Financial Commitments (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
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Long-Term Debt |
Long-term debt as reported on the Consolidated Balance Sheets consisted of the following: | | | | | | | | | | | | | As of December 31, | (in thousands) | 2023 | | 2022 | 2017 Senior Notes | $ | 498,410 | | | $ | 497,289 | | Term Loan B | 357,744 | | | 404,169 | | Revolver | — | | | — | | Equipment financing and mortgages | 34,807 | | | 48,681 | | Other indebtedness | 8,784 | | | 8,300 | | Total debt | 899,745 | | | 958,439 | | Less: Current maturities(a) | 117,431 | | | 70,285 | | Long-term debt, net | $ | 782,314 | | | $ | 888,154 | | _____________________________________________________________________________________________________________(a)Current maturities at December 31, 2023 included the $91.0 million principal prepayment on the Term Loan B that was made in February 2024. Current maturities at December 31, 2022 included a $44.0 million principal prepayment on the Term Loan B.
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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, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | As of December 31, 2022 | (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 | | $ | (1,590) | | $ | 498,410 | | | $ | 500,000 | | $ | (2,711) | | $ | 497,289 | | Term Loan B | 367,154 | | (9,410) | | 357,744 | | | 415,438 | | (11,269) | | 404,169 | |
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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) | | 2024 | $ | 117,431 | | 2025 | 514,444 | | 2026 | 10,336 | | 2027 | 264,778 | | 2028 | 747 | | Thereafter | 3,009 | | | 910,745 | | Less: Unamortized discounts and issuance costs | 11,000 | | Total | $ | 899,745 | |
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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) | 2023 | | 2022 | | 2021 | Cash interest expense: | | | | | | Interest on Term Loan B | $ | 38,266 | | | $ | 27,880 | | | $ | 24,590 | | Interest on 2017 Senior Notes | 34,375 | | | 34,375 | | | 34,375 | | Interest on Revolver | 4,924 | | | 1,642 | | | 1,479 | | Interest on convertible notes | — | | | — | | | 921 | | Other interest | 2,134 | | | 2,044 | | | 1,905 | | Total cash interest expense | 79,699 | | | 65,941 | | | 63,270 | | Non-cash interest expense(a): | | | | | | Amortization of discount and debt issuance costs on Term Loan B | 3,592 | | | 2,084 | | | 2,175 | | Amortization of debt issuance costs on 2017 Senior Notes | 1,121 | | | 1,045 | | | 973 | | Amortization of debt issuance costs on Revolver | 745 | | | 568 | | | 568 | | Amortization of discount and debt issuance costs on convertible notes | — | | | — | | | 2,040 | | Total non-cash interest expense | 5,458 | | | 3,697 | | | 5,756 | | | | | | | | Total interest expense | $ | 85,157 | | | $ | 69,638 | | | $ | 69,026 | |
_____________________________________________________________________________________________________________ (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 and Term Loan B were 7.13% and 11.16%, respectively, for the year ended December 31, 2023
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