DEBT (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Our debt consisted of the following at June 30, 2025:

	June 30, 2025
Debt
Senior Notes due 2031 at a fixed interest rate of 2.75%	$450,000
2015 Term Loan borrowings due 2028 at a variable interest rate of 5.90%	200,000
2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 6.05%	200,000
2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.22%	200,000
Total principal debt	1,050,000
Less: Current maturities of long-term debt, net of deferred financing costs of $44	(199,956)
Less: Unamortized discounts	(2,255)
Less: Deferred financing costs	(2,884)
Total long-term debt, net	$844,905

The following table contains information on the outstanding variable rate debt as of June 30, 2025:

Debt	Periodic Interest Rate (a)	Effective Fixed Interest Rate (b)
2015 Term Loan	Daily Simple SOFR + 1.60%	2.11	%
2016 Incremental Term Loan	Daily Simple SOFR + 1.75%	2.39	%
2021 Incremental Term Loan	Daily Simple SOFR + 1.92%	1.72	%

(a)    Includes credit spread adjustment of 0.1%.

(b)    Effective interest rate is after consideration of interest rate swaps and estimated patronage.

Schedule of Maturities of Long-term Debt

Principal payments due during the next five years and thereafter are as follows:

	Total
2025	—
2026	$200,000
2027	—
2028	200,000
2029	200,000
Thereafter	450,000
Total Debt	$1,050,000

Schedule of Debt Covenants

The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2025, are calculated on a trailing 12-month basis:

	Covenant Requirement		Actual Ratio		Favorable
Covenant EBITDA to consolidated interest expense should not be less than	2.5 to 1		8.3 to 1		5.8
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	33	%	32	%