023. The amount available under the credit facility as of June 30, 2023 was $245.2 million, which is the credit limit less letters of credit outstanding of $4.8 million. Senior Unsecured Notes On January 12, 2022, the Company issued an aggregate principal amount of $550.0 million senior unsecured notes (the “Notes”) in a private placement. The Notes will mature on January 15, 2030 and bear interest at a rate of 5% per year. Interest on the Notes is payable semi-annually in arrears on January 15 and July 15 of each year. Unpaid interest amounts are included within accrued interest in the Company’s condensed consolidated balance sheets. At its sole discretion, the Company has the option to redeem the Notes at any time in whole or in part at specified redemption prices. The Company includes its Notes, net of debt issuance costs, within long-term borrowings in its condensed consolidated balance sheets. As of June 30, 2023, the Company had a carrying amount of approximately $7.9 million of debt issuance costs related to the Notes. For the three months ended June 30, 2023 and 2022, the Company recognized $7.1 million and $7.3 million, respectively, in interest expense related to the Notes, and for the six months ended June 30, 2023 and 2022, the Company recognized $14.3 million and $13.4 million, respectively, in interest expense related to the Notes, with an effective interest rate of 5.4%. Such interest expense includes $0.3 million and $0.2 million related to the amortization of debt issuance costs for the three months ended June 30, 2023 and 2022, respectively, and $0.5 million and $0.4 million related to the amortization of debt issuance costs for the six months ended June 30, 2023 and 2022, respectively.
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