DEBT |
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| DEBT | NOTE 10 — DEBT At September 30, 2026 and December 31, 2025, debt consisted of the following:
Senior Unsecured Notes As of September 30, 2026, the Company’s total weighted average effective interest rate and remaining weighted average tenure of the senior unsecured notes was 4.16%, including the impact from terminated swap agreements, and 7.9 years, respectively. The senior unsecured notes contain certain affirmative and negative covenants. As of September 30, 2026, the Company was in compliance with all of its debt covenants relating to the senior unsecured notes. Revolving Credit Agreements On June 20, 2024, the Company entered into a $1 billion revolving credit facility, which may be increased, subject to certain conditions including the consent of its lenders, by an additional amount up to $300,000. The revolving credit facility matures on June 20, 2029. The revolving credit facility will initially bear interest on outstanding borrowings at a per annum rate equal to secured overnight finance rate (“”) plus 1.10% and could fluctuate based on the Company’s total net leverage ratio at a spread ranging from SOFR plus 1.10% to SOFR plus 1.60%. The financial covenants consist of a maximum net leverage ratio of 3.5x EBITDA and a minimum interest coverage ratio of 2.5x EBITDA. The revolving credit facility contains customary representations and warranties, as well as customary affirmative, negative and financial covenants for credit facilities of this type (subject to negotiated baskets and exceptions), including limitations on the Company and its subsidiaries with respect to liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. As of September 30, 2026 the Company was in compliance with all of its covenants and had no outstanding borrowings under the revolving credit facility. The Company has other lines of credit and debt agreements totaling $50,065. As of September 30, 2026, the Company was in compliance with all of its covenants and had no outstanding debt under short-term lines of credit. Fair Value of Debt At September 30, 2026 and December 31, 2025, the fair value of long-term debt, including the current portion, was approximately $1,028,632 and $1,125,338, respectively. The approximate fair value of the Company’s long-term debt, including current maturities, was based on a valuation model using Level 2 observable inputs using available market information and methodologies requiring judgment. The carrying value of this debt at such dates was $1,149,969 and $1,150,232, respectively. Since judgment is required in interpreting market information, the fair value of the debt is not necessarily the amount which could be realized in a current market exchange. |
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