Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Long-Term Debt and Lease Obligation [Abstract]

Schedule of Long-Term Debt

The following table represents our outstanding debt as of December 31, 2023 and 2022:

(in thousands, except interest rates)	2023		2022
Borrowings under the Amended Credit Agreement(1)	$	446,000	$	439,000
Foreign bank debt	10,885		—
Total bank debt	456,885		439,000
Less: Current maturities of long-term debt	4,218		—
Long-term debt	$	452,667	$	439,000
(1) The credit facility matures in August 2028. At the end of the December 31, 2023 and December 31, 2022, the interest rate in effect was 3.49 percent and 3.16 percent, 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%