Debt |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt Credit Facility In April 2021, the Company entered into a $250.0 million credit facility agreement with a syndicate of banks. In July 2024, the Company entered into a supplement to the credit facility agreement, which increased the aggregate revolving commitments available under the credit facility from $250.0 million to $290.0 million. The credit facility expired on its maturity date of April 30, 2026, and the Company elected not to renew it. At the time of expiration, there were no outstanding borrowings under the credit facility. Letters of credit previously issued against the credit facility remain outstanding and are cash collateralized by a $2.3 million restricted deposit. Senior Unsecured Notes On January 12, 2022, the Company issued an aggregate principal amount of $550.0 million senior unsecured Notes in a private placement. The Notes will mature on January 15, 2030 and bear interest at a rate of 5% per year. Interest on the Notes is payable semi-annually in arrears on January 15 and July 15 of each year. Unpaid interest amounts are included within accrued interest in the Company’s condensed consolidated balance sheets. At its sole discretion, the Company has the option to redeem the Notes at any time in whole or in part at specified redemption prices. In June 2026, the Company entered into separate, privately negotiated repurchase agreements with certain holders of the Notes to repurchase $294.6 million of aggregate principal amount of the Notes for a total repurchase price of $232.8 million (plus accrued and unpaid interest to, but excluding, the applicable closing date). The Company accounted for the repurchase of the Notes as a debt extinguishment, which resulted in a $59.3 million gain on debt extinguishment during the three and six months ended June 30, 2026. The gain, recognized in the same period when the debt is extinguished, represents the difference between the reacquisition price of the debt inclusive of $3.4 million of fees directly related to the transaction, and the net carrying amount of the debt being extinguished inclusive of the $2.5 million write-off of a portion of unamortized debt issuance costs. The Company includes its Notes, net of debt issuance costs, within long-term borrowings in its condensed consolidated balance sheets. As of June 30, 2026, the Company had a carrying amount of approximately $2.2 million of debt issuance costs related to the Notes. For the three months ended June 30, 2026 and 2025, the Company recognized $6.6 million and $7.2 million, respectively, in interest expense related to the Notes. Such interest expense includes $0.3 million related to the amortization of debt issuance costs for both the three months ended June 30, 2026 and 2025. For the six months ended June 30, 2026 and 2025, the Company recognized $13.8 million and $14.3 million, respectively, in interest expense related to the Notes. Such interest expense includes $0.6 million related to the amortization of debt issuance costs for both the six months ended June 30, 2026 and 2025. The Notes had an effective interest rate of 5.4% for all periods.
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