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Debt | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
DEBT | DEBT Debt consisted of the following at September 30, 2018:
| September 30, 2018
| U.S. Dollar |  | Other Principal Trading Currencies |  | Total
3.67% $50 million Senior Notes due December 17, 2022 | 50,000 |  |  | — |  |  | 50,000 |
4.10% $50 million Senior Notes due September 19, 2023 | 50,000 |  |  | — |  |  | 50,000 |
3.84% $125 million Senior Notes due September 19, 2024 | 125,000 |  |  | — |  |  | 125,000 |
4.24% $125 million Senior Notes due June 25, 2025 | 125,000 |  |  | — |  |  | 125,000 |
1.47% EUR 125 million Senior Notes due June 17, 2030 | — |  |  | 146,938 |  |  | 146,938 |
Debt issuance costs, net | (950 | ) |  | (335 | ) |  | (1,285 | )
Total Senior Notes | 349,050 |  |  | 146,603 |  |  | 495,653 |
$1.1 billion Credit Agreement, interest at LIBOR plus 87.5 basis points | 443,776 |  |  | 49,465 |  |  | 493,241 |
Other local arrangements | 14 |  |  | 55,739 |  |  | 55,753 |
Total debt | 792,840 |  |  | 251,807 |  |  | 1,044,647 |
Less: current portion | (14 | ) |  | (55,739 | ) |  | (55,753 | )
Total long-term debt | $ | 792,826 |  |  | $ | 196,068 |  |  | $ | 988,894 |
Credit Agreement On June 15, 2018 the Company entered into an amended $1.1 billion Credit Agreement (the "Credit Agreement"), which amended its $800 million Amended and Restated Credit Agreement (the "Prior Credit Agreement"). As of September 30, 2018, the Company had $601 million of availability remaining under its Credit Agreement. The Credit Agreement is provided by a group of financial institutions (similar to the Company's Prior Credit Agreement) and has a maturity date of June 15, 2023. It is a revolving credit facility and is not subject to any scheduled principal payments prior to maturity. The obligations under the Credit Agreement are unsecured. Borrowings under the Credit Agreement bear interest at current market rates plus a margin based on the Company’s consolidated leverage ratio, which was set at LIBOR plus 87.5 basis points as of June 15, 2018. The Company must also pay facility fees that are tied to its leverage ratio. The Credit Agreement contains covenants that are the same as those contained in the Prior Credit Agreement, with which the Company was in compliance as of September 30, 2018. The Company is required to maintain a ratio of funded debt to Consolidated EBITDA of 3.5 to1.0 or less and an interest coverage ratio of 3.5 to 1.0 or greater. The Credit Agreement also places certain limitations on the Company, including limiting the ability to incur liens or indebtedness at a subsidiary level. In addition, the Credit Agreement has several events of default. The Company incurred approximately $0.1 million of debt extinguishment costs during 2018 related to the Prior Credit Agreement. The Company capitalized $2.0 million in financing fees during 2018 associated with the Credit Agreement which will be amortized to interest expense through 2023. Other Local Arrangements In April 2018, two of the Company's non-U.S. pension plans issued loans totaling $39.6 million (Swiss franc 38 million) to a wholly owned subsidiary of the Company. The loans have the same terms and conditions which include an interest rate of Swiss franc LIBOR plus 87.5 basis points, a maturity date of April 2019 and a one year renewal term and, as such, are classified as short-term debt on the Company's consolidated balance sheet. The proceeds were used to repay outstanding amounts on the Company's credit facility. 1.47% Euro Senior Notes The Company has designated the 1.47% Euro Senior Notes as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries to reduce foreign currency risk associated with the net investment in these operations. Changes in the carrying value of this debt resulting from fluctuations in the euro to U.S. dollar exchange rate are recorded as foreign currency translation adjustments within other comprehensive income (loss). The unrealized gain (loss) recorded in other comprehensive income (loss) related to this net investment hedge was a loss of $1.8 million and $5.0 million for the three months ended September 30, 2018 and 2017, respectively, and a gain of $2.8 million and a loss $15.5 million for the nine months periods ended September 30, 2018 and 2017, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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