Long-Term Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

Long-term debt consists of the following:

	March 31,		December 31,
	2022		2021
	(in thousands)
3.75% senior unsecured notes, due September 2028	$	600,000	$	600,000
4.125% senior unsecured notes, due June 2029	500,000		500,000
Term loan facility, interest paid at the defined LIBOR rate plus applicable interest margin (2.46% and 2.10% at March 31, 2022 and December 31, 2021, respectively), due July 2028	398,000		399,000
Revolving credit facility, interest paid at the defined LIBOR rate plus applicable interest margin (2.21% and 1.85% at March 31, 2022 and December 31, 2021, respectively), due July 2026	230,000		130,000
Long-term debt, gross	1,728,000		1,629,000
Less: unamortized debt issuance costs and original issue discount	(12,567)		(13,038)
	1,715,433		1,615,962
Less: long-term debt, current	(4,000)		(4,000)
Long-term debt, net	$	1,711,433	$	1,611,962

As of March 31, 2022, the Company had $263.1 million of available borrowing capacity under its revolving credit facility, net of outstanding letters of credit.

The estimated fair value of the Company’s long-term debt as of March 31, 2022 and December 31, 2021 was approximately $1.71 billion and $1.65 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount, of $1.73 billion and $1.63 billion, respectively. The estimated fair value of the Company’s long-term debt was based on Level 2 inputs using quoted market prices on or about March 31, 2022 and December 31, 2021, respectively.