Subsequent Events |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | NOTE 14. — SUBSEQUENT EVENTS In preparing our unaudited consolidated financial statements, we have evaluated events and transactions occurring after September 30, 2026, for recognition or disclosure purposes. Based on this evaluation, there were no significant subsequent events from September 30, 2026, other than as described below, through the date the financial statements were issued. On October 16, 2026, the Company entered into the Second Amendment to Third Amended and Restated Credit Agreement among certain of its subsidiaries, as guarantors (the “Guarantors”), and Bank of America, N.A., as Administrative Agent (the “Administrative Agent”), which amended the Third Amended and Restated Credit Agreement, dated as of January 23, 2025 (the “Existing Credit Agreement”), among the Company, the Guarantors from time to time party thereto, the lenders from time to time party thereto (the “Lenders”), the Administrative Agent and the L/C Issuers (as defined in the Existing Credit Agreement) from time to time party thereto. The purpose of the amendment was to (i) provide for a new senior unsecured term loan in an aggregate principal amount of $200.0 million (the “Term Loan”), (ii) remove the 10.0 basis points SOFR Adjustment from the definition of Daily Simple SOFR as applied to borrowings under the Company's Credit Facility, and (iii) change the definition of Investment Grade Credit Rating to mean the receipt of at least one Debt Rating of Baa3 or better from Moody’s or BBB- or better from S&P or Fitch (vs. the receipt of at least two Debt Ratings previously). The Term Loan matures October 16, 2028, subject to three twelve-month extension options exercisable at the Company's option. The Company's exercise of the extension option is subject to the absence of any default and its compliance with certain conditions, including the payment of extension fees to the lenders under the Term Loan. Borrowings under the Term Loan bear interest at a rate equal to (i) the sum of a SOFR rate plus a margin of 0.75% to 1.55% or (ii) the sum of a base rate plus a margin of 0.00% to 0.50% based on the Company's credit rating. The effective interest rate on the Term Loan at closing was 5.03%. |