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Debt | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
DEBT | DEBT Debt consisted of the following at September 30, 2019:
| September 30, 2019
| 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 |
3.91% $75 million Senior Notes due June 25 2029 | 75,000 |  |  | — |  |  | 75,000 |
1.47% EUR 125 million Senior Notes due June 17, 2030 | — |  |  | 136,747 |  |  | 136,747 |
Debt issuance costs, net | (1,111 | ) |  | (307 | ) |  | (1,418 | )
Total Senior Notes | 423,889 |  |  | 136,440 |  |  | 560,329 |
$1.1 billion Credit Agreement, interest at LIBOR plus 87.5 basis points | 485,016 |  |  | 78,934 |  |  | 563,950 |
Other local arrangements | 1,058 |  |  | 47,519 |  |  | 48,577 |
Total debt | 909,963 |  |  | 262,893 |  |  | 1,172,856 |
Less: current portion | (1,058 | ) |  | (47,519 | ) |  | (48,577 | )
Total long-term debt | $ | 908,905 |  |  | $ | 215,374 |  |  | $ | 1,124,279 |
As of September 30, 2019, the Company had $529.2 million of availability remaining under its Credit Agreement. 1.30% Euro-Senior Notes and 3.19% Senior Notes In November 2019, the Company entered into an agreement to issue and sell EUR 135 million of fifteen years 1.30% Euro-Senior Notes ("1.30% Senior Notes") and $50 million of fifteen years 3.19% Senior Notes ("3.19% Senior Notes") in a private placement. The proceeds will be used to repay outstanding amounts on the Company's credit facility and fund operational expenses. The Company also entered into a forward contract to receive $149.9 million at the time of issuing the EUR 135 million Euro-Senior Notes. The Company issued the 1.30% Euro-Senior Notes with a fixed interest rate of 1.30% in November 2019. The 1.30% Euro-Senior Notes are unsecured obligations of the Company and will mature in November 1, 2034. Interest on the 1.30% Euro-Senior Notes is payable semi-annually in April and November of each year. The Company will issue the 3.19% Senior Notes with a fixed interest rate of 3.19% in January 2020. The 3.19% Senior Notes are unsecured obligations of the Company and will mature in January 1, 2035. Interest on the 3.19% Senior Notes is payable semi-annually in January and July of each year. The Company will designate the 1.30% 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 fair value of this debt resulting from fluctuations in the euro to U.S. dollar exchange rates will be recorded as foreign currency translation adjustments within other comprehensive income (loss). The Company may at any time prepay the Senior Notes, in whole or in part, at a price equal to 100% of the principal amount thereof plus accrued and unpaid interest, and if applicable a "make-whole" prepayment premium and a swap related currency loss. 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, the 1.30% Euro-Senior Notes and the 3.19% Senior Notes contain customary affirmative and negative covenants for agreements of this type that are substantially similar to those contained in previously issued debt of the Company. The 3.91% Senior Notes, 1.30% Euro-Senior Notes and the 3.19% Senior Notes also contain customary events of default with customer grace periods, as applicable. 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 gain of $5.3 million and a loss of $1.8 million for the three months ended September 30, 2019 and 2018, respectively, and a gain of $6.3 million and $2.8 million for the nine month periods ended September 30, 2019 and 2018, respectively. The Company has a gain of $5.0 million recorded in accumulated other comprehensive income (loss) as of September 30, 2019. 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.

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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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