FRANKLIN ELECTRIC CO INC
For the period ended Mar 31, 2024. Filed Apr 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 30, 2024
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Debt
- DEBT
Debt consisted of the following:
| (In millions) | March 31, 2024 | December 31, 2023 |
|---|---|---|
| New York Life Agreement | $75.0 | $75.0 |
| Credit Agreement | 23.0 | 11.0 |
| Tax increment financing debt | 13.5 | 14.1 |
| Foreign subsidiary debt | 0.4 | 0.5 |
| Less: unamortized debt issuance costs | (0.1) | (0.1) |
| $111.8 | $100.5 | |
| Less: current maturities | (24.4) | (12.4) |
| Long-term debt | $87.4 | $88.1 |
Credit Agreement
As of March 31, 2024, the Company had $23.0 million outstanding borrowings with a weighted-average interest rate of 6.3 percent, $3.5 million in letters of credit outstanding, and $323.5 million of available capacity under its credit agreement. As of December 31, 2023, the Company had $11.0 million outstanding borrowings with a weighted-average interest rate of 6.3 percent, $3.6 million in letters of credit outstanding, and $335.4 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 $17.4 million. As of March 31, 2024, there wereno outstanding borrowings and $17.4 million of available capacity under these lines of credit. As of December 31, 2023, there were $17.9 million overdraft lines of credit withno outstanding borrowings and $17.9 million of available capacity under these lines of credit.
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