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Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2021

The Company's long-term debt consists of the following (dollars in thousands):


	December 31, 2021		December 31, 2020
4.125% Senior Notes due April 2029	$	400,000	$	—
4.875% Senior Notes due October 2025	—		300,000
Credit Agreement	—		50,450

Debt issuance costs	(6,180)		(4,160)


Long-term debt, net	$	393,820	$	346,290

The carrying amounts and fair values were as follows (dollars in thousands):


	December 31, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
4.125% Senior Notes due April 2029	$	400,000	$	399,000	$	—	$	—
4.875% Senior Notes due October 2025	—		—		300,000		305,630
Revolving credit facility	—		—		50,450		50,450

Debt Instrument Redemption

On or after April 15, 2024, the Company may redeem all or part of the 2029 Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, to the redemption date, if redeemed during the twelve-month period beginning on April 15 of the years indicated below:


Year	Percentage
2024	102.063	%
2025	101.031	%
2026 and thereafter	100.000	%

Schedule of Long-term Debt Instruments

Below is a summary of key terms under the Credit Agreement as of December 31, 2021, compared to the key terms prior to the amendment (showing gross availability):

Instrument

Amount
($ in millions)

Maturity
Date

Interest Rate

Credit Agreement (as amended)

Senior secured revolving credit facility

$300.0

3/29/2026

LIBOR(a) plus 1.500%(b)

Credit Agreement (prior to amending)

Senior secured revolving credit facility

$300.0

9/20/2022

LIBOR(a) plus 1.500%(b)

__________________________

(a) London Interbank Offered Rate ("LIBOR")

(b) The interest rate spread is based upon the leverage ratio, as defined, as of the most recent determination date.

Schedule of Maturities of Long-term Debt

Future maturities of the face value of long-term debt at December 31, 2021 are as follows (dollars in thousands):


Year Ending December 31:	Future Maturities
2022	$	—
2023	—
2024	—
2025	—
2026	—
Thereafter	400,000
Total	$	400,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details