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Long-Term Debt | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Long-Term Debt | 7. Long-Term Debt The Company’s debt consisted of the following (in thousands):
|  | June 30, 2026 |  |  | December 31, 2025 |
Term loans |  | $ | 962,941 |  |  | $ | 726,366 |
Other |  |  | 1,500 |  |  |  | 1,500 |
Total debt |  |  | 964,441 |  |  |  | 727,866 |
Less: unamortized debt issuance costs |  |  | (15,115 | ) |  |  | (12,166 | )
Total debt, net |  |  | 949,326 |  |  |  | 715,700 |
Less: current portion |  |  | (6,728 | ) |  |  | (4,362 | )
Long-term debt, net |  | $ | 942,598 |  |  | $ | 711,338 |
The Company’s long-term debt at June 30, 2026 consi sted principally of borrowings under its Nineteenth Amendment to Credit Agreement, dated as of December 23, 2025, as amended from time to time (Credit Agreement) and West Virginia Economic Development Authority notes. The Credit Agreement is secured by substantially all of the assets of the Company. On August 1, 2025, the Credit Agreement was amended to reduce the applicable margin by 0.5%. At the Company's election, interest on loans will accrue at the SOFR rate plus the applicable margin of 4.25% or at the base rate plus the applicable margin of 3.25% as long as the Company maintains a leverage ratio of less than 5.5 to 1. On November 25, 2025, the Credit Agreement was amended to increase the Delayed Draw Term Loans commitment by an aggregate principal amount of $175 million for a total Delayed Draw Term Loans commitment in an aggregate principal amount equal to $275 million. In addition, the availability period of the Delayed Draw Term Loans commitment was extended to September 30, 2026. On December 23, 2025, the Credit Agreement was amended to make available to the Company an incremental term loan in an aggregate principal amount equal to $445 million for purposes of (i) paying a portion of the consideration for the LMB acquisition, (ii) financing the payment of LMB debt, (iii) paying fees and expenses incurred in connection with the foregoing, and (iv) otherwise funding working capital and general corporate purposes. On January 21, 2026, the Company drew down $240 million of the available Delayed Draw Term Loans commitment to fund a portion of the Harper Engineering acquisition. The Credit Agreement requires the maintenance of a quarterly leverage rati o. There are also certain non-financial covenants in place limiting us from, among other things, incurring other indebtedness, creating any liens on our properties, entering into merger or consolidation transactions, disposing of all or substantially all of our assets and payment of certain dividends and distributions. The Company was in compliance with all financial and non-financial covenants of the Credit Agreement as of June 30, 2026. The Credit Agreement requires mandatory prepayments of the principal amount if there is excess cash flow, as defined, during a calendar year. The Credit Agreement permits voluntary principal prepayments, in whole or in part, with no premium for any prepayments made. Any voluntary loan prepayments are applied to reduce future scheduled installments of principal in the order specified by the Company, or if the Company does not specify, the prepayment is applied to reduce the scheduled installments of principal in direct order of maturity. At June 30, 2026, there was $962.9 million outstanding under the Credit Agreement, and there remain ed availability of $35.0 million in delayed draw term loan commitments and $50.0 million in revolving line of credit.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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