Debt |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt Credit Facility The Company has a $250.0 million credit facility which matures in April 2026. The Company had no amounts outstanding under its credit facility and was in compliance with the financial covenants as of June 30, 2024. The amount available under the credit facility as of June 30, 2024 was $247.4 million, which is the credit limit less letters of credit outstanding of $2.6 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, 2024, the Company had a carrying amount of approximately $6.9 million of debt issuance costs related to the Notes. For both the three months ended June 30, 2024 and 2023, the Company recognized $7.1 million in interest expense related to the Notes, and for both the six months ended June 30, 2024 and 2023, the Company recognized $14.3 million in interest expense related to the Notes, with an effective interest rate of 5.4% for all periods. Such interest expense includes $0.3 million related to the amortization of debt issuance costs for both the three months ended June 30, 2024 and 2023, and $0.5 million related to the amortization of debt issuance costs for both the six months ended June 30, 2024 and 2023.
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