v3.26.3
Long-Term Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consisted of the following: 
Sept. 30, 2026Sept. 30, 2025Dec. 31, 2025
(Dollars in thousands)
Bank debt
Bank revolving loans (mature November 2029)$812,715 $567,625 $— 
U.S. term loans (mature November 2030)799,000 850,000 841,500 
Euro term loans (mature November 2030)1,011,998 1,057,500 1,046,390 
Other foreign bank revolving and term loans53,277 59,035 46,165 
Total bank debt2,676,990 2,534,160 1,934,055 
4⅛% Senior Notes (due February 2028)600,000 600,000 600,000 
2¼% Senior Notes (due June 2028)567,900 587,500 587,200 
4¼% Senior Notes (due February 2031)681,480 705,000 704,640 
1.4% Senior Secured Notes (repaid March 2026)
— 500,000 500,000 
Finance leases35,701 39,757 38,783 
Total debt - principal4,562,071 4,966,417 4,364,678 
Less unamortized debt issuance costs and debt discount14,072 19,200 17,830 
Total debt4,547,999 4,947,217 4,346,848 
Less current portion907,721 1,134,984 631,632 
$3,640,278 $3,812,233 $3,715,216 

At September 30, 2026, the current portion of long-term debt consisted of $330.0 million of U.S. revolving loans, $482.7 million of Euro revolving loans and $51.1 million of Euro term loans under our amended and restated senior secured credit facility, as amended, or the Credit Agreement, $41.0 million of other foreign bank revolving and term loans and $2.9 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). In accordance with the Credit Agreement, the applicable margin for term loans is reset quarterly using the interest rate margin grid for term loans based on our Total Net Leverage Ratio (as defined in the Credit Agreement), and the range for the applicable margin for term loans is 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 (each as defined in the Credit Agreement).

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.