Debt and Credit Facilities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt and Credit Facilities | DEBT AND CREDIT FACILITIES As of June 30, 2026 and December 31, 2025, debt included the following:
Our Revolving Credit Agreement (the “2022 Credit Facility”) provides borrowing capacity of $250.0 million and allows us to request an additional increase in total commitment by up to $150.0 million, for a total potential commitment of $400.0 million through November 2027. There were no outstanding borrowings under the 2022 Credit Facility as of June 30, 2026 and December 31, 2025. Borrowings, if any, would bear interest at a variable rate based on Term SOFR. The 2022 Credit Facility includes a $100.0 million sublimit for the issuance of letters of credit. Standby letters of credit outstanding under this facility totaled $0.4 million as of both June 30, 2026 and December 31, 2025 and were primarily related to certain real estate lease requirements. Our Receivables Purchase Agreement (the “2024 Receivables Purchase Agreement”) allows borrowings against qualifying trade receivables up to $200.0 million through May 2027. There were no outstanding borrowings under the agreement as of both June 30, 2026 and December 31, 2025. Borrowings, if any, would bear interest at a variable rate based on Term SOFR. The 2024 Receivables Purchase Agreement includes a $150.0 million sublimit for the issuance of letters of credit. Standby letters of credit outstanding under the agreement totaled $117.5 million and $102.9 million as of June 30, 2026 and December 31, 2025, respectively, and were primarily related to certain insurance obligations. The Company plans to amend the 2024 Receivables Purchase Agreement prior to its expiration. Borrowings under the delayed-draw term loan facility are unsecured and bear interest, at the election of the Company for each borrowing, based on either the Term SOFR or the ABR (“Alternate Base Rate”), and mature in November 2029. Quarterly principal payments equal to 0.625% of the outstanding balance began in September 2025 and will continue through maturity.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||