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DEBT
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Our debt consisted of the following at September 30, 2025:
September 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 5.94%
200,000 
2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 6.09%
200,000 
2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.26%
200,000 
Total principal debt1,050,000 
Less: Current maturities of long-term debt, net of deferred financing costs of $31
(199,969)
Less: Unamortized discounts(2,167)
Less: Deferred financing costs(2,745)
Total long-term debt, net$845,119 
The following table contains information on the outstanding variable rate debt as of September 30, 2025:
DebtPeriodic Interest RateEffective Fixed Interest Rate (a)
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)    Effective interest rate is after consideration of interest rate swaps and estimated patronage.
Principal payments due during the next five years and thereafter are as follows:
Total
2025— 
2026$200,000 
2027— 
2028200,000 
2029200,000 
Thereafter450,000 
Total debt$1,050,000 
2025 DEBT ACTIVITY
REVOLVING CREDIT FACILITY
In August 2025, we amended and restated our credit agreement, primarily to extend the maturity date of the Revolving Credit Facility. The maturity of the $300 million Revolving Credit Facility was extended from June 2026 to August 2030.
In connection with the amendment, we concurrently modified the following terms:
•The commitment under the Revolving Credit Facility was reduced from $300 million to $200 million.
•The 0.1% credit spread adjustment previously added to the Revolving Credit Facility during the 2022 transition from LIBOR to SOFR was eliminated.
•The 0.1% credit spread adjustment on each of our three Term Loans was merged into the respective Term loan’s base rate. This modification resulted in no change to the all-in fixed rate for each Term loan.
In connection with the amendments, we recorded deferred financing costs in the amount of $0.8 million, which will be amortized to interest expense over the term of the extended credit agreement.
During the nine months ended September 30, 2025, we made no borrowings or repayments on our Revolving Credit Facility. At September 30, 2025, we had available borrowings of $192.4 million under the Revolving Credit Facility, net of $7.6 million securing outstanding letters of credit.
DEBT COVENANTS
In connection with our 2015 Term Loan Agreement, 2016 Incremental Term Loan Agreement, 2021 Incremental Term Loan Agreement and Revolving Credit Facility, customary covenants must be met, the most significant of which include interest coverage and leverage ratios.
The covenants listed below, which are the most significant financial covenants in effect as of September 30, 2025, are calculated on a trailing 12-month basis:
Covenant RequirementActual RatioFavorable
Covenant EBITDA to consolidated interest expense should not be less than
2.5 to 1
10.9 to 1
8.4
Covenant debt to covenant net worth plus covenant debt shall not exceed65%33%32%
    In addition to the financial covenants listed above, the Senior Notes due 2031, 2015 Term Loan Agreement, 2016 Incremental Term Loan Agreement, 2021 Incremental Term Loan Agreement, and Revolving Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. Prior to the sale of our New Zealand subsidiary, we obtained a consent agreement from the lenders party to the aforementioned term loan and incremental term loan agreements, as well as our revolving credit facility, which provided a one-time modification to waive certain disposition-related covenants contained therein. Therefore, the consideration received from the New Zealand disposition did not count towards our defined disposition limits. At September 30, 2025, we were in compliance with all applicable covenants.