Long-Term Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

8. Long-Term Debt

Long-term debt consisted of the following as of:

	September 30, 2024			December 31, 2023
	(in thousands)
Revolving credit facility (1)	$	—		$	464,000
4.25% 2032 notes		1,300,000			1,300,000
6.375% 2034 notes		1,000,000			—
6.375% 2032 notes		700,000			700,000
5.00% 2030 notes		550,000			550,000
Other finance obligations		190,757			193,048
Finance lease obligations		1,304			2,297
		3,742,061			3,209,345
Unamortized debt discount/premium and debt issuance costs		(38,295	)		(28,285	)
		3,703,766			3,181,060
Less: current maturities of long-term debt		3,591			3,649
Long-term debt, net of current maturities, discounts and issuance costs	$	3,700,175		$	3,177,411

(1)The weighted average interest rate was 7.1% as of December 31, 2023.

2024 Debt Transactions

On February 29, 2024, the Company completed a private offering of $1.0 billion in aggregate principal amount of 6.375% senior unsecured notes due 2034 (“6.375% 2034 Notes”) at an issue price equal to 100% of par value. The net proceeds from the offering were used to pay related transaction fees and expenses, repay indebtedness outstanding under the Revolving Facility and for general corporate purposes.

In connection with the issuance of the 6.375% 2034 Notes, we incurred $12.8 million of various third-party fees and expenses. These costs have been recorded as a reduction to long-term debt and are being amortized over the contractual life of the 6.375% 2034 Notes using the effective interest method.

The 6.375% 2034 Notes are discussed in more detail in our quarterly report on Form 10-Q for the three months ended March 31, 2024. The Company’s Revolving Facility and other outstanding senior unsecured notes are discussed in more detail in our 2023 Form 10-K.

Fair Value

As of September 30, 2024, and December 31, 2023, the Company does not have any financial instruments that are measured at fair value on a recurring basis. We have elected to report the value of our 5.00% senior notes due 2030 (the “5.00% 2030 Notes”), 4.25% senior notes due 2032 (the “4.25% 2032 Notes”), 6.375% senior notes due 2032 (the “6.375% 2032 Notes” and collectively with the 4.25% 2032 Notes, the “2032 Notes”), and 6.375% 2034 Notes at amortized cost. The fair values of the 5.00% 2030 Notes, 4.25% 2032 Notes, 6.375% 2032 Notes, and 6.375% 2034 Notes at September 30, 2024, were approximately $540.8 million, $1.2 billion, $727.3 million, and $1.0 billion, respectively, which were determined using Level 2 inputs based on market prices.

We were not in violation of any covenants or restrictions imposed by any of our debt agreements at September 30, 2024.