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v3.25.4

DEBT | 12 Months Ended
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Dec. 31, 2025
DEBT |
DEBT | NOTE 9 – DEBT At December 31, 2025 and 2024, debt consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | December 31,
​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Long-term debt |  | Interest Rate |  |  | ​ | ​ |  | ​ | ​
Senior Unsecured Notes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2015 Notes - Series A due August 20, 2025 (1) | ​ | 3.15 | % | ​ | $ | — | ​ | $ | 100,000
2015 Notes - Series B due August 20, 2030 | ​ | 3.35 | % | ​ | ​ | 100,000 | ​ | ​ | 100,000
2015 Notes - Series C due April 1, 2035 | ​ | 3.61 | % | ​ | ​ | 50,000 | ​ | ​ | 50,000
2015 Notes - Series D due April 1, 2045 | ​ | 4.02 | % | ​ | ​ | 100,000 | ​ | ​ | 100,000
2016 Notes - Series A due October 20, 2028 | ​ | 2.75 | % | ​ | ​ | 100,000 | ​ | ​ | 100,000
2016 Notes - Series B due October 20, 2033 | ​ | 3.03 | % | ​ | ​ | 100,000 | ​ | ​ | 100,000
2016 Notes - Series C due October 20, 2037 | ​ | 3.27 | % | ​ | ​ | 100,000 | ​ | ​ | 100,000
2016 Notes - Series D due October 20, 2041 | ​ | 3.52 | % | ​ | ​ | 50,000 | ​ | ​ | 50,000
2024 Notes - Series A due August 22, 2029 | ​ | 5.55 | % | ​ | ​ | 75,000 | ​ | ​ | 75,000
2024 Notes - Series B due August 22, 2031 | ​ | 5.62 | % | ​ | ​ | 75,000 | ​ | ​ | 75,000
2024 Notes - Series C due June 20, 2034 | ​ | 5.74 | % | ​ | ​ | 400,000 | ​ | ​ | 400,000
Other borrowings due through 2030 | ​ | Variable (2) | ​ | ​ |  | 10 | ​ |  | 10
​ | ​ | ​ | ​ | ​ |  | 1,150,010 | ​ |  | 1,250,010
Plus interest rate swap adjustment | ​ | ​ | ​ | ​ | ​ | 2,678 | ​ | ​ | 3,355
Less current portion | ​ | ​ | ​ | ​ |  | — | ​ |  | 100,004
Less debt issuance costs | ​ | ​ | ​ | ​ | ​ | 2,460 | ​ |  | 2,810
Long-term debt, less current portion | ​ | ​ | ​ | ​ |  | 1,150,228 | ​ |  | 1,150,551
Short-term debt | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​
Amounts due to banks | ​ | Variable (3) | ​ | ​ |  | 143,780 | ​ |  | 10,520
Current portion long-term debt | ​ | ​ | ​ | ​ |  | — | ​ |  | 100,004
Total short-term debt | ​ | ​ | ​ | ​ |  | 143,780 | ​ |  | 110,524
Total debt | ​ | ​ | ​ | ​ | $ | 1,294,008 | ​ | $ | 1,261,075
​
| (1) | On August 20, 2025, the Company repaid the Series A notes in full at maturity.
| (2) | Interest rate was 7.97% for both years ended December 31, 2025 and 2024.
| (3) | Weighted average interest rate on the revolving credit facility was 4.7% as of December 31, 2025. Weighted average interest of other lines of credit related to liquidity needs in a hyperinflationary country was 41.6% in 2025 and 47.8% in 2024.
At December 31, 2025 and 2024, the fair value of long-term debt, including the current portion, was approximately $1,125,338 and $1,184,313, 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 $1,150,232 and $1,250,555 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. Senior Unsecured Notes On June 20, 2024, the Company entered into a Note Purchase Agreement (the “NPA”) pursuant to which it agreed to issue new senior unsecured notes (“2024 Notes”) in an aggregate principal amount of $550,000, at par. Pursuant to the NPA, the Company issued one series of the 2024 Notes in the aggregate principal amount of $400,000 on June 20, 2024, and two series of the 2024 Notes each in the aggregate principal amount of $75,000 on August 22, 2024. On April 1, 2015 and October 20, 2016, the Company entered into separate Note Purchase Agreements pursuant to which it issued senior unsecured notes each in the aggregate principal amount of $350,000, at par. On August 20, 2025, the Company repaid its $100,000 2015 Series A notes in full at maturity. As of December 31, 2025, the Company’s total weighted average effective interest rate and remaining weighted average tenure of the senior unsecured notes is 4.2%, including the impact from terminated swap agreements and 8.7 years, respectively. Interest on the senior unsecured notes is paid semi-annually. The senior unsecured notes contain certain affirmative and negative covenants. As of December 31, 2025, 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 terminated its existing $500,000 revolving credit facility and 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 SOFR 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 December 31, 2025, the Company was in compliance with all of its covenants. The Company had borrowings under the revolving credit facility of $142,000 as of December 31, 2025. The Company has other lines of credit and debt agreements totaling $26,854. As of December 31, 2025 the Company was in compliance with all of its covenants and had outstanding debt under short-term lines of credit of $1,780. Other Maturities of long-term debt, including payments for amounts due banks, for the five years succeeding December 31, 2025 are $143,780 in 2026, $6 in 2027, $100,000 in 2028, $75,000 in 2029, $100,000 in 2030 and $875,000 thereafter. Total interest paid was $58,829 in 2025, $51,264 in 2024 and $49,366 in 2023. The difference between interest paid and interest expense is due to the accrual of interest associated with the Senior Unsecured Notes and interest rate derivative contracts discussed in Note 14.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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