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v3.25.2

Debt | 6 Months Ended
--- | ---
Jun. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt Long-term debt consisted of the following (in thousands):
| June 30, |  | December 31,
| 2025 |  | 2024
Bank credit facility - term loan | $ | 300,000 |  |  | $ | 277,500 |
Bank credit facility - revolving facility | 83,000 |  |  | 155,000 |
Principal amount of long-term debt | 383,000 |  |  | 432,500 |
Less: debt issuance costs | (3,844) |  |  | (2,327) |
Total debt | 379,156 |  |  | 430,173 |
Less: current portion | (7,500) |  |  | (30,000) |
Long-term debt, less current portion | $ | 371,656 |  |  | $ | 400,173 |
On May 2, 2025, the Company entered into a new credit agreement, which provides for a $300 million term loan facility and a $400 million revolving credit facility, both maturing on May 2, 2030. The revolving credit facility includes an aggregate amount of $30 million which is available through a sub facility in the form of letters of credit. The new credit agreement replaced the Company's existing term loan and revolving credit facility. The proceeds of the term loan were utilized to pay fees and expenses incurred in connection with the new agreement and to repay, in full, amounts outstanding under the previous credit agreement. Borrowings under the new credit agreement accrue interest at either the term SOFR or ABR, plus in each case an applicable margin (based on the Company's Total Net Leverage Ratio). The ABR for any day is a fluctuating rate per annum equal to the highest of (i) the Federal Funds Effective Rate plus .50%; (ii) the Prime Rate and (iii) the daily SOFR rate plus 1%. The applicable margin for term SOFR loans ranges from 1.25% to 2.25% and for ABR loans from 0.25% to 1.25%. The Company also pays a commitment fee with respect to undrawn amounts under the revolving loan facility ranging from .20% to .30% (based on the Company's Total Net Leverage Ratio) and fees on letters of credit that are issued. The Company incurred $2.6 million of fees in connection with the new credit agreement, of which $2.3 million were deferred as debt issuance costs and will be amortized to interest expense over the remaining term of the agreement. As of June 30, 2025, the interest rate on the Company's outstanding term loan borrowings and weighted average interest rate on its aggregate outstanding revolving facility were 6.08% and 6.07%, respectively. As of June 30, 2025 and December 31, 2024, the Company had letters of credit outstanding of $0.6 million and $0.8 million, respectively. Future required term loan and revolving facility payments as of June 30, 2025 are as follows (in thousands):
Year Ending |  | Term Loan |  | Revolving Facility |  | Total
Remainder of 2025 |  | $ | 3,750 |  |  | $ | — |  |  | $ | 3,750 |
2026 |  | 7,500 |  |  | — |  |  | 7,500 |
2027 |  | 11,250 |  |  | — |  |  | 11,250 |
2028 |  | 20,625 |  |  | — |  |  | 20,625 |
2029 |  | 22,500 |  |  | — |  |  | 22,500 |
2030 |  | 234,375 |  |  | 83,000 |  |  | 317,375 |
Total |  | $ | 300,000 |  |  | $ | 83,000 |  |  | $ | 383,000 |
Restrictive covenants of the new credit agreement include a maximum Total Net Leverage Ratio and a minimum Interest Coverage Ratio. The Company was in compliance with the required ratios and other terms and conditions under its credit agreement as of June 30, 2025.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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