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DEBT | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
DEBT | DEBT Notes Payable, Revolving Credit Facility and Overdrafts At March 31, 2024 and December 31, 2023, our notes payable, revolving credit facility and overdrafts consisted of the following:
| March 31, 2024 |  | December 31, 2023
Revolving credit facility 6.33% to 6.43% | $ | 149,500 |  |  | $ | 80,662 |
Overdrafts 2.11% to 3.71% | 14,542 |  |  | 1,132 |
| $ | 164,042 |  |  | $ | 81,794 |
Aptar has a revolving credit facility (the "revolving credit facility') with a syndicate of banks which matures in June 2026. The revolving credit facility is subject to a maximum of two one-year extensions in certain circumstances and provides for unsecured financing of up to $600 million available in the U.S. and to our wholly-owned UK subsidiary. The revolving credit facility can be drawn in various currencies including USD, EUR, GBP, and CHF to the equivalent of $600 million, which may be increased by up to $300 million subject to the satisfaction of certain conditions. As of March 31, 2024, $149.5 million was utilized under the revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary. As of December 31, 2023, $36.5 million and €40.0 million ($44.2 million) was utilized under the revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary. There are no compensating balance requirements associated with our revolving credit facility. Each borrowing under the revolving credit facility will bear interest at rates based on SOFR (in the case of USD), EURIBOR (in the case of EUR), SONIA (in the case of GBP), SARON (in the case of CHF), prime rates or other similar rates, in each case plus an applicable margin. The revolving credit facility also provides mechanics relating to a transition away from designated benchmark rates for other available currencies and the replacement of any such applicable benchmark by a replacement alternative benchmark rate or mechanism for loans made in the applicable currency. A facility fee on the total amount of the revolving credit facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the revolving credit facility and the facility fee percentage may change from time to time depending on changes in our consolidated leverage ratio. Aptar has an unsecured money market borrowing arrangement to provide short term financing of up to $30 million that is available in the U.S. No borrowing on this facility is permitted over a quarter end date. As such, no balance was utilized under this arrangement as of March 31, 2024 or December 31, 2023. Long-Term Obligations On February 26, 2024, we repaid in full the $100 million 3.49% Senior Notes that were due in February 2024. At March 31, 2024 and December 31, 2023, our long-term obligations consisted of the following:
| March 31, 2024 |  | December 31, 2023
Notes payable 0.00% – 2.25%, due in monthly and annual installments through 2030 | $ | 14,207 |  |  | $ | 14,988 |
Senior unsecured notes 3.4%, due in 2024 | 50,000 |  |  | 50,000 |
Senior unsecured notes 3.5%, due in 2024 | — |  |  | 100,000 |
Senior unsecured notes 1.2%, due in 2024 | 215,820 |  |  | 220,810 |
Senior unsecured notes 3.6%, due in 2025 | 125,000 |  |  | 125,000 |
Senior unsecured notes 3.6%, due in 2026 | 125,000 |  |  | 125,000 |
Senior unsecured notes 3.6%, due in 2032, net of discount of $0.8 million | 399,180 |  |  | 399,154 |
Finance Lease Liabilities | 26,115 |  |  | 26,478 |
Unamortized debt issuance costs | (3,647) |  |  | (3,816) |
| $ | 951,675 |  |  | $ | 1,057,614 |
Current maturities of long-term obligations | (271,317) |  |  | (376,426) |
Total long-term obligations | $ | 680,358 |  |  | $ | 681,188 |
The aggregate long-term maturities, excluding finance lease liabilities and unamortized debt issuance costs, which are discussed in Note 7, due annually from the current balance sheet date for the next five years and thereafter are:
Year One | $ | 267,768 |
Year Two | 131,503 |
Year Three | 130,561 |
Year Four | 74 |
Year Five | 59 |
Thereafter | 399,242 |
Covenants Our revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including:
|  | Requirement |  | Level at March 31, 2024
Consolidated Leverage Ratio (1) |  | Maximum of 3.50 to 1.00 |  | 1.39 to 1.00
Consolidated Interest Coverage Ratio (1) |  | Minimum of 3.00 to 1.00 |  | 16.75 to 1.00
________________________________________ (1)Definitions of ratios are included as part of the revolving credit facility agreement and the private placement agreements.

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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 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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