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Long-term debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of long-term debt | Long-term debt consists of the following at year-end:
|  | 2024 |  | 2023
2029 Notes |  | $ | 334,200 |  |  | $ | 334,200 |
2027 Notes |  | 379,265 |  |  | 379,265 |
Finance lease obligations |  | 9,087 |  |  | 8,498 |
Other long-term borrowings |  | 2,791 |  |  | 1,700 |
Subtotal |  | 725,343 |  |  | 723,663 |
Discount on 2029 Notes |  | (3,294) |  |  | (4,059) |
Discount on 2027 Notes |  | (1,753) |  |  | (2,571) |
Premium on 2029 Notes |  | 308 |  |  | 382 |
Premium on 2027 Notes |  | 783 |  |  | 1,141 |
Deferred financing costs |  | (2,789) |  |  | (3,715) |
Total |  | 718,598 |  |  | 714,841 |
Current portion of long-term debt |  | 2,624 |  |  | 1,803 |
Long-term debt, excluding current portion |  | $ | 715,974 |  |  | $ | 713,038 |
The following table presents additional information related to the 2029 and 2027 Notes (the “Notes”):
|  |  |  |  | Principal as of December 31, |  |
| Annual interest rate |  | Currency |  | 2024 |  | 2023 |  | Maturity
2029 Notes | 6.125 | % |  | USD |  | $ | 334,200 |  |  | $ | 334,200 |  |  | May 27, 2029
2027 Notes | 5.875 | % |  | USD |  | 379,265 |  |  | 379,265 |  |  | April 4, 2027
The following table presents additional information for the fiscal years ended December 31, 2024, 2023 and 2022:
|  | Interest Expense (i) |  | DFC Amortization (i) |  | Amortization of Premium/Discount, net (i)
|  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
2029 Notes |  | $ | 20,469 |  |  | $ | 20,511 |  |  | $ | 14,299 |  |  | $ | 469 |  |  | $ | 527 |  |  | $ | 342 |  |  | $ | 691 |  |  | $ | 695 |  |  | $ | 715 |
2027 Notes |  | 22,282 |  |  | 22,218 |  |  | 25,538 |  |  | 457 |  |  | 466 |  |  | 759 |  |  | 460 |  |  | 478 |  |  | 785 |
(i)These c harges are included within “Net interest expense and other financing results” in the consolidated statements of income. The following table summarizes the activity of 2027 Notes as of December 31, 2024:
Transaction |  | Date |  | Principal Amount |  | Average Price |  | Early Redemption Price |  | Total payment (i)
Issuance |  | April 4, 2017 |  | $ | 265,000 |  |  | — |  |  | — |  |  | $ | — |
Additional issuance |  | September 11, 2020 |  | $ | 150,000 |  |  | — |  |  | — |  |  | $ | — |
Additional issuance of 2027 Notes related to 2023 exchange |  | October 13, 2020 |  | $ | 138,354 |  |  | — |  |  | — |  |  | $ | — |
Open market repurchases |  | During 2021 |  | $ | (17,368) |  |  | 105.74 | % |  | — |  |  | $ | (18,364) |
Cash Tender |  | May 13, 2022 |  | $ | (150,000) |  |  | 99.94 | % |  | 103.00 | % |  | $ | (154,407) |
Open market repurchases |  | During 2022 |  | $ | (4,721) |  |  | 98.01 | % |  | — |  |  | $ | (4,627) |
Open market repurchases |  | During 2023 |  | $ | (2,000) |  |  | 95.20 | % |  | — |  |  | $ | (1,904) |
Principal amount of 2027 Notes as of December 31, 2024: | $ | 379,265 |  |  |  |  |  |  |
(i) Not including accrued and unpaid interest The following table summarizes the activity of 2029 Notes as of December 31, 2024:
Transaction |  | Date |  | Principal Amount |  | Average Price |  |  |  | Total payment (i)
Issuance |  | April 27, 2022 |  | $ | 350,000 |  |  | — |  |  |  |  | $ | — |
Open market repurchases |  | During 2022 |  | $ | (12,800) |  |  | 93.87 | % |  |  |  | $ | (12,015) |
Open market repurchases |  | During 2023 |  | $ | (3,000) |  |  | 93.76 | % |  |  |  | $ | (2,813) |
Principal amount of 2029 Notes as of December 31, 2024: | $ | 334,200 |  |  |  |  |  |  |
(i) Not including accrued and unpaid interest The table below summarizes certain payment terms for the Notes:
Senior Note |  | Outstanding principal amount (i) |  | Tender Offer Consideration (ii) |  | Tender Offer Expiration Date |
2027 Notes |  | $385,986 |  | $1,000 |  | January 23, 2025 |
(i) $6,721 of repurchases held by Arcos Dorados BV included. (ii) Expressed as whole number.
Schedule of future payments related to long-term debt | As of December 31, 2024, future payments related to the Company’s long-term debt are as follows:
|  | Principal |  | Interest |  | Total
2025 |  | $ | 2,624 |  |  | $ | 43,491 |  |  | $ | 46,115 |
2026 |  | 758 |  |  | 43,424 |  |  | 44,182 |
2027 |  | 380,083 |  |  | 32,224 |  |  | 412,307 |
2028 |  | 886 |  |  | 21,018 |  |  | 21,904 |
2029 |  | 335,144 |  |  | 10,672 |  |  | 345,816 |
Thereafter |  | 5,848 |  |  | 760 |  |  | 6,608 |
Total payments |  | 725,343 |  |  | 151,589 |  |  | 876,932 |
Interest |  | — |  |  | (151,589) |  |  | (151,589) |
Discount on 2029 Notes |  | (3,294) |  |  | — |  |  | (3,294) |
Discount on 2027 Notes |  | (1,753) |  |  | — |  |  | (1,753) |
Premium on 2029 Notes |  | 308 |  |  | — |  |  | 308 |
Premium on 2027 Notes |  | 783 |  |  | — |  |  | 783 |
Deferred financing cost |  | (2,789) |  |  | — |  |  | (2,789) |
Long-term debt |  | $ | 718,598 |  |  | $ | — |  |  | $ | 718,598 |

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