Long-Term Debt (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Long-Term Debt |
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| Reconciliation of principal balance of outstanding debt |
The following table reconciles the principal balances of our outstanding debt to our Consolidated Balance Sheets, in thousands: | | | | | | | | | As of December 31, | | | 2023 | | 2022 | 3.625% Senior Notes due 2029 | | $ | 400,000 | | $ | 400,000 | 4.125% Senior Notes due 2032 | | | 500,000 | | | 500,000 | Term loan due 2026 | | | 532,500 | | | 566,250 | Equipment notes | | | 2,039 | | | 8,427 | Unamortized debt issuance costs | | | (14,472) | | | (17,352) | Total debt, net of unamortized debt issuance costs | | | 1,420,067 | | | 1,457,325 | Less: current portion of long-term debt | | | 47,039 | | | 40,068 | Total long-term debt | | $ | 1,373,028 | | $ | 1,417,257 |
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| Schedule of remaining principal payments of debt |
The following table sets forth our remaining principal payments for our outstanding debt balances as of December 31, 2023, in thousands: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2025 | | 2026 | | 2027 | | 2028 | | Thereafter | | Total | 3.625% Senior Notes | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | 400,000 | | $ | 400,000 | 4.125% Senior Notes | | | - | | | - | | | - | | | - | | | - | | | 500,000 | | | 500,000 | Term loan | | | 45,000 | | | 48,750 | | | 438,750 | | | - | | | - | | | - | | | 532,500 | Equipment notes | | | 2,039 | | | - | | | - | | | - | | | - | | | - | | | 2,039 | Total | | $ | 47,039 | | $ | 48,750 | | $ | 438,750 | | $ | - | | $ | - | | $ | 900,000 | | $ | 1,434,539 |
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| Summary of key terms of the Credit Agreement |
The following table outlines the key terms of the Credit Agreement (dollars in thousands): | | | | Senior secured term loan facility | $ | 600,000 | | Additional delayed draw term loan (a) | $ | 550,000 | | | | | | Revolving facility (b) | $ | 500,000 | | Sublimit for issuance of letters of credit under revolving facility | $ | 100,000 | | Sublimit for swingline loans under revolving facility | $ | 35,000 | | | | | | Interest rate as of December 31, 2023 | | 6.46 | % | Scheduled maturity date | | 10/7/2026 | |
| (a) | Represents Term Facility Two which has not been drawn upon as of December 31, 2023. |
| (b) | Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the revolving facility. |
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| Schedule of availability under the Revolving Facility |
| | | | | | | | | As of December 31, | | | 2023 | | 2022 | Revolving facility | | $ | 500,000 | | $ | 500,000 | Less: standby letters of credit | | | (63,770) | | | (67,689) | Availability under Revolving facility | | $ | 436,230 | | $ | 432,311 |
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| Schedule of the key financial covenants |
| | | | | As of December 31, 2023 | Maximum Net Leverage Ratio | | 3.50:1.00 | Minimum Interest Coverage Ratio | | 3.00:1.00 | Compliance as of period end | | In Compliance |
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