Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt outstanding

Debt outstanding was comprised of the following:

(in thousands)	September 30, 2022		December 31, 2021
Senior, secured term loan facility	$	1,001,813	$	1,072,125
Senior, unsecured notes	475,000		500,000
Amounts drawn on senior, secured revolving credit facility	210,000		130,000
Total principal amount	1,686,813		1,702,125
Less: unamortized discount and debt issuance costs	(15,849)		(19,176)
Total debt, net of discount and debt issuance costs	1,670,964		1,682,949
Less: current portion of long-term debt, net of debt issuance costs	(64,506)		(57,197)
Long-term debt	$	1,606,458	$	1,625,752

Maturities of long-term debt

Maturities of long-term debt were as follows as of September 30, 2022:

(in thousands)	Debt obligations
Remainder of 2022	$	14,438
2023	72,188
2024	86,625
2025	101,062
2026	937,500
Thereafter	475,000
Total principal amount	$	1,686,813

Leverage ratio requirements

The credit agreement also includes requirements regarding our consolidated total leverage ratio and our consolidated secured leverage ratio, as defined in the credit agreement. These ratios may not equal or exceed the following amounts during the periods indicated:

Fiscal Quarter Ending	Consolidated total leverage ratio	Consolidated secured leverage ratio
September 30, 2022 through March 31, 2023	4.75 to 1:00	3.75 to 1:00
June 30, 2023 through March 31, 2024	4.50 to 1:00	3.50 to 1:00
June 30, 2024 and each fiscal quarter thereafter	4.25 to 1:00	3.50 to 1:00

Credit facility

Daily average amounts outstanding under our current and previous credit agreements were as follows:

(in thousands)	Nine Months Ended September 30, 2022			Year Ended December 31, 2021
Daily average amount outstanding	$	1,477,841		$	1,109,819
Weighted-average interest rate	4.00		%	2.43		%

As of September 30, 2022, amounts available for borrowing under our revolving credit facility were as follows:

(in thousands)	Available borrowings
Revolving credit facility commitment	$	500,000
Amounts drawn on revolving credit facility	(210,000)
Outstanding letters of credit(1)	(7,823)
Net available for borrowing as of September 30, 2022	$	282,177

(1) We use standby letters of credit primarily to collateralize certain obligations related to our self-insured workers' compensation claims, as well as claims for environmental matters, as required by certain states.These letters of credit reduce the amount available for borrowing under our revolving credit facility.