v3.25.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments The following table represents the Company's outstanding debt:
(in thousands, except interest rates)March 31, 2025December 31, 2024
Borrowings under the Amended Credit Agreement (1)
USD borrowings$319,000 $225,000 
EUR borrowings97,390 93,485 
Foreign bank debt39 46 
Total bank debt416,429 318,531 
Less: Current maturities of long-term debt— — 
Long-term debt$416,429 $318,531 
(1) The credit facility matures in August 2028. At the end of March 31, 2025 and December 31, 2024, the USD interest rate in effect was 5.79% and 5.77%, respectively, including the effect of interest rate swaps; at the end of March 31, 2025 and December 31, 2024, the EUR interest rate in effect was 3.83% and 4.09%, respectively, including the effect of interest rate swaps.
Schedule Interest Rate for Borrowings
The applicable interest rate for borrowings under the Amended Credit Agreement is based on both Term SOFR and EURIBOR 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 RatioCommitment FeeABR SpreadTerm 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%