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v3.26.1

Debt | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Debt | 14. DEBT At June 30, 2026 and December 31, 2025, debt was comprised of the following:
(In thousands) |  | Maturity Dates |  | June 30, 2026 |  |  | December 31, 2025 |
Senior unsecured notes |  |  |  |  |  |  |  |
3.95% (net of unamortized debt issuance cost of $34 and $56 for 2026 and 2025, respectively) |  | 2026-2027 |  | $ | 28,538 |  |  | $ | 28,515 |
2.30% (net of unamortized debt issuance cost of $44 and $55 for 2026 and 2025, respectively) |  | 2026-2028 |  |  | 19,956 |  |  |  | 29,945 |
2.37% (net of unamortized debt issuance cost of $49 and $60 for 2026 and 2025, respectively) |  | 2026-2028 |  |  | 29,951 |  |  |  | 29,940 |
2.73% (net of unamortized debt issuance cost of $43 and $52 for 2026 and 2025, respectively) |  | 2026-2031 |  |  | 85,670 |  |  |  | 85,662 |
2.83% (net of unamortized debt issuance cost of $47 and $52 for 2026 and 2025, respectively) |  | 2026-2032 |  |  | 64,239 |  |  |  | 74,948 |
6.17% (net of unamortized debt issuance cost of $0 and $0 for 2026 and 2025, respectively) |  | 2029-2033 |  |  | 75,000 |  |  |  | 75,000 |
Revolving credit facility and term loan borrowing |  | 2026-2027 |  |  | 344,000 |  |  |  | 302,700 |
Total debt |  |  |  | $ | 647,354 |  |  | $ | 626,710 |
Less current maturities |  |  |  |  | 403,285 |  |  |  | 285,735 |
Long-term debt |  |  |  | $ | 244,069 |  |  | $ | 340,975 |
The Company's long-term debt financing is comprised of certain senior unsecured notes issued to insurance companies in private placement transactions pursuant to note purchase agreements (the “Note Purchase Agreements”), totaling $303,354,000 as of June 30, 2026. These notes are denominated in U.S. dollars and have fixed interest rates ranging from 2.30 percent to 6.17 percent. The notes had original maturities of seven to 12 years with mandatory principal payments beginning four, five and six years after issuance. The Company will be required to make principal payments on the currently outstanding notes from 2026 to 2033. The Company’s credit agreement (the Credit Agreement) with a syndicate of banks provides for credit facilities in an initial aggregate principal amount of $450,000,000, consisting of (a) a $350,000,000 multi-currency revolving credit facility and (b) a $100,000,000 delayed draw term loan credit facility, each of which matures on June 24, 2027. The Company's credit agreement with Credit Industriel et Commercial NY (the CIC Credit Agreement) provides for a credit facility in an aggregate principal amount of $8,700,000. The facility is for the sole purpose of the issuance of standby letters of credit. As of June 30, 2026, the Company had an outstanding letter of credit of $8,694,000 under the CIC Credit Agreement. The Company maintains import and export letters of credit, and standby letters of credit under its workers’ compensation insurance agreements and for other purposes, as needed from time to time, which are issued under the Credit Agreement and under the CIC Credit Agreement. As of June 30, 2026, the Company had outstanding letters of credit totaling $4,585,000 and $344,000,000 of outstanding borrowings under the Credit Agreement, inclusive of an $80,000,000 delayed-draw term loan ($20,000,000 of the term loan principal has been permanently repaid as scheduled). There was $81,415,000 available under the Credit Agreement as of June 30, 2026. The Company's foreign subsidiaries had no debt outstanding at June 30, 2026. The Company’s material debt agreements contain provisions which, among other covenants, require maintenance of certain financial ratios and place limitations on additional debt, investments and payment of dividends. Based on the loan agreement provisions that place limitations on dividend payments, unrestricted retained earnings (i.e., retained earnings available for dividend distribution) were $227,780,000 and $263,923,000 at June 30, 2026 and December 31, 2025, respectively.

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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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