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Debt and Credit Agreements | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt and Credit Agreements | Debt and Credit Agreements Long-term debt consists of the following:
(In thousands) |  | September 30 2025 |  | December 31 2024
Senior Secured Credit Facilities: |  |  |  |
Term Loan |  | $ | 478,750 |  |  | $ | 482,500 |
Revolving Credit Facility |  | 489,000 |  |  | 407,000 |
Senior Notes |  | 475,000 |  |  | 475,000 |
Other financing payable (including finance leases) in varying amounts |  | 93,032 |  |  | 79,917 |
Total debt obligations |  | 1,535,782 |  |  | 1,444,417 |
Less: deferred financing costs |  | (10,029) |  |  | (12,695) |
Total debt obligations, net of deferred financing costs |  | 1,525,753 |  |  | 1,431,722 |
Less: current maturities of long-term debt |  | (25,711) |  |  | (21,004) |
Long-term debt |  | $ | 1,500,042 |  |  | $ | 1,410,718 |
On November 5, 2025, the Company entered into an amendment to the Credit Agreement to, among other things, modify certain levels of its total Net Debt to Consolidated Adjusted EBITDA ratio covenant and permit a distribution of the Company’s Clean Earth business, together with certain related transactions, including repayments of certain of the Company's existing indebtedness. The Company obtained the amendment because its forward-looking projections indicated that it may not meet the minimum level required by the net leverage coverage ratio and to allow for the strategic alternatives it is currently evaluating. As a result of this amendment, the total Net Debt to Consolidated Adjusted EBITDA ratio covenant was set to 5.25x for the quarter ended December 31, 2025, 5.50x for the quarters ended March 31, 2026, June 30, 2026 and September 30, 2026, 5.00x for the quarter ended December 31, 2026 and 4.50x for the quarter ended March 31, 2027. After giving effect to the distribution of the Company’s Clean Earth business, the total Net Debt to Consolidated Adjusted EBITDA ratio covenant will be set at 3.00x. The Company expects that it will maintain compliance with the amended covenants based on current forecasts. In February 2025, the Company entered into an amendment to the Credit Agreement to reset the levels of its covenants, among other changes. As a result of this amendment, the total Net Debt to Consolidated Adjusted EBITDA ratio covenant was set to 5.00x for the quarter ended September 30, 2025 and then decreases every six months by 0.25x until reaching 4.00x for the quarter ended June 30, 2027 and thereafter. The interest coverage ratio was set to a minimum of 2.50x for each quarter ended after December 31, 2024. In September 2024, the Company amended its Senior Secured Credit Facilities to, among other things, extend the term of the Revolving Credit Facility to September 5, 2029 and adjust the limit to $625.0 million. In addition, the Company retained $50.0 million of its existing revolving commitments which mature on March 10, 2026. The extended Revolving Credit Facility bears interest at a rate, depending on total net leverage, ranging from 75 to 125 basis points over base rate or 175 to 225 basis points over SOFR and the existing Revolving Credit Facility bears interest at a rate, depending on total net leverage, ranging from 50 to 175 basis points over base rate or 150 to 275 basis points over SOFR, in each case, subject to zero floor. The Company expensed $0.3 million of previously recorded deferred financing costs and capitalized $4.4 million of fees incurred related to the amendment during the three months ended September 30, 2024. At September 30, 2025, the Company was in compliance with all covenants for its Senior Secured Credit Facilities, as amended in February 2025, as the total Net Debt to Consolidated Adjusted EBITDA ratio was 4.82x and the total interest coverage ratio was 2.80x. Based on balances and covenants in effect at September 30, 2025, the Company could increase Net Debt by $53.8 million and still be in compliance with these debt covenants. Alternatively, Consolidated Adjusted EBITDA could decrease by $10.8 million or interest expense could increase by $12.8 million and the Company would remain in compliance with these covenants. The Company believes it will continue to maintain compliance with these amended covenants based on its current outlook. However, the Company's estimates of compliance with these covenants could change in the future with a deterioration in economic conditions including softness in certain markets, changes to tariffs, higher than forecasted interest rate increases, the timing of working capital including the collection of receivables, an inability to realize increased pricing and implement cost reduction initiatives that mitigate the impacts of inflation and other factors that may adversely impact its compliance with covenants. Facility Fees and Debt-Related Income (Expense) The components of the Condensed Consolidated Statements of Operations caption Facility fees and debt-related income (expense) were as follows:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30 |  | September 30
(In thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Gain (loss) on extinguishment of debt |  | $ | — |  |  | $ | (325) |  |  | $ | — |  |  | $ | (325) |
Unused debt commitment and amendment fees |  | — |  |  | — |  |  | (212) |  |  | — |
Securitization and factoring fees |  | (2,508) |  |  | (2,653) |  |  | (7,527) |  |  | (8,362) |
Facility fees and debt-related income (expense) |  | $ | (2,508) |  |  | $ | (2,978) |  |  | $ | (7,739) |  |  | $ | (8,687) |

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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 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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