—Financing Arrangements

Debt consists of the following:



	October 31,
	2019		2018
Credit Agreement —interest at 5.18% and 4.59% at October 31, 2019 and October 31, 2018, respectively	$	248,695	$	243,300
Capital lease obligations	1,975		2,640
Insurance broker financing agreement	—		738
Total debt	250,670		246,678
Less: Current debt	1,975		1,327
Total long-term debt	$	248,695	$	245,351

At October 31, 2019, the Company had floating rate debt on a revolving line of credit of $248,695, net of its capital lease obligations. The weighted average interest rate of all debt was 5.16% and 3.91% for fiscal years 2019 and 2018, respectively.

Revolving Credit Facility:

The Company and its subsidiaries are party to a Credit Agreement, dated October 25, 2013, as amended (the "Credit Agreement") with Bank of America, N.A., as Administrative Agent, Swing Line Lender, Dutch Swing Line Lender and L/C Issuer, JPMorgan Chase Bank, N.A. as Syndication Agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities, LLC as Joint Lead Arrangers and Joint Book Managers, The PrivateBank and Trust Company, Compass Bank and The Huntington National Bank, N.A., as Co-Documentation Agents and the other lender parties thereto.

On June 6, 2019, we executed the Ninth Amendment to the Credit Agreement, which improved certain thresholds for the consolidated leverage ratio and various baskets related to the indebtedness of foreign subsidiaries, disposition of assets, capital expenditures and sale leaseback transactions. The Ninth Amendment also adjusted the interest rate margins based on the applicable pricing tiers, but did not modify the aggregate revolving commitments under the Credit Agreement.

On October 31, 2017, we executed the Eighth Amendment, which among other things, provides for an aggregate availability of $350,000, $275,000 of which is available to the Company through the Tranche A Facility and $75,000 of which is available to the Dutch borrower through the Tranche B Facility, and eliminates the scheduled reductions in such availability. The amendment increases the aggregate amount of incremental commitment increases allowed under the Credit Agreement to up to $150,000 subject to our pro forma compliance with financial covenants, the Administrative Agent’s approval and the Company obtaining commitments for any such increase. The Amendment extended the commitment period to October 31, 2022.

On July 31, 2017, we executed the Seventh Amendment which modifies investments in subsidiaries and various cumulative financial covenant thresholds, in each case, under the Credit Agreement. The Seventh Amendment also enhances our ability to take advantage of customer supply chain finance programs.

Borrowings under the Credit Agreement bear interest, at our option, at LIBOR or the base (or "prime") rate established from time to time by the Administrative Agent, in each case plus an applicable margin. The Fifth Amendment provides for an interest rate margin on LIBOR loans of 1.5% to 3.0% and of 0.50% to 2.0% on base rate loans depending on our leverage ratio.

The Credit Agreement contains customary restrictive and financial covenants, including covenants regarding our outstanding indebtedness and maximum leverage and interest coverage ratios. The Credit Agreement also contains standard provisions relating to conditions of borrowing. In addition, the Credit Agreement contains customary events of default, including the non-payment of obligations by the Company and the bankruptcy of the Company. If an event of default occurs, all amounts outstanding under the Credit Agreement may be accelerated and become immediately due and payable. We were in compliance with the financial covenants as of October 31, 2019 and October 31, 2018. In the next fiscal year the interest coverage ratio remains at 3.5 times and the leverage ratio decreases from 4.75 times in the first quarter to 3.25 times in the fourth quarter.

After considering letters of credit of $4,254 that we have issued, unused commitments under the Credit Agreement were $97,051 at October 31, 2019.

Borrowings under the Credit Agreement are collateralized by a first priority security interest in substantially all of the tangible and intangible property of the Company and our domestic subsidiaries and 66% of the stock of foreign subsidiaries.

Other Debt:

On August 1, 2018, we entered into a finance agreement with an insurance broker for various insurance policies that bears interest at a fixed rate of 2.05% and requires monthly payments of $94 through May 2019.

We maintain capital leases for equipment used in our manufacturing facilities with lease terms expiring during fiscal 2020. As of October 31, 2019, the present value of minimum lease payments under our capital leases was $1,975.

Scheduled repayments of debt for the next five years are listed below:



Twelve Months Ending October 31,	Credit Agreement		Capital Lease Obligations		Total

2020	$	—	$	1,975	$	1,975
2021	—		—		—
2022	248,695		—		248,695
2023	—		—		—
2024	—		—		—
Total	$	248,695	$	1,975	$	250,670