Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023
Borrowings under the Amended Credit Agreement (1)	$	360,000	$	446,000
Foreign bank debt	2,194		10,885
Total bank debt	362,194		456,885
Less: Current maturities of long-term debt	555		4,218
Long-term debt	$	361,639	$	452,667
(1) the credit facility matures in August 2028. At the end of September 30, 2024 and December 31, 2023, the interest rate in effect was 2.50% and 3.49%, 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%