Debt

12 Months Ended

Dec. 31, 2022


		December 31,
	Interest rate	2022		2021



Notes due April 2023	6.20%	$	—	$	90,259
Notes due March 2024	4.625%	236,749		242,603
Term loan due March 2026	SOFR + 2.0%	351,500		370,500
Notes due March 2027	6.875%	396,750		400,000
Term loan due March 2028	SOFR + 4.0%	442,125		446,625
Notes due March 2029	7.25%	350,000		350,000
Notes due January 2037	5.25%	35,841		35,841
Notes due March 2043	6.70%	425,000		425,000
Other debt		2,446		3,685
Principal amount		2,240,411		2,364,513
Less: unamortized costs, net		35,145		40,675
Total debt		2,205,266		2,323,838
Less: current portion long-term debt		32,764		24,739
Long-term debt		$	2,172,502	$	2,299,099

During 2022, we redeemed the April 2023 notes and recognized a $5 million pre-tax loss in connection with this redemption. We also made scheduled principal repayments of $24 million on our term loans and repurchased $6 million of the March 2024 notes and $3 million of the March 2027 notes in the open market. Through February 16, 2023, we have purchased an additional aggregate $12 million of the March 2024 notes and March 2027 notes.

The credit agreement that governs our $500 million secured revolving credit facility and term loans contains financial and non-financial covenants. At December 31, 2022, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility. In December 2022, we amended this credit facility to adjust our financial covenants and provide additional financial flexibility. Borrowings under the revolving credit facility and term loans are secured by assets of the company.

We have outstanding interest rate swaps that effectively convert $200 million of our variable rate debt to fixed rates. Under the terms of these agreements, we pay fixed-rate interest of 0.56% and receive variable-rate interest based on one-month LIBOR. The variable interest rate under the term loans and the swaps reset monthly.

At December 31, 2022, the interest rate of the 2026 Term Loan was 6.4% and the interest rate on the 2028 Term Loan was 8.4%.

The PB Bank (the Bank), a wholly owned subsidiary, is a member of the Federal Home Loan Bank (FHLB) of Des Moines. As a member, the Bank has access to certain credit products as a funding source known as "advances." As of December 31, 2022, the Bank had yet to apply for any advances. The Bank was required to purchase an equity interest in the FHLB of $1 million as a condition of membership. The equity interest investment is carried at cost since there is no readily determinable fair value as there is no actively traded market and investment is restricted to members only.

Annual maturities of outstanding principal at December 31, 2022 are as follows:


2023	$	32,739
2024	280,956
2025	50,500
2026	244,500
2027	401,250
Thereafter	1,230,466
Total	$	2,240,411