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DEBT | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
DEBT | DEBT Revolving Credit Facility and Overdrafts At September 30, 2024 and December 31, 2023, our revolving credit facility and overdrafts consisted of the following:
| September 30, 2024 |  | December 31, 2023
Revolving credit facility | $ | 222,650 |  |  | $ | 80,662 |
Overdraft | 167 |  |  | 1,132 |
| $ | 222,817 |  |  | $ | 81,794 |
Aptar has a revolving credit facility (the “revolving credit facility”) with a syndicate of banks that provides us with unsecured financing of up to $600 million, which may be increased by up to $300 million more, subject to the satisfaction of certain conditions. The revolving credit facility is available in the U.S. and to our wholly-owned UK subsidiary and could be drawn in various currencies including USD, EUR, GBP, and CHF. The revolving credit facility was set to mature in June 2026, but on July 2, 2024, Aptar entered into a new amended and restated agreement (the “amended revolving credit facility”) that extended the maturity date to July 2029, subject to a maximum of two one-year extensions in certain circumstances, As of December 31, 2023, Aptar had utilized $36.5 million and €40.0 million ($44.2 million) under the revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary. As of September 30, 2024, Aptar had utilized €200 million ($222.7 million) under the amended revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary. On July 2, 2024, we entered into a term loan with a syndicate of banks (the “Term Loan”). The Term Loan matures in July 2027 and enabled drawings on the loan until September 30, 2024 and provided for unsecured financing of up to $330 million available in the U.S. Funds are to be used to refinance near-term maturities and for general corporate purposes. As of September 30, 2024, $166 million was utilized under the Term Loan facility and the unused portion expired. There are no compensating balance requirements associated with our amended revolving credit facility. Each borrowing under the amended 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 amended 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 amended revolving credit facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the amended 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 September 30, 2024 or December 31, 2023. Long-Term Obligations On February 26, 2024, we repaid in full the $100 million 3.49% Senior Unsecured Notes that were due in February 2024. On July 19, 2024, we repaid in full the €200 million 1.17% Senior Unsecured Notes that were due in July 2024. On September 5, 2024, we repaid in full the $50 million 3.4% Senior Unsecured Notes that were due in September 2024. These were repaid using borrowings from our revolving credit facility or the Term Loan. At September 30, 2024 and December 31, 2023, our long-term obligations consisted of the following:
| September 30, 2024 |  | December 31, 2023
Notes payable 0.10% – 2.25%, due in monthly and annual installments through 2031 | $ | 16,893 |  |  | $ | 14,988 |
Senior unsecured notes 3.4%, due in 2024 | — |  |  | 50,000 |
Senior unsecured notes 3.5%, due in 2024 | — |  |  | 100,000 |
Senior unsecured notes 1.2%, due in 2024 | — |  |  | 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 |
Term loan 6.4% floating, due in 2027 | 166,000 |  |  | — |
Senior unsecured notes 3.6%, due in 2032, net of discount of $0.8 million | 399,232 |  |  | 399,154 |
Finance Lease Liabilities | 24,917 |  |  | 26,478 |
Unamortized debt issuance costs | (4,016) |  |  | (3,816) |
| $ | 853,026 |  |  | $ | 1,057,614 |
Current maturities of long-term obligations | (30,295) |  |  | (376,426) |
Total long-term obligations | $ | 822,731 |  |  | $ | 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 | $ | 26,912 |
Year Two | 134,438 |
Year Three | 271,276 |
Year Four | 111 |
Year Five | 78 |
Thereafter | 399,310 |
Covenants Our amended revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including:
|  | Requirement |  | Level at September 30, 2024
Consolidated Leverage Ratio (1) |  | Maximum of 3.50 to 1.00 |  | 1.10 to 1.00
Consolidated Interest Coverage Ratio (1) |  | Minimum of 3.00 to 1.00 |  | 16.81 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 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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