XML 50 R26.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Note 16 - Long-term Debt | 12 Months Ended
--- | ---
Dec. 31, 2024
Notes to Financial Statements |
Long-Term Debt [Text Block] | Note 16 – Long-Term Debt Long–term debt consists of the following (dollars in thousands):
|  | Interest rate at December 31, 2024 |  | Maturity |  | September 30, 2024 |  |  | December 31, 2023 |
Credit facility, interest payable monthly |  | Variable, 6.1% |  | 2029 |  | $ | 137,000 |  |  | $ | – |
Less current portion |  |  |  |  |  |  |  | (7,500 | ) |  |  | – |
Long-term debt, less current portion |  |  |  |  |  |  | $ | 129,500 |  |  | $ | – |
On August 1, 2024, the Company entered into a $200,000,000 senior credit facility with a five-year term consisting of a $150,000,000 term facility and a $50,000,000 revolving line of credit (the “Credit Facility”). The Credit Facility is for general corporate purposes, including working capital and acquisitions. The loans bear interest at either (i) Term Secured Overnight Financing Rate (“SOFR”) for interest periods of one, three or six months, plus the applicable margin or, at NHC’s option, (ii) the Base Rate plus the applicable margin. The applicable margin is an interest rate per annum between 1.30% and 1.65% for Term SOFR loans and between .30% and .65% for Base Rate loans, depending upon the Company meeting certain conditions. The revolving line of credit contains a commitment fee equal to 0.25% of the unused borrowing capacity. There are no amounts outstanding on the revolving line of credit at December 31, 2024. NHC’s obligations under the Credit Facility are unsecured. The Credit Facility contains customary representations and warranties, financial covenants, and other customary affirmative and negative covenants. The Credit Facility also contains customary events of default. As of December 31, 2024, the Company is compliant with all financial covenants. Based on level 2 inputs, the carrying value of the Company's long-term debt is considered to approximate the fair value of such debt based upon the interest rates that the Company believes it can currently obtain for similar debt. The aggregate maturities of long–term debt for the five years subsequent to December 31, 2024 are as follows (in thousands):
|  | Long–Term Debt |
2025 |  | $ | 7,500 |
2026 |  |  | 7,500 |
2027 |  |  | 7,500 |
2028 |  |  | 7,500 |
2029 |  |  | 107,000 |
Total |  | $ | 137,000 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration