XML 25 R13.htm IDEA: XBRL DOCUMENT v3.23.2
DEBT
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
DEBT DEBT
Notes Payable, Revolving Credit Facility and Overdrafts
At June 30, 2023 and December 31, 2022, our notes payable, revolving credit facility and overdrafts consisted of the following:
June 30,
2023		December 31,
2022
Revolving credit facility 6.09% to 6.18%
$61,143 $— 
Overdrafts 3.65% to 5.73%
695 3,810 
$61,838 $3,810 
On June 30, 2021, we entered into an amended and restated multi-currency revolving credit facility (the "revolving credit facility") with a syndicate of banks to replace the then-existing facility maturing July 2022 (the "prior credit facility") and to amend and restate the unsecured term loan facility extended to our wholly-owned UK subsidiary under the prior credit facility (as amended, the "amended term facility"). The revolving credit facility matures in June 2026, subject to a maximum of two one-year extensions in certain circumstances, and provides for unsecured financing of up to $600 million available in the U.S. and to our wholly-owned UK subsidiary. The amended term facility matured in July 2022 and was repaid in full. The revolving credit facility can be drawn in various currencies including USD, EUR, GBP, and CHF to the equivalent of $600 million, which may be increased by up to $300 million subject to the satisfaction of certain conditions. As of June 30, 2023, $41.5 million was utilized under the revolving credit facility in the U.S. and €18.0 million ($19.6 million) was utilized by our wholly-owned UK subsidiary. As of December 31, 2022, no balance was utilized under the revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary.
There are no compensating balance requirements associated with our revolving credit facility. Each borrowing under the revolving credit facility will bear interest at rates based on SOFR (in the case of USD), EURIBOR (in the case of EUR), SONIA (in the case of GBP), SARON (in the case of CHF), prime rates or other similar rates, in each case plus an applicable margin. In May 2023 the revolving credit facility was amended to make SOFR the default borrowing rate for USD. The revolving credit facility also provides mechanics relating to a transition away from designated benchmark rates for other available currencies and the replacement of any such applicable benchmark by a replacement alternative benchmark rate or mechanism for loans made in the applicable currency. A facility fee on the total amount of the revolving credit facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the revolving credit facility and the facility fee percentage may change from time to time depending on changes in our consolidated leverage ratio.
In October 2020, we entered into an unsecured money market borrowing arrangement to provide short term financing of up to $30 million that is available in the U.S. No borrowing on this facility is permitted over a quarter end date. As such, no balance was utilized under this arrangement as of June 30, 2023 or December 31, 2022.
Long-Term Obligations
On March 7, 2022, we issued $400 million aggregate principal amount of 3.60% Senior Notes due March 2032 in an underwritten public offering. The form and terms of the notes were established pursuant to an Indenture, dated as of March 7, 2022, as amended and supplemented by a First Supplemental Indenture, dated as of March 7, 2022, each between the Company and U.S. Bank Trust Company, National Association, as trustee. Interest is payable semi-annually in arrears. The notes are unsecured obligations and rank equally in right of payment with all of our other existing and future senior, unsecured indebtedness.
At June 30, 2023 and December 31, 2022, our long-term obligations consisted of the following:
June 30, 2023December 31, 2022
Notes payable 0.00% – 2.25%, due in monthly and annual installments through 2028
$15,850 $29,167 
Senior unsecured notes 1.0%, due in 2023
109,130 106,995 
Senior unsecured notes 3.4%, due in 2024
50,000 50,000 
Senior unsecured notes 3.5%, due in 2024
100,000 100,000 
Senior unsecured notes 1.2%, due in 2024
218,260 213,990 
Senior unsecured notes 3.6%, due in 2025
125,000 125,000 
Senior unsecured notes 3.6%, due in 2026
125,000 125,000 
Senior unsecured notes 3.6%, due in 2032, net of discount of $0.9 million
399,102 399,050 
Finance Lease Liabilities25,951 26,934 
Unamortized debt issuance costs(4,184)(4,558)
$1,164,109 $1,171,578 
Current maturities of long-term obligations(214,257)(118,981)
Total long-term obligations$949,852 $1,052,597 
The aggregate long-term maturities, excluding finance lease liabilities and unamortized debt issuance costs, which are discussed in Note 7, due annually from the current balance sheet date for the next five years and thereafter are:
Year One$211,161 
Year Two274,833 
Year Three256,484 
Year Four602 
Year Five75 
Thereafter399,187 
Covenants
Our revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including:
RequirementLevel at June 30, 2023
Consolidated Leverage Ratio (1) 
Maximum of 3.50 to 1.00
 
1.81 to 1.00
Consolidated Interest Coverage Ratio (1) 
Minimum of 3.00 to 1.00
 
15.55 to 1.00
________________________________________
(1)Definitions of ratios are included as part of the revolving credit facility agreement and the private placement agreements.