Financial Commitments (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following:

(in thousands)	As of September 30, 2020		As of December 31, 2019
2017 Senior Notes	$	495,039	$	494,365
Term Loan B	409,027		N/A
2020 Revolver	—		N/A
2017 Credit Facility	N/A		114,000
Convertible Notes(a)	66,803		182,292
Equipment financing and mortgages	43,819		39,159
Other indebtedness	6,335		4,660
Total debt	1,021,023		834,476
Less: Current maturities	99,504		124,054
Long-term debt, net	$	921,519	$	710,422

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(a)The Company will repurchase or retire at or before maturity the remaining Convertible Notes using proceeds from the Term Loan B, $69.9 million of which is currently held in a restricted cash account for this purpose.

Reconciliation of Outstanding Debt Balance to Reported Debt Balance

The following table reconciles the outstanding debt balance to the reported debt balances as of September 30, 2020 and December 31, 2019:

	As of September 30, 2020						As of December 31, 2019
(in thousands)	Outstanding Debt		Unamortized Discount and Issuance Costs		Debt, as reported		Outstanding Debt		Unamortized Discount and Issuance Costs		Debt, as reported
2017 Senior Notes	$	500,000	$	(4,961)	$	495,039	$	500,000	$	(5,635)	$	494,365
Term Loan B	425,000		(15,973)		409,027		N/A		N/A		N/A
Convertible Notes	69,918		(3,115)		66,803		200,000		(17,708)		182,292

Summary of Interest Expense as Reported in the Consolidated Statements of Operations

Interest expense as reported in the Condensed Consolidated Statements of Operations consisted of the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Cash interest expense:
Interest on 2017 Senior Notes	$	8,594	$	8,594	$	25,781	$	25,781
Interest on Term Loan B	2,919		—		2,919		—
Interest on 2020 Revolver	26		—		26		—
Interest on 2017 Credit Facility	588		3,385		5,341		9,712
Interest on Convertible Notes	995		1,438		3,870		4,313
Other interest	577		540		1,616		1,656
Cash portion of loss on extinguishment	786		—		786		—
Total cash interest expense	14,485		13,957		40,339		41,462
Non-cash interest expense:(a)
Amortization of discount and debt issuance costs on Convertible Notes	2,073		2,734		7,870		8,013
Amortization of debt issuance costs on Term Loan B	253		—		253		—
Amortization of debt issuance costs on 2020 Revolver	64		—		64		—
Amortization of debt issuance costs on 2017 Credit Facility	198		401		1,002		1,150
Amortization of debt issuance costs on 2017 Senior Notes	229		213		674		627
Non-cash portion of loss on extinguishment	8,311		—		8,311		—
Total non-cash interest expense	11,128		3,348		18,174		9,790
Total interest expense	$	25,613	$	17,305	$	58,513	$	51,252

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(a)The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes, Term Loan B and the Convertible Notes were 7.13%, 6.50% and 9.39%, respectively, for the nine months ended September 30, 2020.