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DEBT (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The following table presents information about the Company’s total indebtedness at December 31, 2022 and December 31, 2021 (dollars in thousands):
December 31, 2022December 31, 2021
Effective Interest Rate (1)Principal Amount (2)Carrying Amount (2)Effective Interest RatePrincipal AmountCarrying Amount
7.25% Senior Notes due 2022
$— $— 7.25 %$8,294 $8,294 
5.75% Senior Notes due 2022
— — 5.75 %172,048 172,048 
5.375% Senior Notes due 2023
5.38 %6,127 6,127 5.62 %6,127 6,111 
6.00% Senior Notes due 2023
6.00 %56,436 56,436 6.28 %56,436 56,203 
5.875% Senior Secured Notes due 2024
6.88 %300,000 286,375 6.14 %300,000 297,928 
6.00% Senior Notes due 2025
6.00 %21,578 21,578 6.27 %21,578 21,413 
7.50% Senior Secured Notes due 2027
8.50 %2,015,479 1,894,774 7.70 %2,015,479 1,997,777 
9.50% Senior Secured Second Lien Notes due 2027
9.50 %940,590 940,590 9.68 %940,590 933,330 
6.00% Senior Notes due 2028
6.00 %1,260,416 1,260,416 6.11 %1,260,416 1,252,667 
6.125% Senior Secured Notes due 2029
7.13 %1,295,000 1,230,799 6.34 %1,295,000 1,278,718 
Term Loan Facility13.50 %1,975,000 1,871,894 6.12 %1,985,000 1,947,633 
Revolving Credit Facility11.00 %277,200 265,728 2.63 %277,200 277,200 
Total (3)$8,147,826 $7,834,717 $8,338,168 $8,249,322 
__________
(1)As noted below, beginning on the Petition Date, we ceased recognition of interest expense related to all of our debt instruments and began to incur “adequate protection payments” (further discussed below) related to our First Lien Debt Instruments (representing all of our debt instruments except for our senior unsecured notes and the 9.50% Senior Secured Second Lien Notes due 2027). The December 31, 2022 “effective interest rates” included in the table above represent the rates in effect on such date used to calculate: (i) future adequate protection payments related to our First Lien Debt Instruments and (ii) future contractual interest related to our other debt instruments, notwithstanding the fact that such interest is not currently being recognized. These rates are expressed as a percentage of the contractual principal amounts outstanding as of such date and, with respect to our First Lien Debt Instruments, without consideration of any reductions related to adequate protection payments made through such date.
(2)The December 31, 2022 principal amounts represent the amount of unpaid contractual principal owed on the respective instruments. During the third quarter of 2022, in accordance with ASC 852, we adjusted the carrying amounts of all unsecured and potentially undersecured debt instruments to equal the expected amount of the allowed claim by expensing (within Reorganization items, net in the Consolidated Statements of Operations) $89.2 million of previously-deferred and unamortized costs associated with these instruments. The December 31, 2022 carrying amounts of our First Lien Debt Instruments also reflect reductions for certain adequate protection payments made since the Petition Date, as further discussed herein.
(3)As of December 31, 2022, the entire carrying amount our debt, as well as any related remaining accrued and unpaid interest that existed as of the Petition Date, is included in the Liabilities subject to compromise line in the Consolidated Balance Sheets. As of December 31, 2021, $200.3 million of the carrying amount of our debt is classified as a current liability and is included in the Current portion of long-term debt line in the Consolidated Balance Sheets. The remaining carrying amount of our debt as of December 31, 2021 is included in the Long-term debt, less current portion, net line in the Consolidated Balance Sheets.
Schedule of Maturities of Long-Term Debt The following table presents, as of December 31, 2022, for each of the five fiscal years subsequent to December 31, 2022, the stated maturities on our long-term debt that would have been applicable if not for such acceleration (in thousands):
Maturities (1)
2023$82,563 
2024 (2)$394,600 
2025$41,578 
2026 (2)$222,600 
2027$2,976,069 
__________
(1)The terms of the Credit Agreement provide that certain amounts borrowed pursuant to the Credit Facilities could mature prior to their scheduled maturity date if certain of our senior notes are not refinanced or repaid prior to the date that is 91 days prior to the respective stated maturity dates thereof. The amounts in this maturities table do not reflect any potential early repayments or refinancings.
(2)Based on the Company’s borrowings under the Revolving Credit Facility that were outstanding at December 31, 2022, $74.6 million would have matured in 2024, with the remainder maturing in 2026.