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Debt | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
DEBT | DEBT Debt consisted of the following at June 30, 2019:
| June 30, 2019
| U.S. Dollar |  | Other Principal Trading Currencies |  | Total
$50 million Senior Notes, interest 3.67%, due December 17, 2022 | 50,000 |  |  | — |  |  | 50,000 |
$50 million Senior Notes, interest 4.10%, due September 19, 2023 | 50,000 |  |  | — |  |  | 50,000 |
$125 million Senior Notes, interest 3.84%, due September 19, 2024 | 125,000 |  |  | — |  |  | 125,000 |
$125 million Senior Notes, interest 4.24%, due June 25, 2025 | 125,000 |  |  | — |  |  | 125,000 |
$75 million Senior Notes, interest 3.91%, due June 25 2029 | 75,000 |  |  | — |  |  | 75,000 |
EUR 125 million Senior Notes, interest 1.47%, due June 17, 2030 | — |  |  | 142,078 |  |  | 142,078 |
Debt issuance costs, net | (1,163 | ) |  | (314 | ) |  | (1,477 | )
Total Senior Notes | 423,837 |  |  | 141,764 |  |  | 565,601 |
$1.1 billion Credit Agreement, interest at LIBOR plus 87.5 basis points | 455,065 |  |  | 67,208 |  |  | 522,273 |
Other local arrangements | 1,160 |  |  | 50,758 |  |  | 51,918 |
Total debt | 880,062 |  |  | 259,730 |  |  | 1,139,792 |
Less: current portion | (1,160 | ) |  | (50,758 | ) |  | (51,918 | )
Total long-term debt | $ | 878,902 |  |  | $ | 208,972 |  |  | $ | 1,087,874 |
As of June 30, 2019, the Company had $572.0 million of availability remaining under its Credit Agreement. 3.91% Senior Notes In April 2019, the Company entered into an agreement to issue and sell $75 million of ten-year Senior Notes in a private placement. The Company issued the Senior Notes with a fixed interest rate of 3.91% ("3.91% Senior Notes") in June 2019. The 3.91% Senior Notes are unsecured obligations of the Company and will mature in June 2029. Interest on the 3.91% Senior Notes is payable semi-annually in June and December of each year. The proceeds were used to repay outstanding amounts on the Company's credit facility. The 3.91% Senior Notes contain customary affirmative and negative covenants including, among others, limitations on the Company and its subsidiaries with respect to incurrence of liens and priority indebtedness, disposition of assets, mergers, and transactions with affiliates. The note purchase agreement also requires the Company to maintain a consolidated interest coverage ratio of more than 3.5 to 1.0 and a consolidated leverage ratio of less than 3.5 to 1.0. The agreement contains customary events of defaults with customary grace periods, as applicable. 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. The loans were renewed for one year in April 2019 and, as such, are classified as short-term debt on the Company's consolidated balance sheet. 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 pre-tax unrealized gain (loss) recorded in other comprehensive income (loss) related to this net investment hedge was a loss of $1.3 million and and a gain $10.1 million for the three months ended June 30, 2019 and 2018, respectively, and a gain of $1.0 million and $4.6 million for the six months periods ended June 30, 2019 and 2018, respectively. The Company has a loss of $0.4 million recorded in accumulated other comprehensive income (loss) as of June 30, 2019.

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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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