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DEBT (Tables) | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | Our debt consisted of the following at March 31, 2022:
| March 31, 2022
Debt |
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.9% at March 31, 2022 (a) | $350,000 |
Senior Notes due 2031 at a fixed interest rate of 2.75% | 450,000 |
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 1.9% at March 31, 2022 (b) | 200,000 |
2021 Incremental Term Loan Facility Borrowings due 2029 at a variable interest rate of 1.8% at March 31, 2022 (c) | 200,000 |
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (d) | 24,005 |
New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (d) | 28,006 |
New Zealand Working Capital Facility due 2022 at a variable interest rate of 2.1% at March 31, 2022 | 2,087 |
Total principal debt | 1,254,098 |
Less: Unamortized discounts | (3,346) |
Less: Current maturities of long-term debt | (2,087) |
Less: Deferred financing costs | (4,992) |
Total long-term debt | $1,243,673 |
(a) As of March 31, 2022, the periodic interest rate on the term credit agreement (the “Term Credit Agreement”) was LIBOR plus 1.600%. We estimate the effective fixed interest rate on the term loan facility to be approximately 3.0% after consideration of interest rate swaps and estimated patronage refunds. (b) As of March 31, 2022, the periodic interest rate on the incremental term loan (the “Incremental Term Loan Agreement”) was LIBOR plus 1.650%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.4% after consideration of interest rate swaps and estimated patronage refunds. (c) As of March 31, 2022, the periodic interest rate on the 2021 incremental term loan (the “2021 Incremental Term Loan Facility”) was LIBOR plus 1.550%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 1.5% after consideration of interest rate swaps and estimated patronage refunds. (d) Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of the shareholder loans since inception.
Schedule of Maturities of Long-Term Debt | Principal payments due during the next five years and thereafter are as follows:
|  |  | Total
2022 |  |  | $2,087 |
2023 |  |  | — |
2024 |  |  | — |
2025 |  |  | 24,005 |
2026 |  |  | 228,006 |
Thereafter |  |  | 1,000,000 |
Total Debt |  |  | $1,254,098 |
Schedule of Debt Covenants | The covenants listed below, which are the most significant financial covenants in effect as of March 31, 2022, are calculated on a trailing 12-month basis:
| Covenant Requirement |  | Actual Ratio |  | Favorable
Covenant EBITDA to consolidated interest expense should not be less than | 2.5 to 1 |  | 13.6 to 1 |  | 11.1
Covenant debt to covenant net worth plus covenant debt shall not exceed | 65 | % |  | 40 | % |  | 25 | %

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