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Debt and Credit Facilities (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The following table presents total debt (in thousands):

			September 30, 2025						December 31, 2024
Current portion of long-term debt
2022 Credit Agreement			$	—					$	20,000
Long-term debt, net of current portion
2022 Credit Agreement (1)			425,000						630,000
LSA (weighted average interest rate of 5.09% at September 30, 2025)			300,000						—
Total long-term debt, net of current portion			725,000						630,000
Total debt			$	725,000					$	650,000

(1) As of September 30, 2025, our outstanding revolving credit loan balance under the 2022 Credit Agreement consisted of:

•$50.0 million at a weighted average variable interest rate of 5.85%;

•$90.0 million which is effectively fixed at 6.12% with interest rate swap agreements through July 2026;

•$75.0 million which is effectively fixed at 6.23% with an interest rate swap agreement through April 2027;

•$75.0 million which is effectively fixed at 6.09% with an interest rate swap agreement through May 2027;

•$75.0 million which is effectively fixed at 5.14% with an interest rate swap agreement through August 2028; and

•$60.0 million which is effectively fixed at 5.15% with interest rate swap agreements through July 2028.

Availability under the LSA is calculated as follows (in thousands):

			September 30, 2025
Borrowing base, based on eligible receivables			$	300,000
Less: outstanding borrowings			(300,000)
Availability under LSA			$	—

Schedule of Maturities of Long-term Debt

At September 30, 2025, the aggregate maturities of future debt principal payments are as follows (in thousands):

2025 (remaining)			$	—
2026			—
2027			425,000
2028			300,000
Total			$	725,000

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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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