Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023		December 31, 2022
Borrowings under the Amended Credit Agreement(1)	$	461,000	$	439,000
Foreign bank debt	29,585		—
Total bank debt	490,585		439,000
Less: Current maturities of long-term debt	27,246		—
Long-term debt	$	463,339	$	439,000
(1) the credit facility matures in August 2028. At the end of the September 30, 2023 and December 31, 2022, the interest rate in effect was 3.60% and 3.16%, respectively, including the effect of interest rate hedging transactions, as described below.

Schedule Interest Rate for Borrowings

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%