Long-Term Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Long-Term Debt

Long-term Debt

Details of carrying amounts of long-term debt were as follows:

(in thousands)						March 31, 2022		December 31, 2021
Maturity Date	Interest rate (%)			Borrowing Limit
February 2024(1)	(4)			$	1,000,000	$	—	$	—
April 2022 - October 2023(2)	2.65	–	4.80	24,190		12,843		20,952
April 2022 - March 2027(3)	2.87	–	8.50	1,031,384		795,176		605,229
Total principal long-term debt				$	2,055,574	$	808,019	$	626,181
Less: current portion of long-term debt						(193,269)		(341,717)
Less: unamortized discounts						(3,697)		(1,274)
Total long-term debt						$	611,053	$	283,190

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(1)Relates to the Company’s 2021 revolving credit facility.

(2)The Company entered into various loan agreements with fixed interest rates for general operating purposes.

(3)At March 31, 2022, we had pledged up to $1.0 billion of land and buildings, and $190 million of time deposits, which is classified as short-term restricted cash, as collateral against term loan facilities.

(4)Borrowings under the 2021 revolving credit facility bear interest, at the Company’s option, at a rate per annum equal to (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds rate or a composite overnight bank borrowing rate plus 0.50%, or (C) an adjusted LIBOR for a one-month interest period plus 1.00% or (ii) an adjusted LIBOR plus a margin equal to 1.00%.

In March 2022, the Company entered into a new five-year loan agreement to borrow $330 million, which was partially used to extinguish the $149 million August 2020 term loan facility which matured in March 2022 and to finance infrastructure of a fulfillment center. The Company pledged up to $396 million of certain existing land and a building as collateral. The loan bears interest at a fixed rate of 4.26%.

The March 2017 $182 million term loan facility agreement was paid in April 2022 at maturity.

The Company was in compliance with the covenants for each of its borrowings and debt agreements as of March 31, 2022.

The Company’s long-term debt is recorded at amortized cost. The fair value is estimated using Level 2 inputs based on the Company’s current interest rate for similar types of borrowing arrangements. The carrying amount of the long-term debt approximates its fair value as of March 31, 2022 and December 31, 2021 due primarily to the interest rates approximating market interest rates.