DEBT

3 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

DEBT

DEBT

Debt consisted of the following:

(In millions)	September 30, 2023		December 31, 2022
New York Life Agreement	$	75.0	$	75.0
Credit Agreement	39.0		122.8
Tax increment financing debt	14.1		15.3
Foreign subsidiary debt	0.4		3.1
Less: unamortized debt issuance costs	(0.1)		(0.1)
	$	128.4	$	216.1
Less: current maturities	(40.4)		(126.8)
Long-term debt	$	88.0	$	89.3

Credit Agreement

As of September 30, 2023, the Company had $39.0 million outstanding borrowings with a weighted-average interest rate of 6.3 percent, $3.6 million in letters of credit outstanding, and $307.4 million of available capacity under its credit agreement. As of December 31, 2022, the Company had $122.8 million outstanding borrowings with a weighted-average interest rate of 5.0 percent, $4.0 million in letters of credit outstanding, and $223.2 million of available capacity under its credit agreement.

The Company also has overdraft lines of credit for certain subsidiaries with various expiration dates. The aggregate maximum borrowing capacity of these overdraft lines of credits is $18.1 million. As of September 30, 2023, there were no outstanding borrowings and $18.1 million of available capacity under these lines of credit. As of December 31, 2022, there were $22.0 million overdraft lines of credit with $2.7 million of outstanding borrowings and $19.3 million of available capacity under these lines of credit.