Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of maturities of long-term debt outstanding

Scheduled maturities of our long-term debt outstanding as of March 31, 2024 are as follows (in thousands):

	MARAD		2029
	Debt		Notes		Total
Less than one year	$	8,965	$	—	$	8,965
One to two years		9,412		—		9,412
Two to three years		9,881		—		9,881
Three to four years		—		—		—
Four to five years		—		—		—
Over five years		—		300,000		300,000
Gross debt		28,258		300,000		328,258
Unamortized debt discount (1)		—		(1,351)		(1,351)
Unamortized debt issuance costs (1)		(1,463)		(7,280)		(8,743)
Total debt		26,795		291,369		318,164
Less current maturities		(8,965)		—		(8,965)
Long-term debt	$	17,830	$	291,369	$	309,199

(1) Debt discount and debt issuance costs are amortized to interest expense over the term of the applicable debt agreement.

Schedule of redemption prices expressed as percentages of the principal amount

Prior to March 1, 2026, we may, at our option, redeem the 2029 Notes, in whole or in part, at a price equal to 100% of the aggregate principal amount of the notes to be redeemed, plus a make-whole premium and accrued and unpaid interest, if any, to, but excluding, the redemption date. On or after March 1, 2026, we may, at our option, redeem the 2029 Notes, in whole or in part, at the redemption prices (expressed as percentages of the principal amount of the notes to be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Prior to March 1, 2026, following certain equity offerings we may, at our option, on any one or more occasions, redeem up to 40% of the 2029 Notes at a price equal to 109.750% of the aggregate principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, in an amount not exceeding the proceeds of such equity offerings.

	Redemption
Year	Price
2026	104.875%
2027	102.438%
2028 and thereafter	100.000%

Schedule of components of net interest expense

The following table details the components of our net interest expense (in thousands):

	Three Months Ended
	March 31,
	2024		2023
Interest expense	$	8,778	$	4,869
Interest income		(3,301)		(682)
Net interest expense	$	5,477	$	4,187