DEBT (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

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 debt	1,050,000
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:

Debt	Periodic Interest Rate	Effective 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.

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 September 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		10.9 to 1		8.4
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	33	%	32	%