Financial Commitments (Tables)

12 Months Ended

Dec. 31, 2021

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)	2021		2020
2017 Senior Notes	$	496,244	$	495,271
Term Loan B	406,335		408,458
2020 Revolver	27,000		—
Convertible Notes(a)	—		67,878
Equipment financing and mortgages	56,246		47,594
Other indebtedness	7,829		6,264
Total debt	993,654		1,025,465
Less: Current maturities	24,406		100,188
Long-term debt, net	$	969,248	$	925,277

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(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 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 December 31, 2021 and 2020:

	As of December 31, 2021						As of December 31, 2020
(in thousands)	Outstanding Debt		Unamortized Discounts and Issuance Costs		Debt, as reported		Outstanding Debt		Unamortized Discounts and Issuance Costs		Debt, as reported
2017 Senior Notes	$	500,000	$	(3,756)	$	496,244	$	500,000	$	(4,729)	$	495,271
Term Loan B	419,688		(13,353)		406,335		423,938		(15,480)		408,458
Convertible Notes	—		—		—		69,918		(2,040)		67,878

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, 2020
Liability component:
Principal	$	69,918
Conversion feature	(46,800)
Allocated debt issuance costs	(5,051)
Amortization and extinguishment of discount and debt issuance costs (non-cash interest expense)	49,811
Net carrying amount	$	67,878
Equity component:
Conversion feature	$	46,800
Reacquisition of conversion option from repurchase of notes, net of tax	(764)
Allocated debt issuance costs	(1,543)
Deferred taxes	(18,815)
Net carrying amount	$	25,678

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)
2022	$	24,406
2023	23,187
2024	16,137
2025	539,888
2026	8,578
Thereafter	398,567
	1,010,763
Less: Unamortized discounts and issuance costs	17,109
Total	$	993,654

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)	2021		2020		2019
Cash interest expense:
Interest on 2017 Senior Notes	$	34,375	$	34,375	$	34,375
Interest on Term Loan B	24,590		9,028		—
Interest on 2020 Revolver	1,479		77		—
Interest on 2017 Credit Facility	—		5,341		11,990
Interest on Convertible Notes	921		4,373		5,750
Other interest	1,905		2,079		2,172
Cash portion of loss on extinguishment	—		786		—
Total cash interest expense	63,270		56,059		54,287
Non-cash interest expense(a):
Amortization of discount and debt issuance costs on Convertible Notes	2,040		8,944		10,811
Amortization of discount and debt issuance costs on Term Loan B	2,175		784		—
Amortization of debt issuance costs on 2020 Revolver	568		206		—
Amortization of debt issuance costs on 2017 Credit Facility	—		1,001		1,552
Amortization of debt issuance costs on 2017 Senior Notes	973		906		844
Non-cash portion of loss on extinguishment	—		8,312		—
Total non-cash interest expense	5,756		20,153		13,207
Total interest expense	$	69,026	$	76,212	$	67,494

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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 year ended December 31, 2021