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DEBT (Tables) | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Our debt consisted of the following at September 30, 2023:
| September 30, 2023
Debt |
Senior Notes due 2031 at a fixed interest rate of 2.75% | $450,000 |
2015 Term Loan borrowings due 2028 at a variable interest rate of 7.00% | 350,000 |
2022 Incremental Term Loan borrowings due 2027 at a variable interest rate of 7.00% | 250,000 |
2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 7.05% | 200,000 |
2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.95% | 200,000 |
New Zealand subsidiary noncontrolling interests shareholder loan due 2026 at a fixed interest rate of 3.64% (a) | 24,161 |
New Zealand subsidiary noncontrolling interests shareholder loan due 2027 at a fixed interest rate of 6.48% (a) | 24,161 |
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% (a) | 20,709 |
Total principal debt | 1,519,031 |
Less: Unamortized discounts | (2,857) |
Less: Deferred financing costs | (4,704) |
Total long-term debt | $1,511,470 |
(a) 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. The following table contains information on the outstanding variable rate debt as of September 30, 2023:
Debt |  |  | Periodic Interest Rate (a) | Effective Fixed Interest Rate (b)
2015 Term Loan |  |  | Daily Simple SOFR + 1.70% | 3.03 | %
2022 Incremental Term Loan |  |  | Daily Simple SOFR + 1.70% | 5.53 | %
2016 Incremental Term Loan |  |  | Daily Simple SOFR + 1.75% | 2.40 | %
2021 Incremental Term Loan |  |  | Daily Simple SOFR + 1.65% | 1.46 | %
(a) Includes credit spread adjustment of 0.1%. (b) Effective interest rate is after consideration of interest rate swaps and estimated patronage refunds.
Schedule of Maturities of Long-term Debt | Principal payments due during the next five years and thereafter are as follows:
| Total |  |
2023 | — |  |  |
2024 | — |  |  |
2025 | 20,709 |  |  |
2026 | 224,161 |  |  |
2027 | 274,161 |  |  |
Thereafter | 1,000,000 |  |  |
Total Debt | $1,519,031 |  |  |
Schedule of Debt Covenants | The covenants listed below, which are the most significant financial covenants in effect as of September 30, 2023, 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 |  | 6.9 to 1 |  | 4.4
Covenant debt to covenant net worth plus covenant debt shall not exceed | 65 | % |  | 46 | % |  | 19 | %

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