Short-term Borrowings and Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Long-Term Debt

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

(in thousands)						September 30, 2022		December 31, 2021
Maturity Date	Interest rate (%)			Borrowing Limit
February 2024(1)	(4)			$	1,000,000	$	—	$	—
February 2023 - April 2025(2)	2.65	–	4.45	3,617		3,617		20,952
October 2023 - March 2027(3)	2.87	–	5.95	717,035		563,283		605,229
Total principal long-term debt				$	1,720,652	$	566,900	$	626,181
Less: current portion of long-term debt						(2,719)		(341,717)
Less: unamortized discounts						(3,112)		(1,274)
Total long-term debt						$	561,069	$	283,190

_____________

(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 September 30, 2022, we had pledged up to $861 million of land and buildings as collateral against long-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%.