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Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt

NOTE 5. DEBT

TERM LOANS

At September 30, 2025, $1.04 billion was outstanding under our Second Amended and Restated Term Loan Agreement (the Amended Term Loan Agreement). Of this amount, $27.5 million was classified as current on our accompanying Condensed Consolidated Balance Sheets, consisting of a variable-rate term loan that matures in February 2026. Certain borrowings under the Amended Term Loan Agreement are at rates of one-month Secured Overnight Financing Rate (SOFR), plus an applicable margin between 1.61% and 2.30%, or daily simple SOFR plus a spread between 2.20% and 2.30%. We have entered into SOFR-indexed interest rate swaps to fix the interest rate on these variable rate term loans. See Note: 6 Derivative Instruments for additional information on our interest rate swaps.

On August 27, 2025, we entered into the twelfth amendment to our Amended Term Loan Agreement, establishing a new unsecured multi-segment term loan facility (the New Term Loan) with a total commitment of up to $127.5 million, maturing on August 27, 2035. An initial draw of $100.0 million under the New Term Loan was used to refinance a $100.0 million term loan under the Amended Term Loan Agreement that matured on August 27, 2025. The remaining $27.5 million commitment under the New Term Loan agreement will be available on February 2, 2026 to refinance a variable-rate term loan maturing on that date. The New Term Loan bears interest at a rate equal to daily simple SOFR plus an applicable margin of 2.30% per annum.

In connection with the New Term Loan, we terminated our final remaining $75.0 million forward-starting interest rate swap and transferred the value realized from its termination into a new interest rate swap to fix the rate at 4.11%, including margin but before patronage credits from lenders. See Note 6: Derivative Instruments for additional information.

CREDIT AGREEMENT

Our Third Amended Credit Agreement (as amended, the Amended Credit Agreement) provides for a $300.0 million revolving line of credit that matures February 14, 2027. As provided in the Amended Credit Agreement, borrowing capacity may be increased by up to an additional $500.0 million. The revolving line of credit also includes a sublimit of $75.0 million for the issuance of standby letters of credit and a sublimit of $25.0 million for swing line loans. Usage under either or both sub facilities reduces availability under the revolving line of credit. We may utilize borrowings under the Amended Credit Agreement to, among other things, refinance existing indebtedness and provide funding for working capital requirements, capital projects, acquisitions and other general corporate expenditures. At September 30, 2025, there were no borrowings under the revolving line of credit and approximately $0.6 million of our revolving line of credit was utilized for outstanding letters of credit.

We were in compliance with all debt and credit agreement covenants at September 30, 2025.