Debt |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt On December 16, 2025, the Company entered into the Second Amended and Restated Credit Agreement (the “Second Amended and Restated Credit Agreement”), which amended and restated in its entirety the Amended and Restated Credit Agreement, dated as of March 30, 2022. The Second Amended and Restated Credit Agreement provides for a 5-year revolving credit facility of $600 million (the “revolving credit facility”), which includes a letter of credit sub-facility of up to $50 million, and for a 5-year term loan facility of $300 million (the “term loan facility”). As of June 30, 2026, the Company had $336.7 million, excluding deferred financing costs, outstanding under its Second Amended and Restated Credit Agreement. The Company had outstanding balances of $376.9 million, excluding deferred financing costs, under the Amended and Restated Credit Agreement as of June 30, 2025. The Company had $374.2 million, excluding deferred financing costs, outstanding under the Second Amended and Restated Credit Agreement, which is the estimated fair value as of December 31, 2025. For further information on the estimated fair value of debt see Note 1. Basis of Presentation. The following is a schedule, by years, of maturities for the remaining term loan facility as of June 30, 2026:
During the three and six months ended June 30, 2026, the Company made principal payments of $30.0 million on the Company's outstanding revolving credit facility. The maturity of the remaining revolving credit facility of $44.2 million is December 16, 2030. The Company was in compliance with its financial covenants under the Second Amended and Restated Credit Agreement as of June 30, 2026. A certain number of the Company's domestic subsidiaries are guarantors for a credit agreement between certain of its foreign subsidiaries and institutional lenders that is in addition to the Second Amended and Restated Credit Agreement. As of June 30, 2026, all of the Company's credit facilities provide a total of $565.1 million in available borrowing capacity and an irrevocable standby letter of credit in support of various insurance deductibles.
|
||||||||||||||||||||||||||||||||||||||||||||||||