v3.25.4

Debt | 12 Months Ended
--- | ---
Dec. 31, 2025
Debt [Abstract] |
Debt | 6. Debt Long-term Debt Long-term debt consisted of the following obligations at December 31:
(In thousands) |  | 2025 |  |  | 2024 |
4.19% senior notes due November 2025 |  | $ | - |  |  | $ | 25,000 |
6.08% senior notes due November 2026 |  |  | 35,000 |  |  |  | 35,000 |
6.14% senior notes due November 2027 |  |  | 35,000 |  |  |  | 35,000 |
4.94% senior notes due May 2028 |  |  | 75,000 |  |  |  | 75,000 |
4.83% senior notes due November 2029 |  |  | 60,000 |  |  |  | - |
6.34% senior notes due November 2029 |  |  | 35,000 |  |  |  | 35,000 |
1.71% Euro-denominated senior notes due May 2027 |  |  | 46,981 |  |  |  | 41,416 |
4.15% Euro-denominated senior notes due May 2028 |  |  | 46,981 |  |  |  | 41,416 |
4.62% Euro-denominated senior notes due November 2029 |  |  | 46,981 |  |  |  | 41,416 |
2.76% British Pound-denominated notes due November 2025 |  |  | - |  |  |  | 31,289 |
Euro-denominated term loan |  |  | 88,090 |  |  |  | 77,657 |
Revolving Credit Facilities |  |  | 240,488 |  |  |  | 175,125 |
Various other notes |  |  | 369 |  |  |  | 536 |
Total debt |  |  | 709,890 |  |  |  | 613,855 |
Less debt fees |  |  | (429 | ) |  |  | (133 | )
Less current portion |  |  | (229 | ) |  |  | (199 | )
Total long-term debt |  | $ | 709,232 |  |  | $ | 613,523 |
In June 2025, the Company entered into a Fourth Amended and Restated Credit Agreement (Credit Agreement). The Credit Agreement provides for a $400 million senior unsecured revolving credit facility, with up to $20 million of the facility being available as a sub-facility for standby and commercial letters of credit and sub-limits of up to $50 million on swing line loans. The Credit Agreement amended and restated the Company’s Third Amended and Restated Credit Agreement to, among other things, (i) increase the aggregate revolving commitment amount from $350 million to $400 million, (ii) increase the incremental revolving commitment from $100 million to $150 million, (iii) extend the maturity of the Company’s revolving credit facility from May 2026 to June 2030, and (iv) modify certain other provisions. Funds are available in U.S. dollars, Euros, English pounds, and other major currencies. Proceeds from the facility have been and will be used to refinance existing indebtedness of the Company, for working capital, and other general corporate purpose needs, including capital expenditures, of the Company. In June 2025, the Company also amended its term loan agreement (Term Loan) with PNC Bank, N.A (PNC Bank) to extend the maturity date from November 2025 to June 2027. The term loan acts 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 of 1.125%. The average interest rate on the Term Loan was 3.30% for the year ended December 31, 2025. In June 2025, the Company also amended its accounts receivable securitization program with Wells Fargo Bank N.A. (Wells Fargo) to, among other things, (i) increase the facility limit from $85 million to $105 million and (ii) extend the termination date from August 2025 to August 2026. Under the amended program, Wells Fargo has extended a secured loan (Secured Loan) of up to $105 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 Daily One Month Term SOFR as administered by CME Group Benchmark Administration Limited plus an Applicable Margin of 77.5 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, 2025, the amount was fully drawn. In November 2025, the Company entered into an Amended and Restated Consolidated Note Purchase and Master Note Agreement (Master Note Agreement) with the purchasers named therein. The Master Note Agreement consolidates all existing senior note purchase agreements of the Company into a single senior note purchase agreement and concurrently amends and restates the note purchase agreement to be in the form of the Master Note Agreement. The Master Note Agreement provides a framework for the issuance of up to an aggregate of $825 million of notes, including the existing outstanding senior notes, with a three-year draw period, but does not include commitments by any purchaser to purchase additional notes beyond those already outstanding. The notes drawn during this period can have maturity dates up to 12 years from the date of issuance. In November 2025, the Company issued $60 million of U.S. dollar-denominated senior notes under the Master Note Agreement, maturing in November 2029 and bearing an interest rate of 4.83%. The proceeds were used to repay the Company’s existing $25 million 4.19% senior notes due November 1, 2025 and £25 million 2.76% senior notes due November 1, 2025. The borrowings under the revolving credit facility, excluding borrowings on the accounts receivable securitization program, had an average interest rate of 4.44% and 5.46% for the years ended December 31, 2025 and 2024, respectively. The aggregate amounts of contractual maturities on long-term debt subsequent to December 31, 2025, are as follows:
(In thousands) |  |  |
Year ending December 31, |  |  |
2026 |  | $ | 139,845 |
2027 |  |  | 170,103 |
2028 |  |  | 121,889 |
2029 |  |  | 141,907 |
2030 |  |  | 135,488 |
Total long-term debt maturities |  | $ | 709,232 |
The Company had $261.2 million available under the revolving credit facility and $6.0 million available under other lines of credit from several banks at December 31, 2025. 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, 2025. The Company had stand-by and trade letters of credit outstanding of $3.3 million and $3.4 million as of December 31, 2025 and 2024, respectively. Short-term Borrowings The Company’s short-term borrowings consisted of the following items at December 31:
(In thousands) |  | 2025 |  |  | 2024 |
U.S. credit facilities |  | $ | - |  |  | $ | 18,382 |
Current maturities of long-term debt |  |  | 229 |  |  |  | 199 |
Loans of foreign subsidiaries |  |  | 123 |  |  |  | 1,267 |
Total |  | $ | 352 |  |  | $ | 19,848 |
The weighted average interest rates on short-term borrowings were 5.03% and 5.67% at December 31, 2025 and 2024, 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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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