Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt outstanding

Debt outstanding was comprised of the following:

(in thousands)	September 30, 2024		December 31, 2023
Senior, secured term loan facility	$	790,563	$	877,187
Senior, unsecured notes	475,000		475,000
Amounts drawn on senior, secured revolving credit facility	209,000		252,000
Securitization obligations	65,776		—
Total principal amount	1,540,339		1,604,187
Less: unamortized discount and debt issuance costs	(8,812)		(11,336)
Total debt, net of discount and debt issuance costs	1,531,527		1,592,851
Less: current portion of long-term debt, net of debt issuance costs	(71,914)		(86,153)
Long-term debt	$	1,459,613	$	1,506,698

Maturities of long-term debt

Maturities of long-term debt were as follows as of September 30, 2024:

(in thousands)	Debt obligations
2025	$	101,063
2026	898,500
2027	65,776
2028	—
2029	475,000
Total principal amount	$	1,540,339

Revolving credit facility

As of September 30, 2024, amounts available for borrowing under our revolving credit facility were as follows:

(in thousands)	Available borrowings
Revolving credit facility commitment	$	500,000
Amounts drawn on revolving credit facility	(209,000)
Outstanding letters of credit(1)	(7,673)
Net available for borrowing as of September 30, 2024	$	283,327

(1) We use standby letters of credit primarily to collateralize certain obligations related to our self-insured workers' compensation claims, as well as claims for environmental matters, as required by certain states. These letters of credit reduce the amount available for borrowing under our revolving credit facility.