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Credit Facilities and Long-Term Debt | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Credit Facilities and Long-Term Debt | Credit Facilities and Long-Term Debt Total debt outstanding is summarized as follows (in thousands):
| March 31, |  | December 31,
| 2025 |  | 2024
2024 Credit Agreement (a) |  |  |
Multi-currency revolver | 324,736 |  |  | 244,171 |
U.S. dollar term loan(b) | 195,924 |  |  | 198,287 |
Euro term loan(b) | 105,973 |  |  | 102,908 |
Danish revolver | 4,350 |  |  | — |
Other | 19,572 |  |  | 16,948 |
Total debt | $ | 650,555 |  |  | $ | 562,314 |
Current maturities of debt | $ | 23,226 |  |  | $ | 27,117 |
Long-term debt | 627,329 |  |  | 535,197 |
Total debt | $ | 650,555 |  |  | $ | 562,314 |
(a) Weighted average interest rate, adjusted for the impact of interest rate swap agreements, is 5.4% and 5.6% at March 31, 2025 and December 31, 2024, respectively. Interest rates primarily consist of Term SOFR for borrowings in U.S. dollars and EURIBOR for borrowings in euros. (b) Amounts are shown net of unamortized deferred financing costs of $2.5 million at March 31, 2025 and $2.7 million at December 31, 2024. 2024 Credit Agreement Outstanding borrowings at March 31, 2025 under the 2024 Credit Agreement were $631 million, net of deferred financing costs, consisting of current borrowings of $19.1 million and long-term debt of $611.9 million; while outstanding borrowings at December 31, 2024 were $545.4 million, net of deferred financing costs, consisting of current borrowings of $25.2 million and long-term debt of $520.1 million. Letters of credit outstanding under the credit agreements were $2.5 million at both March 31, 2025 and December 31, 2024. The 2024 Credit Agreement contains customary covenants limiting, among other things, the incurrence of additional indebtedness, the creation of liens, mergers, consolidations, liquidations and dissolutions, sales of assets, dividends and other payments in respect of equity interests, acquisitions, investments, loans and guarantees, subject, in each case, to customary exceptions, thresholds and baskets. The Company is in compliance with its debt covenants. The 2024 Credit Agreement also contains customary events of default. Polish Overdraft Facility The Company has an overdraft facility that provides for borrowings of up to Polish zloty 30 million (approximately $7.8 million) if borrowings are solely in Polish zloty, or up to 85% of the Polish zloty 30 million limit (approximately $6.6 million) if borrowings are in euros and/or U.S. dollars. The overdraft facility automatically renews every three months until June 2027, subject to cancellation by either party, at its sole discretion, at least 30 days prior to the commencement of the three-month renewal period. There were no borrowings outstanding under the overdraft facility at March 31, 2025 and December 31, 2024. Maturities of Debt As of March 31, 2025, maturities of debt, net of unamortized deferred financing costs, through 2038, assuming no prepayments, are as follows (in thousands):
| Multi-Currency Revolver |  | U.S. Dollar Term Loan |  | Euro Term Loan |  | Danish Revolver |  | Other Debt |  | Total
Remainder of 2025 | $ | — |  |  | $ | 7,153 |  |  | $ | 3,864 |  |  | $ | — |  |  | $ | 3,872 |  |  | $ | 14,889 |
2026 | — |  |  | 9,606 |  |  | 5,190 |  |  | — |  |  | 1,192 |  |  | 15,988 |
2027 | — |  |  | 14,655 |  |  | 7,923 |  |  | — |  |  | 1,296 |  |  | 23,874 |
2028 | — |  |  | 19,703 |  |  | 10,655 |  |  | — |  |  | 1,225 |  |  | 31,583 |
2029 | 324,736 |  |  | 144,807 |  |  | 78,340 |  |  | 4,350 |  |  | 1,264 |  |  | 553,497 |
Thereafter | — |  |  | — |  |  | — |  |  | — |  |  | 10,724 |  |  | 10,724 |
Total | $ | 324,736 |  |  | $ | 195,924 |  |  | $ | 105,973 |  |  | $ | 4,350 |  |  | $ | 19,572 |  |  | $ | 650,555 |
Less: current maturities | — |  |  | (9,549) |  |  | (5,158) |  |  | (4,350) |  |  | (4,169) |  |  | (23,226) |
Long-term debt | $ | 324,736 |  |  | $ | 186,375 |  |  | $ | 100,814 |  |  | $ | — |  |  | $ | 15,404 |  |  | $ | 627,329 |
Deferred Financing Costs Deferred financing costs of $4.5 million related to our term loans and revolving credit facilities as of March 31, 2025, assuming no prepayments, are being amortized in the amounts of $0.9 million for the remainder of 2025, $1.1 million in 2026, $1.0 million in 2027, $0.9 million in 2028, and $0.6 million in 2029.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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