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Financial Commitments (Tables)
9 Months Ended
Sep. 30, 2021
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,
2021
As of December 31,
2020
2017 Senior Notes$495,994 $495,271 
Term Loan B406,835 408,458 
2020 Revolver— — 
Convertible Notes(a)
— 67,878 
Equipment financing and mortgages54,381 47,594 
Other indebtedness10,774 6,264 
Total debt967,984 1,025,465 
Less: Current maturities(a)
28,029 100,188 
Long-term debt, net$939,955 $925,277 
____________________________________________________________________________________________________
(a)The Company repaid the remaining principal balance of the Convertible Notes at maturity on June 15, 2021. As of December 31, 2020, the balance of the Convertible Notes was included in current maturities on the Condensed Consolidated Balance Sheet.
Reconciliation of Outstanding Debt Balance to Reported Debt Balance
The following table reconciles the outstanding debt balances to the reported debt balances as of September 30, 2021 and December 31, 2020:
As of September 30, 2021As of December 31, 2020
(in thousands)Outstanding DebtUnamortized Discounts and Issuance CostsDebt,
as reported
Outstanding DebtUnamortized Discounts and Issuance CostsDebt,
as reported
2017 Senior Notes$500,000 $(4,006)$495,994 $500,000 $(4,729)$495,271 
Term Loan B420,750 (13,915)406,835 423,938 (15,480)408,458 
Convertible Notes— — — 69,918 (2,040)67,878 
Summary of Interest Expense as Reported in the Consolidated Statements of Operations
Interest expense as reported in the Condensed Consolidated Statements of Income consisted of the following:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2021202020212020
Cash interest expense:
Interest on 2017 Senior Notes$8,594 $8,594 $25,781 $25,781 
Interest on Term Loan B6,198 2,919 18,407 2,919 
Interest on 2020 Revolver436 26 1,109 26 
Interest on 2017 Credit Facility— 588 — 5,341 
Interest on Convertible Notes— 995 921 3,870 
Other interest532 577 1,422 1,616 
Cash portion of loss on extinguishment— 786 — 786 
Total cash interest expense15,760 14,485 47,640 40,339 
Non-cash interest expense:(a)
Amortization of discount and debt issuance costs on Convertible Notes— 2,073 2,040 7,870 
Amortization of discount and debt issuance costs on Term Loan B547 253 1,613 253 
Amortization of debt issuance costs on 2020 Revolver142 64 426 64 
Amortization of debt issuance costs on 2017 Credit Facility— 198 — 1,002 
Amortization of debt issuance costs on 2017 Senior Notes245 229 723 674 
Non-cash portion of loss on extinguishment— 8,311 — 8,311 
Total non-cash interest expense934 11,128 4,802 18,174 
Total interest expense$16,694 $25,613 $52,442 $58,513 
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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%, 6.48% and 9.39%, respectively, for the nine months ended September 30, 2021.