Debt and Credit Facility (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of Senior Notes

The following table summarizes key details of our Senior Notes:

				As of December 31,
				2022			2021
	Issuance Date	Maturity	Effective Interest Rate	(in millions of dollars)
4.50% Senior Notes	May 2021	June 2031	4.7%	$	550.0		$	550.0
6.50% Senior Notes1	April/May 2020	May 2025	6.8%		—			—
4.625% Senior Notes	November 2019	March 2028	4.8%		500.0			500.0
Total debt					1,050.0			1,050.0
Unamortized issuance costs					(11.9	)		(13.7	)
Total carrying amount				$	1,038.1		$	1,036.3

1.In May 2021, we redeemed in full our 6.50% Senior Notes at a redemption price of 108.83% of the principal amount plus $1.3 million of accrued and unpaid interest for a total net cash outflow of $382.2 million. Upon redemption of the 6.50% Senior Notes, we recorded a loss on extinguishment of debt of $35.9 million within Other income (expense), net, in our Statements of Consolidated (Loss) Income, which included the premium payment of $30.9 million and a write-off of the remaining unamortized premium and debt issuance costs of $5.0 million.

Summary of Fair Value of Outstanding Senior Notes

The following table presents the fair value of our outstanding Senior Notes, which are Level 1 liabilities (in millions of dollars):

	As of December 31,
	2022		2021
4.50% Senior Notes	$	438.7	$	542.6
4.625% Senior Notes	$	440.4	$	506.9

Schedule of Availability and Usage of Revolving Credit Facility

The following table summarizes availability and usage of our Revolving Credit Facility as determined by a borrowing base calculated as of December 31, 2022 (in millions of dollars):

Revolving Credit Facility borrowing commitment	$	575.0
Borrowing base availability	$	575.0
Less: Outstanding borrowings under Revolving Credit Facility		—
Less: Outstanding letters of credit under Revolving Credit Facility		(17.2	)
Remaining borrowing availability	$	557.8

Summary of Interest Relating to Senior Notes and Revolving Credit Facility

The following table presents interest expense relating to our Senior Notes and Revolving Credit Facility (in millions of dollars):

	Year Ended December 31,
	2022			2021			2020
Senior Notes interest expense, including debt issuance cost amortization	$	49.6		$	49.0		$	40.2
Revolving Credit Facility commitment fees and finance cost amortization		2.3			1.7			1.7
Interest expense capitalized as construction in progress		(3.6	)		(1.2	)		(1.0	)
Total interest expense	$	48.3		$	49.5		$	40.9