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DEBT (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Our debt consisted of the following at June 30, 2025:
| June 30, 2025
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 5.90% | 200,000 |
2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 6.05% | 200,000 |
2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.22% | 200,000 |
Total principal debt | 1,050,000 |
Less: Current maturities of long-term debt, net of deferred financing costs of $44 | (199,956) |
Less: Unamortized discounts | (2,255) |
Less: Deferred financing costs | (2,884) |
Total long-term debt, net | $844,905 |
The following table contains information on the outstanding variable rate debt as of June 30, 2025:
Debt |  |  | Periodic Interest Rate (a) | Effective Fixed Interest Rate (b)
2015 Term Loan |  |  | Daily Simple SOFR + 1.60% | 2.11 | %
2016 Incremental Term Loan |  |  | Daily Simple SOFR + 1.75% | 2.39 | %
2021 Incremental Term Loan |  |  | Daily Simple SOFR + 1.92% | 1.72 | %
(a) Includes credit spread adjustment of 0.1%. (b) Effective interest rate is after consideration of interest rate swaps and estimated patronage.
Schedule of Maturities of Long-term Debt | Principal payments due during the next five years and thereafter are as follows:
| Total |  |
2025 | — |  |  |
2026 | $200,000 |  |  |
2027 | — |  |  |
2028 | 200,000 |  |  |
2029 | 200,000 |  |  |
Thereafter | 450,000 |  |  |
Total Debt | $1,050,000 |  |  |
Schedule of Debt Covenants | The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2025, 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 |  | 8.3 to 1 |  | 5.8
Covenant debt to covenant net worth plus covenant debt shall not exceed | 65 | % |  | 33 | % |  | 32 | %

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