v3.26.1
DEBT AND CREDIT FACILITIES (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Components of Senior Notes
The components of our Senior Notes due 2026 are as follows:
6.50% (1)
(in thousands)March 31, 2026December 31, 2025
Senior Notes due 2026
$69,793 $84,792 
Unamortized deferred financing costs(692)(919)
Net debt balance$69,101 $83,873 
(1) The 6.50% Senior Notes mature in December 2026 and is included in Current senior notes in the Condensed Consolidated Balance Sheets at March 31, 2026 and December 31, 2025. As of March 31, 2026 the 6.50% Senior Notes bear an effective interest rate of 7.9%.
The components of our Senior Notes due 2030 are as follows:

8.75% (1)
(in thousands)March 31, 2026December 31, 2025
Senior Notes due 2030
$129,473 $129,473 
Unamortized deferred financing costs(5,560)(5,867)
Unamortized premium
25,356 27,364 
Net debt balance$149,269 $150,970 
(1) The 8.75% Senior Notes mature in June 2030 and is included in Senior Notes due 2030 in the Condensed Consolidated Balance Sheets at March 31, 2026 and December 31, 2025. As of March 31, 2026 the 8.75% Senior Notes bear an effective interest rate of 5.3%.
Schedule of Long-Term Debt Instruments
A summary of usage of letters of credit under domestic facilities is as follows:

(in thousands)March 31, 2026December 31, 2025
Letters of credit under domestic facilities:
Performance letters of credit$27,890 $45,236 
Financial letters of credit13,341 14,365 
Total outstanding$41,231 $59,601 
Backstopped letters of credit$5,096 $7,194 
Surety backstopped letters of credit2,017 16,452 
Letters of credit subject to currency revaluation24,550 27,105 
Schedule of Line of Credit Facilities
The following table provides a summary of outstanding letters of credit issued outside of the domestic facilities and outstanding surety bonds:

(in thousands)March 31, 2026December 31, 2025
Letters of credit under non-domestic facilities$5,204 $6,545 
Surety Bonds 255,689 253,407 
Schedule of Interest Expenses
Interest expense in the Condensed Consolidated Financial Statements consisted of the following components:

Three Months Ended March 31,
(in thousands)20262025
Components associated with borrowings from:
Senior Notes due 2026$1,172 $6,320 
Senior Notes due 20302,832 — 
Credit Agreement3 1,168 
4,007 7,488 
Components associated with amortization or accretion of:
Credit Agreement230 1,609 
Senior Notes due 2026227 656 
Senior Notes due 2030(1,701)— 
(1,244)2,265 
Components associated with interest from:
Lease liabilities562 591 
Letter of Credit interest1,406 452 
Other interest expense39 246 
Capitalized interest(322)— 
1,685 1,289 
Total interest expense$4,448 $11,042