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Debt and Other Long-Term Liabilities
 3 Months Ended
Mar. 31, 2016
Long-term Debt, Unclassified [Abstract]  
Debt and Other Long-Term Liabilities
Note 7: Debt and Other Long-Term Liabilities
 
Debt
 
Other Liabilities
 
Total
 
Senior Notes
 
Credit Facility
 
Total Debt
Capital Lease Obligations
 
Asset retirement obligations
 
Other long-term liabilities
Dollars in thousands
 Senior Unsecured Notes due 2019
 
 Senior Unsecured Notes due 2021
Term Loans
 
Revolving Line of Credit
As of March 31, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Principal
$
320,614

 
$
231,233

 
$
134,063

 
$
120,000

 
$
805,910

 
 
 
 
 
 
 

Unamortized discount and deferred financing fees(1)
(3,187
)
 
(3,435
)
 
(242
)
 
(2,134
)
 
(8,998
)
 
 
 
 
 
 
 

Total
317,427

 
227,798

 
133,821

 
117,866

 
796,912

 
$
6,011

 
$
9,416

 
$
19,540

 
$
831,879

Less: current portion
—

 
—

 
(14,062
)
 
—

 
(14,062
)
 
(3,850
)
 
—

 
—

 
(17,912
)
Total long-term portion
$
317,427

 
$
227,798

 
$
119,759

 
$
117,866

 
$
782,850

 
$
2,161

 
$
9,416

 
$
19,540

 
$
813,967


 
Debt
 
Other Liabilities
 
Total
 
Senior Notes
 
Credit Facility
 
Total Debt
Capital Lease Obligations
 
Asset retirement obligations
 
Other long-term liabilities
Dollars in thousands
 Senior Unsecured Notes due 2019
 
 Senior Unsecured Notes due 2021
Term Loans
 
Revolving Line of Credit
As of December 31, 2015:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Principal
$
350,000

 
$
258,908

 
$
136,875

 
$
140,500

 
$
886,283

 
 
 
 
 
 
 
 
Unamortized discount and deferred financing fees(1)
(3,770
)
 
(4,083
)
 
(260
)
 
(2,300
)
 
(10,413
)
 
 
 
 
 
 
 
 
Total
346,230

 
254,825

 
136,615

 
138,200

 
875,870

 
$
5,889

 
$
9,412

 
$
19,477

 
$
910,648

Less: current portion
—

 
—

 
(13,125
)
 
—

 
(13,125
)
 
(4,006
)
 
—

 
—

 
(17,131
)
Total long-term portion
$
346,230

 
$
254,825

 
$
123,490

 
$
138,200

 
$
862,745

 
$
1,883

 
$
9,412

 
$
19,477

 
$
893,517


(1)
As described in Note 1: Basis of Presentation and Principles of Consolidation, we adopted ASU 2015-03 and 2015-15 in the first quarter of 2016 and have applied the guidance to our Senior Notes and Credit Facility. Under this guidance, we are now presenting unamortized deferred financing fees as a direct deduction from the associated debt liability. Historically, unamortized deferred financing fees were included in other non-current assets. This adoption resulted in the reclassification of $3.8 million of unamortized deferred financing fees as of December 31, 2015, from other non-current assets to long-term debt in our Consolidated Balance Sheets. Deferred financing fees are amortized on a straight line basis over the life of the related loan.
Interest Expense
Dollars in thousands
Three Months Ended
March 31,
2016
 
2015
Cash interest expense
$
10,654

 
$
11,395

Amortization of debt discount and deferred financing fees
638

 
693

Total cash and non-cash interest expense
11,292

 
12,088

Gain from early extinguishment of debt
(11,028
)
 
—

Total interest expense
$
264

 
$
12,088


2019 Notes
On March 12, 2013, we entered into an indenture pursuant to which we issued $350.0 million principal amount of 6.000% Senior Notes due 2019 (the “2019 Notes”) at par for proceeds, net of expenses, of $343.8 million. Each of our direct and indirect U.S. subsidiaries guarantees the 2019 Notes.
During the first quarter of 2016, we repurchased 29,386 notes, or $29.4 million in face value of notes, for $23.4 million in cash. The gain from early extinguishment of these notes was approximately $5.6 million and is included in interest expense, net on our Consolidated Statements of Comprehensive Income.
As of March 31, 2016, we were in compliance with the covenants of the related indenture.
2021 Notes
On June 9, 2014, we entered into an indenture pursuant to which we issued $300.0 million principal amount of 5.875% Senior Notes due 2021 (the “2021 Notes”) at par for proceeds, net of expenses, of $294.0 million. Each of our direct and indirect U.S. subsidiaries guarantees the 2021 Notes.
During the first quarter of 2016, we repurchased 27,675 notes, or $27.7 million in face value of notes, for $21.9 million in cash. The gain from early extinguishment of these notes was approximately $5.4 million and is included in interest expense, net on our Consolidated Statements of Comprehensive Income.
As of March 31, 2016, we were in compliance with the covenants of the related indenture.
Revolving Line of Credit and Term Loan
Our senior secured credit facility (the “Credit Facility”) consists of (a) a $150.0 million amortizing term loan (the “Term Loan”) and (b) a $600.0 million revolving line of credit (the “Revolving Line”), which includes (i) a $75.0 million sublimit for the issuance of letters of credit, (ii) a $50.0 million sublimit for swingline loans and (iii) a $75.0 million sublimit for loans in certain foreign currencies available to us and certain wholly owned Company foreign subsidiaries (the “Foreign Borrowers”). We may, subject to applicable conditions and subject to obtaining commitments from lenders, request an increase in the Revolving Line of up to $200.0 million in aggregate (the “Accordion”). As of March 31, 2016, the interest rate on amounts outstanding under the Credit Facility was 2.18% and we were in compliance with the covenants of the Credit Facility.
Required principal amortization payments under the Term Loan are as follows:
Dollars in thousands
Repayment Amount
Remainder of 2016
$
10,313

2017
15,000

2018
18,750

2019
90,000

Total
$
134,063