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Debt and Finance Lease Obligations | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt and Finance Lease Obligations | DEBT AND FINANCE LEASE OBLIGATIONS Debt, including finance lease obligations, net of discounts and debt issuance costs, consisted of:
| December 31,
| 2024 |  | 2023
| (Amounts in thousands)
3.50% USD Senior Notes due October 1, 2030, net of unamortized discount and debt issuance costs of $3,882 and $4,479 at December 31, 2024 and 2023, respectively | 496,118 |  |  | 495,521 |
2.80% USD Senior Notes due January 15, 2032, net of unamortized discount and debt issuance costs of $4,585 and $5,164 at December 31, 2024 and 2023, respectively | 495,415 |  |  | 494,836 |
Term Loan Facility, interest rate of 5.80% and 6.70%, net of debt issuance costs of $993 and $274 at December 31, 2024 and 2023, respectively | 489,632 |  |  | 219,726 |
Finance lease obligations and other borrowings | 23,026 |  |  | 23,467 |
Debt and finance lease obligations | 1,504,191 |  |  | 1,233,550 |
Less amounts due within one year | 44,059 |  |  | 66,243 |
Total debt due after one year | $ | 1,460,132 |  |  | $ | 1,167,307 |
Scheduled maturities of our Senior Notes and other debt, are (amounts in thousands):
| Term Loan |  | Senior Notes and other debt |  | Total
| (Amounts in thousands)
2025 | $ | 37,243 |  |  | $ | 6,559 |  |  | $ | 43,802 |
2026 | 40,388 |  |  | 16,468 |  |  | 56,856 |
2027 | 56,038 |  |  | — |  |  | 56,038 |
2028 | 74,822 |  |  | — |  |  | 74,822 |
2029 | 281,141 |  |  | — |  |  | 281,141 |
Thereafter | — |  |  | 991,532 |  |  | 991,532 |
Total | $ | 489,632 |  |  | $ | 1,014,559 |  |  | $ | 1,504,191 |
Senior Credit Facility On September 13, 2021, we amended and restated our credit agreement (the "Senior Credit Agreement") under our Senior Credit Facility (the "Credit Facility") with Bank of America, N.A. and the other lenders to provide greater flexibility in maintaining adequate liquidity and access to available borrowings. The Senior Credit Agreement, (i) retained, from the previous credit agreement, the $800.0 million unsecured Revolving Credit Facility (the "Revolving Credit Facility"), which includes a $750.0 million sublimit for the issuance of letters of credit and a $30.0 million sublimit for swing line loans, (ii) provides for an up to $300.0 million unsecured Term Loan Facility (the "Term Loan"), (iii) extends the maturity date of the agreement to September 13, 2026, (iv) reduces commitment fees, (v) extends net leverage ratio covenant definition through the maturity of the agreement, and (vi) provides the ability to make certain adjustments to the otherwise applicable commitment fee, interest rate and letter of credit fees based on the Company’s performance against to-be-established key performance indicators with respect to certain of the Company’s environmental, social and governance targets. On February 3, 2023, we amended our Senior Credit Agreement (the “Amendment”) to (i) replace LIBOR with Secured Overnight Financing Rate (“SOFR”) as the benchmark reference rate, (ii) lower the Material Acquisition (as defined in the Senior Credit Agreement) threshold from $250.0 million to $200.0 million and (iii) extend compliance dates for certain financial covenants. On October 10, 2024, we entered into a Second Amended and Restated Credit Agreement (the "Second Amended and Restated Credit Agreement") with Bank of America, N.A., as administrative agent, and the other lenders (together, the "Lenders") and letter of credit issuers party thereto to (i) retain from the Senior Credit Agreement the $800.0 million Revolving Credit Facility, and the right, subject to certain conditions including Lenders approval of such increase, to increase the amount of such Revolving Credit Facility by an aggregate amount not to exceed $400.0 million, (ii) increase our Term Loan from $300.0 million to $500.0 million, and (iii) extend the maturity date to October 10, 2029. We believe this Second Amended and Restated Credit Agreement will provide greater flexibility and additional liquidity as we continue to pursue our business goals and strategy. Most other terms and conditions under the previous Senior Credit Agreement remained unchanged. Under the terms and conditions of the Second Amended and Restated Credit Agreement, the interest rates per annum applicable to the Revolving Credit Facility and Term Loan, other than with respect to swing line loans, are adjusted Term Secured Overnight Financing Rate ("Adjusted Term SOFR") plus between 1.000% to 1.750%, depending on our debt rating by either Moody’s Investors Service, Inc. ("Moody's") or Standard & Poor’s Financial Services LLC ("S&P"), or, at our option, the Base Rate (as defined in the Second Amended and Restated Credit Agreement) plus between 0.000% to 0.750% depending on our debt rating by either Moody’s or S&P. At December 31, 2024, the interest rate on the Revolving Credit Facility was the Adjusted Term SOFR plus 1.375% in the case of Adjusted Term SOFR loans and the Base Rate plus 0.375% in the case of Base Rate loans. In addition, a commitment fee is payable quarterly in arrears on the daily unused portions of the Revolving Credit Facility. The commitment fee will be between 0.080% and 0.250% of unused amounts under the Revolving Credit Facility depending on our debt rating by either Moody’s or S&P. The commitment fee was 0.175% (per annum) during the period ended December 31, 2024. At December 31, 2024, the interest rate on the Term Loan was Adjusted Term SOFR plus 1.375% in the case of Adjusted Term SOFR loans and the Base Rate plus 0.250% in the case of Base Rate loans. As of December 31, 2024 and December 31, 2023, we had no revolving loans outstanding. We had outstanding letters of credit of $144.0 million and $127.1 million at December 31, 2024, and December 31, 2023, respectively. After consideration of the outstanding letters of credit as of December 31, 2024, the amount available for borrowings under our Revolving Credit Facility was limited to $656.0 million. As of December 31, 2023, the amount available for borrowings under our Revolving Credit Facility was $672.9 million. We have scheduled repayments of $9.4 million, on the Term Loan, due in each of the subsequent four quarters through December 31, 2025. Financial Covenants — Our compliance with the financial covenants under the Second Amended and Restated Credit Agreement are tested quarterly. We were in compliance with all covenants as of December 31, 2024.

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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 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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