Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term Debt consists of the following at December 31:

(in thousands)	2024			2023
Variable-rate term loans1	$	937,000		$	761,000
Fixed-rate term loans2		100,000			210,000
Revenue bonds3		—			65,735
Long-term principal		1,037,000			1,036,735
Debt issuance costs		(1,917	)		(1,926	)
Unamortized discounts		(431	)		(1,081	)
Total long-term debt		1,034,652			1,033,728
Less: current portion of long-term debt		(99,552	)		(175,615	)
Long-term debt	$	935,100		$	858,113

1.	Variable-rate term loans are at rates of one-month SOFR plus a spread between 1.61% and 2.30%, or daily simple SOFR plus a spread between 2.20% and 2.30%. The variable-rate term loans mature between 2026 and 2034. As of December 31, 2024, the one-month SOFR rate was 4.55% and the daily simple SOFR rate was 4.64%. We have entered into interest rate swaps to fix the interest rate on these variable-rate term loans. See Note 10: Derivative Instruments for additional information.
2.	At December 31, 2024, we have one fixed-rate term loan at a rate of 4.05% which matures in August 2025. See discussion below regarding a $110.0 million fixed rate term loan that was refinanced upon maturity on November 1, 2024.
3.	The revenue bonds had a fixed rate of 2.75% and were repaid upon maturity in October 2024.

Schedule of Maturities of Long-term Debt

Scheduled principal payments due on long-term debt at December 31, 2024 are as follows:

(in thousands)
2025	$	100,000
2026		27,500
2027		138,750
2028		100,000
2029		190,000
Thereafter		480,750
Total	$	1,037,000