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Debt | 12 Months Ended
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Dec. 31, 2023
Debt [Abstract] |
Debt | 6. Debt Long-term Debt Long-term debt consisted of the following unsecured obligations at December 31:
(In thousands) |  | 2023 |  |  | 2022 |
3.66% senior notes due November 2023 |  | $ | - |  |  | $ | 75,000 |
3.65% senior notes due May 2024 |  |  | 27,000 |  |  |  | 27,000 |
4.19% senior notes due November 2025 |  |  | 25,000 |  |  |  | 25,000 |
6.08% senior notes due November 2026 |  |  | 35,000 |  |  |  | - |
6.14% senior notes due November 2027 |  |  | 35,000 |  |  |  | - |
4.94% senior notes due May 2028 |  |  | 75,000 |  |  |  | - |
6.34% senior notes due November 2029 |  |  | 35,000 |  |  |  | - |
3.06% Euro-denominated senior notes due November 2023 |  |  | - |  |  |  | 40,945 |
1.27% Euro-denominated senior notes due May 2024 |  |  | 55,194 |  |  |  | 53,527 |
1.71% Euro-denominated senior notes due May 2027 |  |  | 44,155 |  |  |  | 42,822 |
4.15% Euro-denominated senior notes due May 2028 |  |  | 44,155 |  |  |  | - |
4.62% Euro-denominated senior notes due November 2029 |  |  | 44,155 |  |  |  | - |
2.53% British Pound-denominated notes due November 2023 |  |  | - |  |  |  | 30,208 |
2.76% British Pound-denominated notes due November 2025 |  |  | 31,827 |  |  |  | 30,208 |
Euro-denominated term loan |  |  | 82,790 |  |  |  | 80,291 |
Revolving Credit Facilities |  |  | 111,039 |  |  |  | 225,469 |
Various other notes |  |  | 117 |  |  |  | 622 |
Total debt |  |  | 645,432 |  |  |  | 631,092 |
Less debt fees |  |  | (230 | ) |  |  | (260 | )
Less current portion |  |  | (117 | ) |  |  | (501 | )
Total long-term debt |  | $ | 645,085 |  |  | $ | 630,331 |
In November 2022, the Company entered into a €75 million unsecured term loan (Term Loan) with PNC Bank, N.A (PNC Bank) that matures in November 2024. The Company immediately borrowed the full amount of the Term Loan and used the proceeds to repay the €66.9 million 1.85% senior note that came due in November 2022 and a portion of outstanding borrowings on the Company’s revolving credit facility. The term loan will act as a partial hedge of the Company’s net asset position in Euros. See Note 7, Derivative Instruments and Hedging Activity, for additional information. Borrowings on the Term Loan bear interest at a variable rate, based upon the Eurocurrency Rate and including a margin percentage dependent upon the Company’s leverage ratio, as described below. The average interest rate on the Term Loan was 4.49% for the year ended December 31, 2023. In December 2022, the Company amended the amended and restated credit agreement (Credit Agreement) to, among other things, transition from the London Inter-Bank Offered Rate to: (i) the Secured Overnight Financing Rate (SOFR) as the benchmark rate under the Credit Agreement for borrowings denominated in U.S. dollars and (ii) the Euro Interbank Offered Rate for borrowings denominated in Euros. Borrowings under the revolving credit facility bear interest at a variable rate, based upon the applicable reference rate and including a margin percentage dependent upon the Company’s leverage ratio, as described below. The borrowings under the revolving credit facility, excluding borrowings on the accounts receivable securitization program, had an average interest rate of 5.74% and 3.01% for the years ended December 31, 2023 and 2022, respectively. In May 2023, the Company entered into an agreement to issue $75 million and €40 million in five-year, fixed-rate, senior notes at coupon rates of 4.94% and 4.15%, respectively. The notes were issued in May 2023, and the proceeds were used to repay a portion of existing indebtedness under the Company’s Credit Agreement. The notes will mature in May 2028. In August 2023, the Company amended its accounts receivable securitization program with Wells Fargo Bank N.A. (Wells Fargo) to extend the termination date from August 2023 to August 2024. Under the amended program, Wells Fargo has extended a secured loan (Secured Loan) of up to $85 million to the Company secured by Wells Fargo’s undivided interests in certain of the Company’s trade accounts receivables. The interest rate on the Secured Loan is the SOFR as administered by the Federal Reserve Bank of New York plus a 10 basis point Term SOFR Adjustment plus an Applicable Margin of 70 basis points. The Company has the intent and ability either to refinance the Secured Loan with available funds from the Company’s existing long-term revolving credit facility or to extend its accounts receivable program with Wells Fargo when it matures. Accordingly, the Secured Loan has been classified as long-term debt on the Company’s Consolidated Balance Sheet and is included with the Revolving Credit Facilities above. As of December 31, 2023, the amount was fully drawn. In November 2023, the Company entered into a fixed rate, senior note purchase agreement with the purchasers named therein pursuant to which the Company issued $105 million of U.S. dollar-denominated senior notes and €40 million of Euro-denominated senior notes. The three U.S. dollar-denominated notes were issued for $35 million each, maturing in November 2026, November 2027, and November 2029, and bearing interest rates of 6.08%, 6.14%, and 6.34%, respectively. The Euro-denominated note was issued for €40 million, maturing in November 2029 and bearing an interest rate of 4.62%. The proceeds were used to refinance the $75 million 3.66% senior notes due in November 2023 and the €38.2 million 3.06% senior notes due in November 2023, and to repay a portion of the Company’s revolving credit borrowings, including the borrowings previously used to repay the existing balance due on the Company’s 25 million Great British Pound 2.53% senior notes due in November 2023. The aggregate amounts of contractual maturities on long-term debt subsequent to December 31, 2023, are as follows:
(In thousands) |  |  |
Year ending December 31, |  |  |
2024 |  | $ | 249,849 |
2025 |  |  | 56,795 |
2026 |  |  | 61,013 |
2027 |  |  | 79,135 |
2028 |  |  | 119,144 |
Thereafter |  |  | 79,149 |
Total long-term debt maturities |  | $ | 645,085 |
The Company had $317.8 million available under the revolving credit facility and $32.2 million available under other lines of credit from several banks at December 31, 2023. Substantially all of the senior financing obligations contain restrictions concerning interest coverage, borrowings, and investments. The most restrictive loan covenants require a Leverage Ratio less than 3.5 and an Interest Coverage Ratio greater than 3.0, in each case, as defined in the Company’s Credit Agreement. The Company is in compliance with all of these restrictions at December 31, 2023. The Company had stand-by and trade letters of credit outstanding of $6.2 million and $2.8 million as of December 31, 2023 and 2022, respectively. Short-term Borrowings The Company’s short-term borrowings consisted of the following items at December 31:
(In thousands) |  | 2023 |  |  | 2022 |
U.S. credit facilities |  | $ | 13,343 |  |  | $ | 19,872 |
Current maturities of long-term debt |  |  | 117 |  |  |  | 501 |
Total |  | $ | 13,460 |  |  | $ | 20,373 |
The weighted average interest rates on short-term borrowings were 6.58% and 5.47% at December 31, 2023 and 2022, respectively.

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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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