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Financial Instruments | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Financial Instruments | Financial Instruments The following table represents the Company's outstanding debt:
| (in thousands, except interest rates) | September 30, 2025 | December 31, 2024
| Borrowings under the Amended Credit Agreement |  |
| USD borrowings | $ | 375,000 |  | $ | 225,000 |
| EUR borrowings | 105,631 |  | 93,485 |
| Foreign bank debt | — |  | 46 |
| Total bank debt | 480,631 |  | 318,531 |
| Less: Current maturities of long-term debt | — |  | — |
| Long-term debt | $ | 480,631 |  | $ | 318,531 |
Amended Credit Agreement On August 16, 2023, we entered into a $800 million unsecured committed Five-Year Revolving Credit Facility Agreement, amended on June 28, 2024 (collectively, the “Amended Credit Agreement”), which matures in August of 2028. The applicable interest rate for borrowings under the Amended Credit Agreement is based on both Term SOFR and EURIBOR 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%
As of September 30, 2025, the applicable interest rate for borrowings under the Amended Credit Agreement was based on one-month term SOFR and one-month EURIBOR plus the spread, which was 1.625%. As of September 30, 2025, there was $480.6 million of borrowings outstanding under the Amended Credit Agreement and we had borrowings available of $319.4 million, based on our maximum leverage ratio and our Consolidated EBITDA (as defined in the Amended Credit Agreement). At the end of September 30, 2025 and December 31, 2024, the USD interest rate in effect was 5.84% and 5.77%, respectively, including the effect of interest rate swaps; at the end of September 30, 2025 and December 31, 2024, the EUR interest rate in effect was 3.70% and 4.09%, respectively, including the effect of interest rate swaps. Under the Amended Credit Agreement, we are required to maintain a leverage ratio (as defined in the Credit Agreement) of not greater than 3.75 to 1.00, or 4.25 to 1.00 after a significant acquisition. We are also required to maintain a minimum interest coverage ratio (as defined in the Credit Agreement) of greater than 3.00 to 1.00. If our leverage ratio exceeds 3.50 to 1.00, we will be restricted in paying dividends to a maximum amount of $40 million in a calendar year As of September 30, 2025, our leverage ratio wa s 1.70 to 1.00 and our interest coverage ratio was 9.15 to 1.00. As of September 30, 2025, we were in compliance with all applicable covenants. We anticipate continued compliance in each of the next four quarters while continuing to monitor future compliance based on current and future economic conditions. The borrowings are guaranteed by certain of the Company’s subsidiaries, including all significant U.S. subsidiaries (subject to certain exceptions), as defined in the Amended Credit Agreement. Our ability to borrow additional amounts under the Amended Credit Agreement is conditional upon the absence of any defaults, as well as the absence of any material adverse change (as defined in the Amended Credit Agreement). Interest Rate Swaps From time to time, the Company enters into interest rate swap contracts to manage the interest rate risk associated with its outstanding variable-interest rate borrowings. Such contracts are intended to economically hedge the reference rate component of future interest payments associated with outstanding borrowings under the Company’s Amended Credit Agreement. In November, 2024, we entered into two interest rate swap agreements: A USD interest rate swap agreement and a EUR interest rate swap agreement. The USD interest rate swap agreement covers the period November 15, 2024 through November 15, 2026. This transaction has the effect of fixing the SOFR portion of the interest rate (before the credit spread) on $125 million of the US indebtedness drawn under the Amended Credit Facility. Under the terms of this transaction, the Company pays a fixed rate of 3.987% and our counterparty pays a floating rate based on the one-month SOFR rate at each monthly calculation date. The EUR interest rate swap agreement covers the period November 14, 2024 through November 15, 2026. This transaction has the effect of fixing the EURIBOR portion of the interest rate (before the credit spread) on EUR 45 million of the EUR indebtedness drawn under the Amended Credit Facility. Under the terms of this transaction, the Company pays a fixed rate of 2.277% and our counterparty pays a floating rate based on the one-month EURIBOR rate at each monthly calculation date. In 2021, we entered into interest rate swap agreements for the period of October 17, 2022 through October 27, 2024, to hedge $350 million of variable-interest rate indebtedness. These interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 16, Fair-Value Measurements. No cash collateral was received or pledged in relation to the swap agreements.

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