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Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | The following table represents the Company's outstanding debt:
| (in thousands, except interest rates) | September 30, 2024 | December 31, 2023
| Borrowings under the Amended Credit Agreement (1) | $ | 360,000 |  | $ | 446,000 |
| Foreign bank debt | 2,194 |  | 10,885 |
| Total bank debt | 362,194 |  | 456,885 |
| Less: Current maturities of long-term debt | 555 |  | 4,218 |
| Long-term debt | $ | 361,639 |  | $ | 452,667 |
| (1) the credit facility matures in August 2028. At the end of September 30, 2024 and December 31, 2023, the interest rate in effect was 2.50% and 3.49%, respectively, including the effect of interest rate hedging transactions, as described below.
Schedule Interest Rate for Borrowings | The applicable interest rate for borrowings under the Amended Credit Agreement is based on Term SOFR plus a spread, which is based on our leverage ratio (as defined in the Amended Credit Agreement) at the time of a borrowing as follows:
Leverage Ratio | Commitment Fee | ABR Spread | Term Benchmark/ Daily Simple SOFR Spread
<1.00:1.00 | 0.275% | 0.500% | 1.500%
≥ 1.00:1.00 and < 2.00:1.00 | 0.300% | 0.625% | 1.625%
≥ 2.00:1.00 and < 3.00:1.00 | 0.325% | 0.750% | 1.750%
≥ 3.00:1.00 | 0.350% | 1.000% | 2.000%

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