v3.25.4
Debt
 3 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
4. DEBT
We are a party to the Fourth Amended and Restated Credit Agreement (the “Amended Credit Agreement”), which provides for a revolving line of credit of $300,000, with a maturity date of January 21, 2030.
Under the Amended Credit Agreement, the Company is subject to certain financial covenants including a maximum Consolidated Total Leverage Ratio (as defined in the Amended Credit Agreement) of 3.00 to 1.00 and a minimum Consolidated Interest Coverage Ratio (as defined in the Amended Credit Agreement) of 3.00 to 1.00. As of December 31, 2025, the Company was in compliance with the financial covenants under the Amended Credit Agreement.
We had no outstanding borrowings under our revolving credit facility at December 31, 2025 or September 30, 2025. At December 31, 2025, we had $11,335 in outstanding letters of credit and $288,665 of availability under our revolving credit facility.
Amounts outstanding bear interest at a rate equal to either (1) the Base Rate (which is the greater of the Federal Funds Rate (as defined in the Amended Credit Agreement) and the Prime Rate (as defined in the Amended Credit Agreement)), (2) the Daily Simple SOFR (as defined in the Amended Credit Agreement) or (3) Term SOFR (as defined in the Amended Credit Agreement), plus, in each case, an interest rate margin, which is determined quarterly based on our Consolidated Total Leverage Ratio, in accordance with the following thresholds:
Pricing LevelConsolidated Total Leverage RatioInterest Margin applicable to Daily Simple SOFR/Term SOFRInterest Margin applicable to Base Rate
I
Greater than or equal to 2.50 to 1.00
2.25 percentage points
1.25 percentage points
II
Greater than or equal to 1.75 to 1.00, but less than 2.50 to 1.00
2.00 percentage points
1.00 percentage points
III
Greater than or equal to 1.00 to 1.00, but less than 1.75 to 1.00
1.75 percentage points
0.75 percentage points
IV
Less than 1.00 to 1.00
1.50 percentage points
0.50 percentage points
In addition, we are charged monthly in arrears an unused commitment fee of 0.25% to 0.35% per annum on any unused portion of the revolving credit facility based on the Company's Consolidated Total Leverage Ratio.
The Amended Credit Agreement restricts certain types of transactions when the Company’s Consolidated Total Leverage Ratio, after giving pro forma effect thereto, exceeds 2.75 to 1.00. The Amended Credit Agreement continues to contain other customary affirmative and negative covenants as well as events of default.