v3.25.1
DEBT AND CREDIT FACILITIES (Tables)
 3 Months Ended
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 premium132 — 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 premium168 — 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,
20252024
Letters of credit under domestic facilities:
Performance letters of credit$23,259 $18,155 
Financial letters of credit12,416 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,
20252024
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)20252024
Components associated with borrowings from:
Senior notes$6,320 $6,271 
Revolving Credit Agreement1,168 1,532 
7,488 7,803 
Components associated with amortization or accretion of:
Revolving Credit Agreement1,609 1,149 
Senior notes656 644 
2,265 1,793 
Components associated with interest from:
Lease liabilities591 548 
Letter of Credit interest and fees452 1,489 
Other interest expense367 381 
1,410 2,418 
Total interest expense$11,163 $12,014