Long-Term Debt |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consisted of the following at June 30:
In May 2026, the Company completed refinancing transactions designed to enhance liquidity, extend debt maturities and increase financial flexibility. The Company issued $300.0 million of 5.800% Senior Unsecured Notes due 2036 (the "2036 Notes"). Interest is paid semi-annually on May 28 and November 28 of each year. Net proceeds from the 2036 Notes were used to fund a tender offer for the Company's outstanding 4.625 percent Senior Unsecured Notes due 2028 (the "2028 Notes"). The tender offer resulted in the repurchase of $209.4 million out of the total $300.0 million aggregate principal of the 2028 Notes. In connection with these transactions, the Company also entered into a new $500.0 million three-year term loan and amended its Credit Agreement (as defined in Note 12) to increase aggregate commitments by $200.0 million. The Company expects to have fully drawn the $500.0 million term loan by September 30, 2026, after which any undrawn commitments will no longer be available. In February 2021, we issued $300.0 million of 2.800 percent Senior Unsecured Notes with a maturity date of March 1, 2031. Interest is paid semi-annually on March 1 and September 1 of each year. As of June 30, 2026, the future principal maturities of long-term debt are $90.6 million in 2028, $300.0 million in 2031 and $300.0 million in 2036. The 2028 Notes were fully redeemed on July 1, 2026. Fixed rate debt had a fair market value of $666.7 million and $570.8 million at June 30, 2026 and 2025, respectively. The Level 2 fair value is determined based on the quoted market prices for similar debt instruments as of June 30, 2026 and 2025, respectively.
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