Debt and Credit Agreements

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt and Credit Agreements

Debt and Credit Agreements

Long-term debt consists of the following:

(In thousands)	March 31 2024		December 31 2023
Senior Secured Credit Facilities:
New Term Loan	$	486,250	$	487,500
Revolving Credit Facility	457,000		422,000
5.75% Senior Notes	475,000		475,000
Other financing payable (including finance leases) in varying amounts	53,810		44,469
Total debt obligations	1,472,060		1,428,969
Less: deferred financing costs	(11,156)		(11,974)
Total debt obligations, net of deferred financing costs	1,460,904		1,416,995
Less: current maturities of long-term debt	(16,021)		(15,558)
Long-term debt	$	1,444,883	$	1,401,437

The Senior Secured Credit Facilities contain a consolidated net debt to Consolidated Adjusted EBITDA ratio covenant, which is not to exceed 5.25x for the quarter ended March 31, 2024 and then decreasing quarterly until reaching 4.00x on December 31, 2024. The total net leverage ratio covenant applicable to the third quarter of 2024 and earlier is subject to a 0.50x decrease upon the divestiture of Rail. The Company's required coverage of consolidated interest charges is set at a minimum of 2.75x through the end of 2024, subject to an increase to 3.00x upon closing of the divestiture of Rail, and 3.00x beginning with the first quarter of 2025.

At March 31, 2024, the Company was in compliance with its debt covenants under the Senior Secured Credit Facilities, with a total net debt to Consolidated Adjusted EBITDA ratio of 4.08x and a total interest coverage ratio of 3.06x. The Company believes it will continue to maintain compliance with these covenants based on its current outlook. However, the Company's estimates of compliance with these covenants could change in the future with a deterioration in economic conditions, higher than forecasted interest rate increases, the timing of working capital including the collection of receivables or an inability to realize increased pricing and implement cost reduction initiatives that mitigate the impacts of inflation and other factors that may adversely impact its realized operating margins.

Facility Fees and Debt-Related Income (Expense)

The components of the Condensed Consolidated Statements of Operations caption Facility fees and debt-related income (expense) were as follows:

	Three Months Ended
	March 31
(In thousands)	2024		2023
Unused debt commitment and amendment fees	$	—	$	(12)
Securitization and factoring fees	(2,789)		(2,351)
Facility fees and debt-related income (expense)	$	(2,789)	$	(2,363)