v3.26.1
Long-term Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt 
The Company’s total indebtedness as of March 31, 2026 and December 31, 2025 consisted of the following:
Debt Instrument (defined below, as applicable)March 31, 2026December 31, 2025
(Dollars in millions)
3.250% Convertible Senior Notes due March 2028 (2028 Convertible Notes)
$320.0 $320.0 
Finance lease obligations19.1 20.8 
Less: Debt issuance costs(3.9)(4.4)
335.2 336.4 
Less: Current portion of long-term debt14.3 15.2 
Long-term debt$320.9 $321.2 
2028 Convertible Notes
On March 1, 2022, through a private offering, the Company issued the 2028 Convertible Notes in the aggregate principal amount of $320.0 million. The 2028 Convertible Notes are senior unsecured obligations of the Company and are governed under an indenture.
The 2028 Convertible Notes will mature on March 1, 2028, unless earlier converted, redeemed or repurchased in accordance with their terms. The 2028 Convertible Notes bear interest at a rate of 3.250% per year, payable semi-annually in arrears on March 1 and September 1 of each year.
The initial conversion rate for the 2028 Convertible Notes was 50.3816 shares of the Company’s common stock per $1,000 principal amount of 2028 Convertible Notes, which represented an initial conversion price of approximately $19.85 per share of the Company’s common stock. The terms of the indenture require conversion rate adjustments upon the payment of dividends to holders of the Company’s common stock once such cumulative dividends impact the conversion rate by at least 1%. Effective November 13, 2025, the conversion rate was increased to 52.3853 shares of the Company’s common stock per $1,000 principal amount of 2028 Convertible Notes, which represented an adjusted conversion price of approximately $19.09 per share. Under the applicable conversion rate formula, the $0.075 per share dividend declared and paid since the prior conversion rate adjustment yielded a revised conversion rate of 52.5028 shares per $1,000 principal amount of 2028 Convertible Notes, which did not meet the 1% threshold to impact the existing conversion rate of 52.3853. The conversion rate may be impacted prospectively, based upon cumulative dividends paid. The conversion rate is also subject to further adjustment under certain circumstances in accordance with the terms of the indenture.
During both the fourth quarter of 2025 and the first quarter of 2026, the Company’s reported common stock prices prompted the conversion feature of the 2028 Convertible Notes. As a result, the 2028 Convertible Notes were convertible at the option of the holders during the first quarter of 2026, for which no conversion requests were received, and remain convertible during the second quarter of 2026. It is the Company’s current intent to settle any conversions of the 2028 Convertible Notes through shares of its common stock. As such, the 2028 Convertible Notes are not classified as a current obligation in the accompanying condensed consolidated balance sheets. Through May 4, 2026, the Company has not received any conversion requests and does not anticipate receiving any conversion requests in the near term as the market value of the 2028 Convertible Notes exceeds their conversion value.
As of March 31, 2026, the if-converted value of the 2028 Convertible Notes exceeded the principal amount by $232.4 million.
Revolving Credit Facility
The Company established a revolving credit facility with a maximum aggregate principal amount of $320.0 million in revolving commitments by entering into a credit agreement, dated as of January 18, 2024 (the 2024 Credit Agreement), by and among the Company, as borrower, certain subsidiaries of the Company party thereto, PNC Bank, National Association, as administrative agent, and the lenders party thereto.
The revolving commitments and any related loans, if applicable (any such loans, the Revolving Loans), established by the 2024 Credit Agreement terminate or mature, as applicable, on January 18, 2028, subject to certain conditions relating to the Company’s outstanding 2028 Convertible Notes. The Revolving Loans bear interest at a secured overnight financing rate (SOFR) plus an applicable margin ranging from 3.50% to 4.25%, depending on the Company’s total net leverage ratio (as defined under the 2024 Credit Agreement) or a base rate plus an applicable margin ranging from 2.50% to 3.25%, at the Company’s option. Letters of credit issued under the 2024 Credit Agreement incur a combined fee equal to an applicable margin ranging from 3.50% to 4.25% plus a fronting fee equal to 0.125% per annum. Unused capacity under the 2024 Credit Agreement bears a commitment fee of 0.50% per annum.
As of March 31, 2026, the 2024 Credit Agreement had only been utilized for letters of credit, including $49.2 million outstanding as of March 31, 2026. These letters of credit support the Company’s reclamation bonding requirements, lease obligations, insurance policies and various other performance guarantees as further described in Note 12. “Financial Instruments and Other Guarantees.” Availability under the 2024 Credit Agreement was $270.8 million at March 31, 2026.
The 2024 Credit Agreement contains customary covenants that, among other things and subject to certain exceptions (including compliance with financial ratios), may limit the Company and its subsidiaries’ ability to incur additional indebtedness, make certain restricted payments or investments, sell or otherwise dispose of assets, enter into transactions with affiliates, create or incur liens, and merge, consolidate or sell all or substantially all of their assets. The 2024 Credit Agreement is secured by substantially all assets of the Company and its U.S. subsidiaries, as well as a pledge of two Australian subsidiaries.
Interest Charges
The following table presents the components of the Company’s interest expense related to its indebtedness and financial assurance instruments such as surety bonds and letters of credit. Additionally, the table sets forth the amount of cash paid for interest, net of capitalized interest and the amount of non-cash interest expense primarily related to the amortization of debt issuance costs.
Three Months Ended March 31,
20262025
 (Dollars in millions)
2028 Convertible Notes$2.6 $2.6 
Finance lease obligations0.3 0.4 
Financial assurance instruments6.7 7.2 
Amortization of debt issuance costs1.4 1.4 
Receivables securitization program0.6 0.6 
Capitalized interest(2.1)(2.2)
Other1.2 1.5 
Interest expense, net of capitalized interest$10.7 $11.5 
Cash paid for interest, net of capitalized interest$9.9 $9.9 
Non-cash interest expense$1.4 $1.6 
Covenant Compliance
The Company was compliant with all relevant covenants under its debt and other finance agreements at March 31, 2026.