XML 29 R19.htm IDEA: XBRL DOCUMENT v3.25.2
Debt
6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
On June 24, 2025, we terminated a $500,000 revolving credit facility with JPMorgan Chase Bank as administrative agent, which we did not borrow on over the period of which it was active, and entered into a new $500,000 revolving credit facility with JPMorgan Chase Bank as administrative agent. Borrowings on the credit facility bear interest at a rate equal to the Secured Overnight Financing Rate (“SOFR”) plus 1.125%, which is subject to increase based on changes in our total leverage ratio as defined in the credit agreement. We are also obligated to pay a commitment fee of 0.115% per year for unused amounts under the credit facility, which also may increase based on changes in our total leverage ratio. We are subject to certain covenants defined in the credit agreement, which include maintaining a total leverage ratio of less than 3.0x, maintaining a minimum consolidated fixed charge coverage ratio of 1.5x, and limiting us from incurring additional indebtedness in certain circumstances. We had no outstanding borrowings under the new or former credit facility and were in compliance with all covenants as of June 30, 2025 and December 31, 2024, respectively.