Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of debt

The Company’s total outstanding borrowings are summarized in the table below (in thousands).

	September 30,		December 31,
Description	2021		2020
2020 Credit Agreement - Term loan facility (1)	$	288,800	$	395,000
2020 Credit Agreement - Revolving credit facility (1), (2)	—		5,000
Senior Notes due 2028 (“2028 Notes”) (3)	800,000		800,000
Senior Notes due 2029 (“2029 Notes”) (4)	600,000		—
Senior Notes due 2030 (“2030 Notes”) (5)	800,000		800,000
Other (6)	5,661		6,046
Principal amount outstanding (7)	2,494,461		2,006,046
Less: deferred financing fees (8)	(31,492)		(27,245)
Net balance sheet carrying amount	$	2,462,969	$	1,978,801

(1)The contractual annualized interest rate as of September 30, 2021 on the 2020 Credit Agreement Term loan facility and the revolving credit facility was 1.50%, which consisted of a floating Eurodollar base rate of 0.125% plus a margin of 1.375%. However, the Company has interest rate swap contracts that effectively convert the floating Eurodollar base rates on outstanding amounts to a fixed base rate.

(2)The Company had approximately $1.0 billion of available borrowing capacity on the 2020 Credit Agreement revolver (not including the expansion feature) as of September 30, 2021.

(3)Consists of $800.0 million principal amount of 2028 Notes outstanding. The 2028 Notes bear interest at a fixed rate of 4.50% and mature on July 1, 2028.

(4)Consists of $600.0 million principal amount of 2029 Notes outstanding. The 2029 Notes bear interest at a fixed rate of 3.625% and mature on June 15, 2029.

(5)Consists of $800.0 million principal amount of 2030 Notes outstanding. The 2030 Notes bear interest at a fixed rate of 3.75% and mature on October 1, 2030.

(6)Consists of two State of Connecticut economic development loans. One of the loans originated in 2012, has a 10-year maturity and the outstanding balance of $0.7 million as of September 30, 2021 bears interest at a fixed rate of 3.00%. The second loan, originated in 2019, has a 10-year maturity and bears interest at a fixed rate of 1.75%. Both of these loans may be repaid at any time by the Company without penalty.

(7)The weighted average annual effective rate on the Company’s outstanding debt for the three and nine months ended September 30, 2021, including the effects of its interest rate swaps discussed below, was 4.76% and 4.90%, respectively.

(8)Deferred financing fees are being amortized to Interest expense, net over the term of the related debt obligation.