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Debt | 9 Months Ended
--- | ---
Sep. 30, 2024
Debt Disclosure [Abstract] |
Debt Disclosure | Debt Long-term debt at the balance sheet dates consisted of:
|  | September 30, 2024 |  | December 31, 2023
| Interest Rate at September 30, 2024 | Principal | Unamortized Debt Costs | Total |  | Principal | Unamortized Debt Costs | Total
Term Revolving Facility under Term loan Credit Agreement maturing 2029, fixed interest rate | 9.1% | $ | 150.0 |  | $ | (2.3) |  | $ | 147.7 |  |  | $ | 150.0 |  | $ | (2.8) |  | $ | 147.2 |
Term Revolving Facility under Term Loan Credit Agreement maturing 2029, variable interest rate | 9.0% | 120.0 |  | — |  | 120.0 |  |  | — |  | — |  | — |
Farm Credit Term Loan Facility under Term Loan Credit Agreement maturing 2031, variable interest rate | 9.0% | 395.0 |  | (2.6) |  | 392.4 |  |  | — |  | — |  | — |
Commercial Bank Term Loan Facility under Term Loan Credit Agreement, maturing 2029, variable interest rate | 8.4% | 88.9 |  | (0.6) |  | 88.3 |  |  | — |  | — |  | — |
2020 Notes, maturing 2028, fixed interest rate | 4.8% | 275.0 |  | (2.0) |  | 273.0 |  |  | 275.0 |  | (2.4) |  | 272.6 |
Revolving loan facility under ABL Credit Agreement, maturing 2027, variable interest rate | 6.5% | 120.0 |  | — |  | 120.0 |  |  | 20.0 |  | — |  | 20.0 |
Finance leases |  | 9.2 |  | — |  | 9.2 |  |  | — |  | — |  | — |
Total debt |  | 1,158.1 |  | (7.4) |  | 1,150.7 |  |  | 445.0 |  | (5.1) |  | 439.9 |
Less: current portion |  | (7.9) |  | 0.5 |  | (7.4) |  |  | — |  | — |  | — |
Net long-term portion |  | $ | 1,150.2 |  | $ | (6.9) |  | $ | 1,143.3 |  |  | $ | 445.0 |  | $ | (5.1) |  | $ | 439.9 |
TERM CREDIT AGREEMENTS On May 1, 2024, the Company entered into an amendment and restatement of our Credit Agreement, dated October 27, 2023, with AgWest Farm Credit, PCA, as administrative agent, and several lenders (as so amended and restated, the “Term Credit Agreement”). After giving effect to the amendment and restatement, the credit facilities provided under the Term Credit Agreement consist of (i) a term revolver loan commitment in the amount of $270 million (the “Term Revolver Facility”), $150 million of which was borrowed on October 27, 2023 and $120 million of which was borrowed on May 1, 2024, (ii) a term loan commitment in the amount of $400 million (the “Farm Credit Term Loan Facility”), which was fully borrowed on May 1, 2024 and (iii) a term loan commitment in the amount of $90 million (the “Commercial Bank Term Loan Facility” and together with the Farm Credit Term Loan Facility, collectively, the “Term Loan Facilities”), which was fully borrowed on May 1, 2024. We may increase commitments under the Term Revolver Facility in an aggregate principal amount of up to $60 million, subject to obtaining commitments from participating lenders. The Term Credit Agreement matures on the earlier of (i) in the case of the Term Revolver Facility and the Commercial Bank Term Loan Facility, May 1, 2029, (ii) in the case of the Farm Credit Term Loan Facility, May 1, 2031 and (iii) and subject to springing maturity 91 days prior to the maturity of the 2020 Notes, if the outstanding principal amount of the 2020 Notes plus $50 million is less than our available borrowing liquidity and unrestricted cash. We may prepay and reborrow the borrowings under the Term Revolver Facility, in whole or in part, at any time and from time to time without premium or penalty (other than prepayments of the initial advance on the Term Revolver Facility of $150 million to the extent made prior to November 1, 2024 and in certain other circumstances). In addition, we must make mandatory prepayments of principal under the Term Revolver Facility upon the occurrence of certain asset sales. We are required to repay a percentage of the aggregate outstanding principal amount of the borrowings under the Term Loan Facilities in quarterly installments on the last day of each March, June, September and December, commencing on the first day of the third full fiscal quarter after May 1, 2024. We may prepay any borrowings under the Term Loan Facilities, in whole or in part, at any time and from time to time without premium or penalty. In addition, we must make mandatory prepayments of principal under the Term Loan Facilities upon the occurrence of certain specified events, including certain asset sales (as disclosed in Note 4 Discontinued Operations), debt issuances not permitted under the Term Credit Agreement, and of 50% of our quarterly excess cash flows, less any voluntary prepayments of the Term Loan Facilities. ABL CREDIT AGREEMENT On May 1, 2024, the Company entered into an amendment (the “ABL Amendment”) of its Credit Agreement, dated July 26, 2019, with JPMorgan Chase Bank, N.A., as administrative agent and several lenders (as so amended, the “ABL Credit Agreement”). After giving effect to the ABL Amendment, the maximum commitment of the lenders (subject to borrowing base limitations) under the ABL Credit Agreement was increased from $275 million to $375 million, $120 million of which was borrowed as of September 30, 2024 and $3.7 million of which was utilized for outstanding but undrawn letters of credit. As of September 30, 2024, we were in compliance with the currently applicable covenants associated with the Term Credit Agreement and the ABL Credit Agreement. The fair value of our debt is included in the following table:
| September 30, 2024 | December 31, 2023
Farm Credit Term Loan Facility under Term Credit agreement, maturing 2031, variable interest rate | $ | 400.0 |  | $ | — |
2020 Notes, maturing 2028, fixed interest rate | 258.2 |  | 255.1 |
Term Revolver Facility under Term Credit Agreement, maturing 2029, fixed interest rate | 150.1 |  | 150.6 |
Term Revolver Facility under Term Credit Agreement, maturing 2029, variable interest rate | 120.1 |  | — |
Commercial Bank Term Loan Facility under Term Credit Agreement, maturing 2029, variable interest rate | 90.0 |  | — |
Revolving loan facility under ABL Credit Agreement, maturing 2027, variable interest rate | 120.0 |  | 20.0 |
| $ | 1,138.3 |  | $ | 425.7 |

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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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