Debt and Credit Agreements

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt and Credit Agreements

Debt and Credit Agreements

Long-term debt consists of the following:

(In thousands)	June 30 2024		December 31 2023
Senior Secured Credit Facilities:
New Term Loan	$	485,000	$	487,500
Revolving Credit Facility	419,000		422,000
5.75% Senior Notes	475,000		475,000
Other financing payable (including finance leases) in varying amounts	66,858		44,469
Total debt obligations	1,445,858		1,428,969
Less: deferred financing costs	(10,330)		(11,974)
Total debt obligations, net of deferred financing costs	1,435,528		1,416,995
Less: current maturities of long-term debt	(17,752)		(15,558)
Long-term debt	$	1,417,776	$	1,401,437

The Senior Secured Credit Facilities contain a consolidated net debt to Consolidated Adjusted EBITDA ratio covenant, which is not to exceed 5.00x for the quarter ended June 30, 2024 and then decreasing quarterly until reaching 4.00x on December 31, 2024. The Company's required coverage of consolidated interest charges is set at a minimum of 2.75x through the end of 2024 and increases to 3.00x beginning with the first quarter of 2025.

At June 30, 2024, the Company was in compliance with its debt covenants under the Senior Secured Credit Facilities, with a total net debt to Consolidated Adjusted EBITDA ratio of 3.93x and a total interest coverage ratio of 3.11x. The Company believes it will continue to maintain compliance with these covenants based on its current outlook. However, the Company's estimates of compliance with these covenants could change in the future with a deterioration in economic conditions, higher than forecasted interest rates, the timing of working capital including the collection of receivables, an inability to realize increased pricing and implement cost reduction initiatives that mitigate the impacts of inflation, the inability to extend the AR Facility prior to the end of the current term and other factors that may adversely impact its compliance with covenants.

Facility Fees and Debt-Related Income (Expense)

The components of the Condensed Consolidated Statements of Operations caption Facility fees and debt-related income (expense) were as follows:

	Three Months Ended				Six Months Ended
	June 30				June 30
(In thousands)	2024		2023		2024		2023
Unused debt commitment and amendment fees	$	—	$	—	$	—	$	(12)
Securitization and factoring fees	(2,920)		(2,730)		(5,709)		(5,081)
Facility fees and debt-related income (expense)	$	(2,920)	$	(2,730)	$	(5,709)	$	(5,093)