XML 68 R58.htm IDEA: XBRL DOCUMENT v3.24.0.1
Borrowing Facilities (Narrative) (Details) - USD ($)
12 Months Ended
May 01, 2023
Feb. 03, 2023
May 20, 2022
Dec. 21, 2021
Jul. 20, 2018
Dec. 31, 2023
Dec. 31, 2022
Jul. 19, 2018
Line of Credit Facility [Line Items]                
Maximum amount of trade accounts receivable sales permitted   $ 200,000,000       $ 200,000,000    
Credit agreement, secured by percentage of stock of the Company's domestic subsidiaries           100.00%    
Credit agreement, secured by percentage of voting capital stock of each direct foreign subsidiary           65.00%    
Aggregate maturities of long-term debt in 2024           $ 4,100,000    
Aggregate maturities of long-term debt in 2025           6,600,000    
Aggregate maturities of long-term debt in 2026           321,500,000    
Aggregate maturities of long-term debt in 2027           0    
Aggregate maturities of long-term debt in 2028           0    
Thereafter           0    
Interest Rate Swap [Member]                
Line of Credit Facility [Line Items]                
Derivative Notional Amount           $ 127,100,000    
Fixed interest rate           4.039%    
Credit Agreement [Member]                
Line of Credit Facility [Line Items]                
Credit Agreement description           On July 20, 2018, the Company entered into a $650 million credit agreement (the Prior Credit Agreement) by and among the Company, certain of its subsidiaries, the lenders party thereto and Bank of America, N.A., as Administrative Agent, Swingline Lender and a L/C Issuer. The Prior Credit Agreement was comprised of a five-year $500 million revolving credit facility and a five-year $151 million term loan facility, both which had a maturity date of July 20, 2023. The term loan facility proceeds were used to (i) refinance a portion of existing indebtedness and terminate all commitments under the Company’s prior $430 million credit agreement and (ii) pay the fees, costs and expenses associated with the foregoing and the negotiation, execution and delivery of the Prior Credit Agreement.    
Credit Agreement aggregate borrowing capacity       $ 381,000,000 $ 650,000,000      
Credit Agreement maturity date         Jul. 20, 2023      
Revolving credit facility, available for future borrowings               $ 430,000,000
Description of variable interest rate basis Amendment No. 3 also established that the interest on outstanding borrowings starting on the next reset date and any new borrowings under Amendment No. 3 (other than swingline loans) will accrue, at the Company’s option, at (a) Term Secured Overnight Financing Rate (SOFR) plus 0.10% plus the Applicable Rate (as defined in the Credit Agreement, approximately 1.00% to 2.00% per annum depending on various factors) or (b) for U.S. dollar denominated loans, the base rate (which is the highest of (i) the federal funds rate plus 0.50%, (ii) the Bank of America, N.A. prime rate, (iii) Term SOFR plus 1.00% and (iv) 1.00%).   The Amendment also established that the interest on outstanding borrowings starting on the next reset date and any new borrowings under the Amendment (other than swingline loans) will accrue, at the Company’s option, at (a) Bloomberg Short Term Bank Yield Index (BSBY) plus the Applicable Rate (as defined in the Credit Agreement, approximately 1.00% to 2.00% per annum depending on various factors) or (b) for U.S. dollar denominated loans, the base rate (which is the highest of (i) the federal funds rate plus 0.50%, (ii) the Bank of America, N.A. prime rate, (iii) the one-month BSBY adjusted daily rate plus 1.00% and (iv) 1.00%).          
Credit Agreement covenant terms           The Credit Agreement contains certain financial covenants related to interest coverage and debt leverage, and certain customary affirmative and negative covenants, including restrictions on the Company’s ability to incur additional debt and liens, pay dividends, repurchase shares, sell assets and merge or consolidate with other persons. Amounts due under the Credit Agreement could be accelerated upon specified events of default, including a failure to pay amounts due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject, in some cases, to cure periods.    
Credit Agreement [Member] | Alternate Base Rate Plus [Member]                
Line of Credit Facility [Line Items]                
Debt Instrument, variable rate 1.00%         1.00%    
Credit Agreement [Member] | Federal Funds Rate Plus [Member]                
Line of Credit Facility [Line Items]                
Debt Instrument, variable rate 0.50%   0.50%          
Credit Agreement [Member] | Minimum [Member]                
Line of Credit Facility [Line Items]                
U.S. Credit facility, commitment fee           0.20%    
Credit Agreement [Member] | Minimum [Member] | Bloomberg Short Term Bank Yield Index Rate Plus [Member]                
Line of Credit Facility [Line Items]                
Debt Instrument, variable rate     1.00%          
Credit Agreement [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) [Member]                
Line of Credit Facility [Line Items]                
Debt Instrument, variable rate 1.00%              
Credit Agreement [Member] | Maximum [Member]                
Line of Credit Facility [Line Items]                
U.S. Credit facility, commitment fee           0.30%    
Credit Agreement [Member] | Maximum [Member] | Bloomberg Short Term Bank Yield Index Rate Plus [Member]                
Line of Credit Facility [Line Items]                
Debt Instrument, variable rate     2.00%          
Credit Agreement [Member] | Maximum [Member] | Secured Overnight Financing Rate (SOFR) [Member]                
Line of Credit Facility [Line Items]                
Debt Instrument, variable rate 2.00%              
Revolving Credit Facility [Member]                
Line of Credit Facility [Line Items]                
Credit Agreement aggregate borrowing capacity $ 550,000,000   $ 450,000,000 $ 250,000,000 $ 500,000,000      
Term period       5 years 5 years      
Credit Agreement maturity date       Dec. 21, 2026 Jul. 20, 2023      
Revolving credit facility, available for future borrowings           $ 340,600,000    
Long-Term Line of Credit           205,000,000 $ 195,000,000  
Letters of credit outstanding amount           4,400,000    
Revolving Credit Facility [Member] | Minimum [Member]                
Line of Credit Facility [Line Items]                
Possible increase to total commitments under Credit Agreement           100,000,000    
Revolving Credit Facility [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) [Member]                
Line of Credit Facility [Line Items]                
Debt Instrument, variable rate 0.10%              
Term Loan Facility [Member]                
Line of Credit Facility [Line Items]                
Credit Agreement aggregate borrowing capacity       $ 131,300,000 $ 151,000,000 $ 127,100,000    
Term period       5 years 5 years      
Term Loan frequency of periodic payments           quarterly    
Term Loan Facility [Member] | December 31, 2022 Through September 30, 2024 [Member]                
Line of Credit Facility [Line Items]                
Quarterly principal installments, Percentage           0.625%    
Term Loan Facility [Member] | January 1, 2025 Through December 21, 2026 [Member]                
Line of Credit Facility [Line Items]                
Quarterly principal installments, Percentage           1.25%