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Long-Term Debt

12 Months Ended

Dec. 31, 2021

(11)	Long-Term Debt

Long-term debt consists of the following:

	December 31,
	2021		2020
$135.9 million payable in 120 equal monthly installments of $1.1 million beginning in April 2021, bearing interest at one-month Euribor plus 0.75%	$	124,375	$	—
$15.0 million payable in 14 equal annual installments of $1.1 million beginning in January 2020 including interest imputed at 4.1% per annum		10,569		11,208
$17 million payable in 10 equal annual installments of $1.7 million beginning in October 2021 including interest imputed at 2.0% per annum		13,869		—
$13.4 million term loan amended such that the loan was repaid in February 2021 plus interest at 0.85% per annum		—		13,498
		148,813		24,706
Less current maturities		15,911		14,570
Total	$	132,902	$	10,136

In April 2021, to finance the acquisition of Interparfums SA’s future corporate headquarters, the Company entered into a $135.9 million (€120 million) ten-year credit agreement. Approximately $90.6 million (€80.0 million) of the variable rate debt was swapped for variable interest rate debt with maximum rate of 2% per annum. The swap is a derivative instrument and is therefore recorded at fair value and changes in fair value are reflected in the accompanying consolidated statements of income.

Maturities of long-term debt subsequent to December 31, 2021 are approximately $15.9 million in 2022 and $16.4 million per year thereafter through 2033.