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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Our debt consisted of the following at December 31, 2024 and 2023:
| 2024 |  | 2023
Debt: |  |  |
Senior Notes due 2031 at a fixed interest rate of 2.75% | $450,000 |  |  | $450,000 |
2015 Term Loan borrowings due 2028 at a variable interest rate of 6.15% (a) | 200,000 |  |  | 350,000 |
2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 6.20% (a) | 200,000 |  |  | 200,000 |
2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 6.30% (a) | 200,000 |  |  | 200,000 |
2022 Incremental Term Loan borrowings due 2027 | — |  |  | 100,000 |
Total principal debt | 1,050,000 |  |  | 1,300,000 |
Less: Unamortized discounts | (2,431) |  |  | (2,772) |
Less: Deferred financing costs | (3,159) |  |  | (4,164) |
Total long-term debt | $1,044,410 |  |  | $1,293,064 |
(a)Reflects variable interest rates as of December 31, 2024.
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 December 31, 2024, 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 |  | 7.1 to 1 |  | 4.6
Covenant debt to covenant net worth plus covenant debt shall not exceed | 65 | % |  | 38 | % |  | 27 | %

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