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Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt, net consisted of the following at December 31:
20232022
(In thousands)
U.S. dollar 3.73% senior notes due September 2024
$300,000 $300,000 
U.S. dollar 3.91% senior notes due June 2025
50,000 50,000 
U.S. dollar 3.96% senior notes due August 2025
100,000 100,000 
U.S. dollar 4.18% senior notes due December 2025
275,000 275,000 
U.S. dollar 3.83% senior notes due September 2026
100,000 100,000 
U.S. dollar 4.32% senior notes due December 2027
250,000 250,000 
U.S. dollar 4.37% senior notes due December 2028
50,000 50,000 
U.S. dollar 3.98% senior notes due September 2029
100,000 100,000 
U.S. dollar 4.45% senior notes due August 2035
50,000 50,000 
British pound 2.59% senior note due November 2028
191,076 181,157 
British pound 2.70% senior note due November 2031
95,543 90,579 
Euro 1.34% senior notes due October 2026
331,770 320,808 
Euro 1.71% senior notes due December 2027
82,945 80,205 
Euro 1.53% senior notes due October 2028
221,203 213,894 
Revolving credit facility borrowings1,116,000 219,000 
Other, principally foreign5,534 11,759 
Less: Debt issuance costs(5,724)(7,395)
Total debt, net3,313,347 2,385,007 
Less: Current portion, net(1,417,915)(226,079)
Total long-term debt, net$1,895,432 $2,158,928 
Maturities of long-term debt borrowings outstanding at December 31, 2023 were as follows: $425.0 million in 2025; $431.8 million in 2026; $332.9 million in 2027; $462.3 million in 2028; $100.0 million in 2029; and $143.4 million in 2030 and thereafter.
In December 2018, the Company completed a private placement agreement to sell $575 million and 75 million Euros in senior notes to a group of institutional investors (the “2018 Private Placement”) utilizing two funding dates. The first funding occurred in December 2018 for $475 million and 75 million Euros ($82.9 million at December 31, 2023). The second funding was in January 2019 for $100 million. The 2018 Private Placement senior notes carry a weighted average interest rate of 3.93% and are subject to certain customary covenants, including financial covenants that, among other things, require the Company to maintain certain debt-to-EBITDA (earnings before interest, income taxes, depreciation and amortization) and interest coverage ratios.
In September 2014, the Company issued $300 million in aggregate principal amount of 3.73% senior notes due September 2024, $100 million in aggregate principal amount of 3.83% senior notes due September 2026 and $100 million in aggregate principal amount of 3.98% senior notes due September 2029. In June 2015, the Company issued $50 million in aggregate principal amount of 3.91% senior notes due June 2025. In August 2015, the Company issued $100 million in aggregate principal amount of 3.96% senior notes due August 2025 and $50 million in aggregate principal amount of 4.45% senior notes due August 2035.
In October 2016, the Company issued 300 million Euros ($331.8 million at December 31, 2023) in aggregate principal amount of 1.34% senior notes due October 2026 and 200 million Euros ($221.2 million at December 31, 2023) in aggregate principal amount of 1.53% senior notes due October 2028. In November 2016, the Company issued 150 million British pounds ($191.1 million at December 31, 2023) in aggregate principal amount of 2.59% senior notes due November 2028 and 75 million British pounds ($95.5 million at December 31, 2023) in aggregate principal amount of 2.70% senior notes due November 2031.
On May 12, 2022, the Company along with certain of its foreign subsidiaries amended its credit agreement dated as of September 22, 2011, as amended and restated as of March 10, 2016 and as further amended and restated as of October 30, 2018 (the “Credit Agreement”). The Credit Agreement amends and restates the Company’s existing revolving credit facility to increase the size from $1.5 billion to $2.3 billion and terminates the $800 million term loan. The Credit Agreement consists of a five-year revolving credit facility with a final maturity date in May 2027. The revolving credit facility total borrowing capacity excludes an accordion feature that permits the Company to request up to an additional $700 million in revolving credit commitments at any time during the life of the Credit Agreement under certain conditions. The credit agreement places certain restrictions on allowable additional indebtedness. In November 2021, the Company further amended the Credit Agreement to address the cessation of LIBOR on certain currencies. At December 31, 2023, the Company had available borrowing capacity of $1,829.3 million under its revolving credit facility, including the $700 million accordion feature.
Interest rates on outstanding borrowings under the revolving credit facility are at the applicable benchmark rate plus a negotiated spread or at the U.S. prime rate. At December 31, 2023 and 2022, the Company had $1,116.0 million and $219.0 million of borrowings outstanding under the revolving credit facility, respectively. The weighted average interest rate on the revolving credit facility for the years ended December 31, 2023 and 2022 was 6.22% and 3.57%, respectively. The Company had outstanding letters of credit primarily under the revolving credit facility totaling $54.7 million and $35.8 million at December 31, 2023 and 2022, respectively.
The private placements, the senior notes and the revolving credit facility are subject to certain customary covenants, including financial covenants that, among other things, require the Company to maintain certain debt-to-EBITDA and interest coverage ratios. The Company was in compliance with all provisions of the debt arrangements at December 31, 2023.
Foreign subsidiaries of the Company had available credit facilities with local foreign lenders of $73.8 million and $64.1 million at December 31, 2023 and 2022, respectively. At December 31, 2023, foreign subsidiaries had $5.5 million in debt borrowings outstanding, which was reported in short-term borrowings. At December 31, 2022, foreign subsidiaries had $11.8 million of debt borrowings outstanding.
The weighted average interest rate on total debt borrowings outstanding at December 31, 2023 and 2022 was 4.2% and 3.4%, respectively.