v3.26.1
Note 7 - Debt, Credit Agreement and Leases
 6 Months Ended
Jun. 30, 2026
Disclosure Text Block [Abstract]  
Debt, Credit Agreement and Leases

Note 7. Debt, Credit Agreement and Leases

 

On April 9, 2026, we repaid the remaining $263 million of our 7.25% Senior Notes ("Senior Notes") for a total payment of $265.8 million, including interest of $2.8 million. The full redemption of the Senior Notes resulted in a loss on extinguishment of $0.9 million related to the remaining portion of deferred debt issuance costs, which were recorded as part of Interest expense in our Consolidated Statement of Operations and Comprehensive Income. At December 31, 2025, our debt consisted entirely of our Senior Notes.

 

The following table summarizes our long-term debt balances as of December 31, 2025 (in thousands):

 

 

 

December 31, 2025

 

 

 

Senior Notes

 

Principal

 

$

263,000

 

Unamortized discount/premium and issuance costs

 

 

(1,053

)

Total debt

 

$

261,947

 

 

The following table summarizes the scheduled annual future payments, including interest, for our finance and operating leases as of June 30, 2026 (in thousands). Operating leases are included in other current and non-current liabilities on our condensed consolidated balance sheets. See Note 11 for more information.

 

Twelve-month period ending June 30,

 

Finance Leases

 

 

Operating Leases

 

2027

 

$

5,821

 

 

$

1,464

 

2028

 

 

2,422

 

 

 

1,501

 

2029

 

 

2,422

 

 

 

1,506

 

2030

 

 

2,422

 

 

 

1,381

 

2031

 

 

1,211

 

 

 

928

 

Thereafter

 

 

—

 

 

 

5,055

 

 

 

 

14,298

 

 

 

11,835

 

Less: effect of discounting

 

 

(1,564

)

 

 

(3,091

)

Total

 

$

12,734

 

 

$

8,744

 

 

Credit Agreement

 

On May 3, 2024 we entered into an amended revolving credit agreement with various financial institutions (the "Lenders"), which provided the Company with borrowing capacity up to $225 million, plus a $75 million accordion option, with a maturity date of July 21, 2028 (accelerated to August 15, 2027 if our Senior Notes were not refinanced by that date), the proceeds may be used for general corporate purposes.

 

At June 30, 2026, we had no amounts drawn and $3.5 million of outstanding letters of credit under the Credit Agreement. Letters of credit that are outstanding reduce availability under the Credit Agreement.

 

We believe we were in compliance with all covenants under the Credit Agreement as of June 30, 2026.