Long-Term Debt

3 Months Ended

Mar. 31, 2026

Long-term debt consisted of the following:


	March 31, 2026		March 31, 2025		Dec. 31, 2025
	(Dollars in thousands)
Bank debt
Bank revolving loans	$	894,685	$	1,082,007	$	—
U.S. term loans	799,000		850,000		841,500

Euro term loans	1,026,610		972,180		1,046,390
Other foreign bank revolving and term loans	51,510		55,238		46,165
Total bank debt	2,771,805		2,959,425		1,934,055




4⅛% Senior Notes	600,000		600,000		600,000
2¼% Senior Notes	576,100		540,100		587,200
4¼% Senior Notes	691,320		—		704,640
1.4% Senior Secured Notes	—		500,000		500,000
Finance leases	37,554		41,228		38,783
Total debt - principal	4,676,779		4,640,753		4,364,678
Less unamortized debt issuance costs and debt discount	16,332		12,190		17,830
Total debt	4,660,447		4,628,563		4,346,848
Less current portion	988,323		1,145,091		631,632
	$	3,672,124	$	3,483,472	$	3,715,216

At March 31, 2026, the current portion of long-term debt consisted of $405.0 million of U.S. revolving loans, $489.7 million of Euro revolving loans and $51.8 million of Euro term loans under our amended and restated senior secured credit facility, as amended, or the Credit Agreement, $38.3 million of other foreign bank revolving and term loans and $3.5 million of finance leases.

On February 3, 2026, we prepaid $42.5 million principal amount of outstanding U.S. term loans under the Credit Agreement with cash on hand.

On March 6, 2026, we entered into the Sixth Amendment to Amended and Restated Credit Agreement, or the Sixth Amendment, with the lenders party to the Credit Agreement and Wells Fargo Bank, National Association, as administrative agent. The Sixth Amendment amended the Credit Agreement to improve the interest rate margin grid for term loans and eliminate the credit spread adjustments effective March 6, 2026 for Term SOFR Loans, Daily Simple RFR Loans and Term CORRA Loans (each as defined in the Credit Agreement). Effective with the Sixth Amendment, the margin for term loans maintained as Eurocurrency Rate Loans and RFR Loans (each as defined in the Credit Agreement) was 1.25 percent, and the margin for term loans maintained as Base Rate Loans (as defined in the Credit Agreement) was 0.25 percent. In accordance with the Sixth Amendment, the margin for term loans and revolving loans will be reset quarterly after March 31, 2026 based upon our Total Net Leverage Ratio (as defined in the Credit Agreement) as provided in the Credit Agreement. The range for the applicable margin for term loans will be 0.00 percent to 0.50 percent for Base Rate Loans and 1.00 percent to 1.50 percent for Eurocurrency Rate Loans and RFR Loans.

On March 31, 2026, we repaid all $500.0 million aggregate principal amount of our outstanding 1.4% Senior Secured Notes due 2026, or the 1.4% Notes, at 100 percent of their principal amount plus accrued and unpaid interest to the repayment date. We funded this repayment with revolving loan borrowings under the Credit Agreement and cash on hand. As a result of such redemption and satisfaction and discharge of the indenture for the 1.4% Notes (including the discharge of the guarantees therein of the 1.4% Notes by our U.S. subsidiaries that also guarantee our obligations under the Credit Agreement), the guarantees of the 4⅛% Senior Notes, the 2¼% Senior Notes and the 4¼% Senior Notes by our U.S. subsidiaries that also guarantee our obligations under the Credit Agreement were automatically released and discharged on March 31, 2026.