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Long-Term Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Long-Term Debt

 

(11)Long-Term Debt

 

Long-term debt consists of the following:

 

   December 31, 
   2022   2021 
$53.3 million payable in 48 equal monthly installments of $1.1 million beginning in December 2022, bearing interest at one-month Euribor plus 0.825%  $52,061   $— 
$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%   104,758    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   9,890    10,569 
$17 million payable in 10 equal annual installments of $1.7 million beginning in October 2021 including interest imputed at 2.0% per annum   13,332    13,859 
    180,041    148,803 
Less current maturities   28,547    15,911 
Total  $151,494   $132,892 

 

In December 2022, to finance Interparfums SA’s acquisition of the Lacoste trademark, the Company entered into a $53.3 million (€50 million) four-year loan agreement. The loan agreement bears interest at EURIBOR-1 month rates plus a margin of 0.825%. This variable rate debt was swapped for variable interest rate debt with a maximum rate of 2% per annum. The swap is a hedged derivative instrument and is therefore recorded at fair value and changes in fair value are reflected in other comprehensive income.

 

In April 2021, to finance the acquisition of Interparfums SA’s future corporate headquarters, the Company entered into a $128.0 million (€120 million) ten-year credit agreement. Approximately $85.3 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, 2022 are approximately $30.4 million in 2023 and $28.7 million per year thereafter through 2033.