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DEBT
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Revolving Credit Facility and Overdrafts
At March 31, 2025 and December 31, 2024, our revolving credit facility and overdrafts consisted of the following:
March 31,
2025		December 31,
2024
Revolving credit facility 3.37% to 5.83%
$159,089 $176,035 
Overdraft 5.75%
81 — 
$159,170 $176,035 
We have a revolving credit facility (the “revolving credit facility”) with a syndicate of banks that provides us with unsecured financing of up to $600 million, which may be increased by up to $300 million more, subject to the satisfaction of certain conditions. The revolving credit facility is available in the U.S. and to our wholly-owned UK subsidiary and could be drawn in various currencies including USD, EUR, GBP, and CHF. The revolving credit facility was set to mature in June 2026, but on July 2, 2024, we entered into a new amended and restated agreement (the “amended revolving credit facility”) that extended the maturity date to July 2029, subject to a maximum of two one-year extensions in certain circumstances. As of December 31, 2024, €170.0 million ($176.0 million) was utilized under the amended revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary. As of March 31, 2025, we had utilized $18.5 million and €130 million ($140.6 million) under the amended revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary.
There are no compensating balance requirements associated with our amended revolving credit facility. Each borrowing under the amended revolving credit facility will bear interest at rates based on SOFR (in the case of USD), EURIBOR (in the case of EUR), SONIA (in the case of GBP), SARON (in the case of CHF), prime rates or other similar rates, in each case plus an applicable margin. The amended revolving credit facility also provides mechanics relating to a transition away from designated benchmark rates for other available currencies and the replacement of any such applicable benchmark by a replacement alternative benchmark rate or mechanism for loans made in the applicable currency. A facility fee on the total amount of the amended revolving credit facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the amended revolving credit facility and the facility fee percentage may change from time to time depending on changes in our consolidated leverage ratio.
On July 2, 2024, we entered into a term loan with a syndicate of banks (the “Term Loan”). The Term Loan matures in July 2027 and enabled drawings on the loan until September 30, 2024 to be used to refinance near-term maturities and for general corporate purposes. As of both March 31, 2025 and December 31, 2024, $166 million was utilized under the Term Loan facility and the unused portion expired.
We have an unsecured money market borrowing arrangement to provide short-term financing of up to $30 million that is available in the U.S. No borrowing on this facility is permitted over a quarter end date. As such, no balance was utilized under this arrangement as of March 31, 2025 or December 31, 2024.
Long-Term Obligations
At March 31, 2025 and December 31, 2024, our long-term obligations consisted of the following:
March 31, 2025December 31, 2024
Notes payable 0.00% – 2.25%, due in monthly and annual installments through 2031
$12,321 $15,135 
Senior unsecured notes 3.6%, due in 2025
125,000 125,000 
Senior unsecured notes 3.6%, due in 2026
125,000 125,000 
Term loan 5.8% floating, due in 2027
166,000 166,000 
Senior unsecured notes 3.6%, due in 2032, net of discount of $0.7 million
399,283 399,258 
Finance Lease Liabilities23,420 23,753 
Unamortized debt issuance costs(3,643)(3,830)
$847,381 $850,316 
Current maturities of long-term obligations(286,216)(162,250)
Total long-term obligations$561,165 $688,066 
The aggregate long-term maturities, excluding finance lease liabilities and unamortized debt issuance costs, which are discussed in Note 7, due annually from the current balance sheet date for the next five years and thereafter are:
Year One$282,800 
Year Two28,877 
Year Three116,438 
Year Four92 
Year Five76 
Thereafter399,321 
Covenants
Our amended revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including:
RequirementLevel at March 31, 2025
Consolidated Leverage Ratio (1) 
Maximum of 3.50 to 1.00
 
1.16 to 1.00
Consolidated Interest Coverage Ratio (1) 
Minimum of 3.00 to 1.00
 
17.21 to 1.00
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(1)Definitions of ratios are included as part of the revolving credit facility agreement and the private placement agreements.