XML 52 R31.htm IDEA: XBRL DOCUMENT v3.20.4
Financial Commitments (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Long-Term Debt
Long-term debt as reported on the Consolidated Balance Sheets consisted of the following:
As of December 31,
(in thousands)20202019
2017 Senior Notes$495,271 $494,365 
Term Loan B408,458 N/A  
2020 Revolver— N/A  
2017 Credit FacilityN/A  114,000 
Convertible Notes(a)
67,878 182,292 
Equipment financing and mortgages47,594 39,159 
Other indebtedness6,264 4,660 
Total debt1,025,465 834,476 
Less: Current maturities100,188 124,054 
Long-term debt, net$925,277 $710,422 
_____________________________________________________________________________________________________________
(a)The Company will repurchase or retire the remaining Convertible Notes at or before their June 15, 2021 maturity 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 balances to the reported debt balances as of December 31, 2020 and 2019:
As of December 31, 2020As of December 31, 2019
(in thousands)Outstanding DebtUnamortized Discounts and Issuance
Costs
Debt,
as reported		Outstanding DebtUnamortized Discount and Issuance Costs
 Debt,
as reported
2017 Senior Notes$500,000 $(4,729)$495,271 $500,000 $(5,635)$494,365 
Term Loan B423,938 (15,480)408,458 N/A  N/A  N/A  
Convertible Notes69,918 (2,040)67,878 200,000 (17,708)182,292 
Summary Of Information Related To The Liability And Equity Components Of The Convertible Notes
The following table presents information related to the liability and equity components of the Convertible Notes:
(in thousands)December 31, 2020December 31, 2019
Liability component:
Principal$69,918 $200,000 
Conversion feature(46,800)(46,800)
Allocated debt issuance costs(5,051)(5,051)
Amortization and extinguishment of discount and debt issuance costs (non-cash interest expense)49,811 34,143 
Net carrying amount$67,878 $182,292 
Equity component:
Conversion feature$46,800 $46,800 
Reacquisition of conversion option from repurchase of notes, net of tax(764)— 
Allocated debt issuance costs(1,543)(1,543)
Deferred taxes(18,815)(18,815)
Net carrying amount$25,678 $26,442 
Principal Payments of Long-Term Debt
The following table presents the future principal payments required under all of the Company’s debt obligations, discussed above:
Year (in thousands)
2021$102,228 
202214,822 
202314,282 
20247,498 
2025506,156 
Thereafter402,728 
1,047,714 
Less: Unamortized discount and issuance costs22,249 
Total$1,025,465 
Summary Of Interest Expense As Reported In The Consolidated Statements of Operations
Interest expense as reported in the Consolidated Statements of Operations consisted of the following:
For the year ended December 31,
(in thousands)202020192018
Cash interest expense:
Interest on 2017 Senior Notes$34,375 $34,375 $34,375 
Interest on Term Loan B9,028 N/A  N/A  
Interest on 2020 Revolver77 N/A  N/A  
Interest on 2017 Credit Facility5,341 11,990 8,575 
Interest on Convertible Notes4,373 5,750 5,750 
Other interest2,079 2,172 2,747 
Cash portion of loss on extinguishment786 — — 
Total cash interest expense56,059 54,287 51,447 
Non-cash interest expense(a):
Amortization of discount and debt issuance costs on Convertible Notes8,944 10,811 9,846 
Amortization of discount and debt issuance costs on Term Loan B784 N/A  N/A  
Amortization of debt issuance costs on 2020 Revolver206 N/A  N/A  
Amortization of debt issuance costs on 2017 Credit Facility1,001 1,552 1,439 
Amortization of debt issuance costs on 2017 Senior Notes906 844 787 
Non-cash portion of loss on extinguishment8,312 — — 
Total non-cash interest expense20,153 13,207 12,072 
Total interest expense$76,212 $67,494 $63,519 
_____________________________________________________________________________________________________________
(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%, 6.49% and 9.39%, respectively, for the year ended December 31, 2020