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Debt | 6 Months Ended
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Jun. 30, 2026
Debt [Abstract] |
Debt |
5. | Debt
2022 Credit Agreement On June 14, 2022, the Company entered into an Amended and Restated Credit Agreement (the “2022 Credit Agreement”) with several financial institutions as lenders and Bank of America, N.A., as administrative agent, which amended and restated the 2018 Credit Agreement. The 2022 Credit Agreement provided for a $400 million term loan facility and a $500 million revolving credit facility, each with a term of five years. Both facilities bore interest at the SOFR, plus a margin based on the Company’s consolidated leverage ratio. Commitment fees payable under the 2022 Credit Agreement were also based on the consolidated leverage ratio as defined in the 2022 Credit Agreement and range from 0.175% to 0.30% on the unused portion of the total lender commitments then in effect. The term loan facility amortized in quarterly installments in amounts resulting in an annual amortization of 2.5% during the first year and 5.0% during the second, third, fourth and fifth years after the closing date of the 2022 Credit Agreement, with the remainder payable at final maturity. The 2022 Credit Agreement was guaranteed by certain of the Company’s domestic subsidiaries and collateralized by assets of such subsidiaries, including a pledge of 65% of the capital stock of certain foreign subsidiaries. The 2022 Credit Agreement required the Company to maintain a consolidated leverage ratio not exceeding 2.75 to 1.00 and a consolidated interest coverage ratio of no less than 3.00 to 1.00. Credit Agreement On March 27, 2026, the Company entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with several financial institutions as lenders and Bank of America, N.A., as administrative agent, which amended and restated the 2022 Credit Agreement. The Credit Agreement provides for a $175 million term loan facility and a $75 million revolving credit facility, each with a term of five years. Both facilities bear interest at the SOFR, plus a margin based on the Company’s consolidated leverage ratio. Commitment fees payable under the Credit Agreement are also based on the consolidated leverage ratio as defined in the Credit Agreement and range from 0.175% to 0.30% on the unused portion of the total lender commitments then in effect. The term loan facility will amortize in equal quarterly installments in amounts resulting in an annual amortization of $20 million per annum, with the remainder payable at final maturity. The Credit Agreement is guaranteed by certain of the Company’s domestic subsidiaries and collateralized by assets of such subsidiaries, including a pledge of 65% of the capital stock of certain foreign subsidiaries. The Credit Agreement requires the Company to maintain a consolidated leverage ratio not exceeding 2.25 to 1.00 and a consolidated interest coverage ratio of no less than 3.00 to 1.00. As of June 30, 2026, the Company was in compliance with all covenants under the Credit Agreement. The following table summarizes the Company’s debt facilities as of June 30, 2026 and December 31, 2025:
Facility or Arrangement |  | Original Principal Amount |  | Balance as of June 30, 2026 (1)(2) |  | Balance as of December 31, 2025(1)(2) |  | Interest Rate |  | Repayment Terms
2022 Credit Agreement term loan facility |  | $400.0 million |  | - |  | $225.0 million |  | - |  | Principal amount was paid in full during March 2026.
2022 Credit Agreement revolving credit facility |  |  |  | - |  | - |  | - |  | Revolving line of credit was paid in full during September 2025 and credit line was closed during March 2026.
Credit Agreement term loan facility |  | $175.0 million |  | $170.0 million |  | - |  | Variable 30 day: 5.39% |  | 54.3% of the principal amount is payable in quarterly installments over a five-year period that began on June 30, 2026, with the remainder payable at the end of the five-year term.
Credit Agreement revolving credit facility |  |  |  | $45.0 million |  | - |  | Variable 30 day: 5.39% |  | Revolving line of credit expires March 27, 2031.
(1) | As of June 30, 2026 and December 31, 2025, the current portion of the Company’s debt (i.e., becoming due in the next 12 months) included $20.0 million and $20.0 million, respectively, of the balance of its term loan under the Credit Agreement and 2022 Credit Agreement.
(2) | The carrying value of the debt reflects the amounts stated in the above table, less debt issuance costs of $1.3 million and $0.8 million as of June 30, 2026 and December 31, 2025, respectively, related to the Credit Agreement and 2022 Credit Agreement, which are not reflected in this table.

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