v3.26.1
DEBT
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Short-Term Obligations
At June 30, 2026 and December 31, 2025, our short-term obligations, revolving credit facility and overdrafts consisted of the following:
June 30,
2026		December 31,
2025
Short-term obligations 2.57% (1)
$31,495 $31,314 
Revolving credit facility 3.54% (1)
186,045 152,633 
$217,540 $183,947 
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(1)The rate represents the weighted-average interest rate as of June 30, 2026.
We have a revolving credit facility (the “revolving credit facility”) with a syndicate of banks that provides us with unsecured financing of up to $600.0 million, which may be increased by up to $300.0 million more, subject to the satisfaction of certain conditions. The revolving credit facility is available in the U.S. and to our wholly-owned UK subsidiary and could be drawn in various currencies including USD, EUR, GBP, and CHF. On July 2, 2024, we entered into a new amended and restated agreement (the “amended revolving credit facility”) that extended the maturity date to July 2029, subject to a maximum of two one-year extensions in certain circumstances. As of June 30, 2026, we had utilized $37.5 million and €130.0 million ($148.5 million) under the amended revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary. As of December 31, 2025, €130.0 million ($152.6 million) was utilized under the amended revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary.
There are no compensating balance requirements associated with our amended revolving credit facility. Each borrowing under the amended revolving credit facility will bear interest at rates based on SOFR (in the case of USD), EURIBOR (in the case of EUR), SONIA (in the case of GBP), SARON (in the case of CHF), prime rates or other similar rates, in each case plus an applicable margin. The amended revolving credit facility also provides mechanics relating to a transition away from designated benchmark rates for other available currencies and the replacement of any such applicable benchmark by a replacement alternative benchmark rate or mechanism for loans made in the applicable currency. A facility fee on the total amount of the amended revolving credit facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the amended revolving credit facility and the facility fee percentage may change from time to time depending on changes in our consolidated leverage ratio.
We also have an unsecured money market borrowing arrangement to provide short-term financing of up to $30.0 million that is available in the U.S. No borrowing on this facility is permitted over a quarter-end date. As such, no balance was outstanding under this arrangement as of June 30, 2026 or December 31, 2025.
Long-Term Obligations
On July 2, 2024, we entered into a term loan with a syndicate of banks (the “Term Loan”). The Term Loan matures in July 2027. As of June 30, 2026 and December 31, 2025, $116.2 million and $141.1 million, respectively, was utilized under the Term Loan. On February 26, 2026, we repaid in full the $125.0 million of 3.60% Senior Notes that were due in February 2026.
At June 30, 2026 and December 31, 2025, our long-term obligations consisted of the following:
June 30, 2026December 31, 2025
Notes payable 3.65%, due in monthly and annual installments through 2035 (1)
$19,022 $17,051 
Senior unsecured notes 3.60%, due in 2026
— 125,000 
Term loan 4.97% floating, due in 2027
116,200 141,100 
Senior unsecured notes 4.75%, due in 2031, net of discount of $0.4 million
599,559 599,512 
Senior unsecured notes 3.60%, due in 2032, net of discount of $0.6 million
399,413 399,361 
Finance Lease Liabilities23,436 25,339 
Unamortized debt issuance costs(7,516)(8,346)
$1,150,114 $1,299,017 
Current maturities of long-term obligations(31,699)(159,584)
Total long-term obligations$1,118,415 $1,139,433 
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(1)The rate represents the weighted-average interest rate as of June 30, 2026.
The aggregate long-term maturities, excluding finance lease liabilities, which are discussed in Note 7, and unamortized debt issuance costs due annually from the current balance sheet date for the next five years and thereafter are:
Year One$28,990 
Year Two93,222 
Year Three2,198 
Year Four1,603 
Year Five599,559 
Thereafter408,622 
Covenants
Our amended revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including:
RequirementLevel at June 30, 2026
Consolidated Leverage Ratio (1)
Maximum of 3.50 to 1.00
1.49 to 1.00
Consolidated Interest Coverage Ratio (1)
Minimum of 3.00 to 1.00
12.48 to 1.00
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(1)Definitions of ratios are included as part of the revolving credit facility agreement.