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Long-Term Debt
 12 Months Ended
Dec. 31, 2024
Long-Term Debt Disclosure [Abstract]  
Long-Term Debt
(10) Long-Term Debt

 

Long-term debt consists of the following:

 

    December 31,  
    2024     2023  
$41.6 million (€40 million) payable in 36 monthly installments of approximately $1.1 million each beginning in August 2024, bearing interest at 4.03% per annum
$ 36,087

$ —
$51.9 million (€50 million) payable in 48 equal monthly installments of $1.1 million beginning in December 2022, bearing interest at one-month Euribor plus 0.825%  
25,052    
40,334  
$124.7 million (€120 million) payable in 120 equal monthly installments of $1.1 million beginning in April 2021, bearing interest at one-month Euribor plus 0.75%     77,481       95,576  
$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     8,416       9,172  
$15.6 million payable (€15 million) in 10 equal annual installments of $1.5 million beginning in October 2021 including interest imputed at 2.0% per annum     10,305       12,402  
      157,341       157,484  
Less current maturities     41,607       29,587  
Total   $ 115,734     $ 127,897  


In July 2024, the Company entered into a $41.6 million (€40 million) three-year loan agreement. The loan agreement bears interest at 4.03% per annum. 


In December 2022, to finance Interparfums SA’s acquisition of the Lacoste trademark, the Company entered into a $51.9 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 derivative instrument and is therefore recorded at fair value and changes in fair value are reflected in the accompanying consolidated statements of income.

 

In April 2021, to finance the acquisition of Interparfums SA’s corporate headquarters, the Company entered into a $124.7 million (€120 million) ten-year credit agreement. Approximately $88.4 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, 2024 are approximately $41.6 million in 2025, $41.0 million in 2026, $23.5 million in 2027, $15.0 million in 2028, $15.0 million in 2029, and $21.0 million thereafter through 2033.