Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

Debt

Debt, including finance lease obligations, net of discounts and debt issuance costs, consisted of:

	March 31,		December 31,
(Amounts in thousands, except percentages)	2023		2022
3.50% USD Senior Notes due October 1, 2030, net of unamortized discount and debt issuance costs of $4,913 and $5,055, respectively	$	495,087	$	494,945
2.80% USD Senior Notes due January 15, 2032, net of unamortized discount and debt issuance costs of $5,588 and $5,727, respectively	494,412		494,273
Term Loan Facility, interest rate of 6.25% at March 31, 2023 and 5.98% at December 31, 2022, net of debt issuance costs of $400 and $444, respectively	249,600		259,556
Finance lease obligations and other borrowings	23,457		24,712
Debt and finance lease obligations	1,262,556		1,273,486
Less amounts due within one year	53,387		49,335
Total debt due after one year	$	1,209,169	$	1,224,151

Senior Credit Facility

As discussed in Note 12 to our consolidated financial statements included in our 2022 Annual Report, our credit agreement (the "Senior Credit Agreement") provides a $800.0 million unsecured revolving credit facility (the "Revolving Credit Facility"), which includes a $750.0 million sublimit for the issuance of letters of credit and a $30.0 million sublimit for swing line loans, and a $300 million unsecured term loan facility (the "Term Loan Facility") with a maturity date of September 13, 2026.

The interest rates per annum applicable to the Revolving Credit Facility, other than with respect to swing line loans, are Term Secured Overnight Financing Rate ("Term SOFR") plus between 1.000% to 1.750%, depending on our debt rating by either Moody’s Investors Service, Inc. ("Moody's") or Standard & Poor’s Financial Services LLC ("S&P"), or, at our option, the Base Rate (as defined in the Senior Credit Agreement) plus between 0.000% to 0.750% depending on our debt rating by either Moody’s or S&P. At March 31, 2023, the interest rate on the Revolving Credit Facility was Term SOFR plus 1.375% in the case of Term SOFR loans and the Base Rate plus 0.375% in the case of Base Rate loans. In addition, a commitment fee is payable quarterly in arrears on the daily unused portions of the Revolving Credit Facility. The commitment fee will be between 0.080% and 0.250% of unused amounts under the Revolving Credit Facility depending on our debt rating by either Moody’s or S&P. The commitment fee was 0.175% (per annum) during the period ended March 31, 2023.

Under the terms and conditions of Senior Credit Agreement, interest rates per annum applicable to the Term Loan Facility are stated as Term SOFR plus between 0.875% to 1.625%, depending on the Company’s debt rating by either Moody’s or S&P, or, at the option of the Company, the Base Rate plus between 0.000% to 0.625% depending on the Company’s debt rating by either Moody’s or S&P.

As of March 31, 2023 and December 31, 2022, we had no revolving loans outstanding and we had outstanding letters of credit of $85.9 million and $71.7 million at March 31, 2023 and December 31, 2022, respectively. In April 2023 the Company borrowed $115.0 million on the Revolving Credit Facility for general corporate purposes and as of May 1, 2023 has $75.0 million outstanding. After consideration of the financial covenants under our Senior Credit Facility and outstanding letters of credit, as of March 31, 2023, the amount available for borrowings was limited to $464.5 million. As of December 31, 2022, the amount available for borrowings under our Revolving Credit Facility was $293.9 million.

Our compliance with applicable financial covenants under the Senior Notes and Senior Credit Facility are tested quarterly. We were in compliance with all applicable covenants as of March 31, 2023. We have scheduled repayments of $10.0 million due in each of the next three quarters and $15.0 million due on March 31, 2024 on our Term Loan.