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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Our debt consisted of the following at December 31, 2023 and 2022:
| 2023 |  | 2022
Debt: |  |  |
Senior Notes due 2031 at a fixed interest rate of 2.75% | $450,000 |  |  | $450,000 |
2015 Term Loan Facility borrowings due 2028 at a variable interest rate of 7.03% at December 31, 2023 | 350,000 |  |  | 350,000 |
2021 Incremental Term Loan Facility borrowings due 2029 at a variable interest rate of 6.98% at December 31, 2023 | 200,000 |  |  | 200,000 |
2016 Incremental Term Loan Facility borrowings due 2026 at a variable interest rate of 7.08% at December 31, 2023 | 200,000 |  |  | 200,000 |
2022 Incremental Term Loan Facility borrowings due 2027 at a variable interest rate of 7.03% at December 31, 2023 | 100,000 |  |  | 250,000 |
New Zealand subsidiary noncontrolling interest shareholder loan due 2026 at a fixed interest rate of 3.64% | 25,453 |  |  | 25,586 |
New Zealand subsidiary noncontrolling interest shareholder loan due 2027 at a fixed interest rate of 6.48% | 25,453 |  |  | 25,586 |
New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95% | 21,817 |  |  | 21,931 |
Total principal debt | 1,372,723 |  |  | 1,523,103 |
Less: Unamortized discounts | (2,772) |  |  | (3,104) |
Less: Deferred financing costs | (4,178) |  |  | (5,278) |
Total long-term debt | $1,365,773 |  |  | $1,514,721 |
Schedule of Maturities of Long-term Debt | Principal payments due during the next five years and thereafter are as follows:
2024 | — |  |  |  |  |
2025 | 21,817 |  |  |  |  |
2026 | 225,453 |  |  |  |  |
2027 | 125,453 |  |  |  |  |
2028 | 350,000 |  |  |  |  |
Thereafter | 650,000 |  |  |  |  |
Total debt | $1,372,723 |  |  |  |  |
Schedule of Debt Covenants | The covenants listed below, which are the most significant financial covenants in effect as of December 31, 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 |  | 11.5 to 1 |  | 9.0
Covenant debt to covenant net worth plus covenant debt shall not exceed | 65 | % |  | 43 | % |  | 22 | %

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