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Debt | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
DEBT | DEBT Debt consisted of the following at March 31, 2020:
| March 31, 2020
| U.S. Dollar |  | Other Principal Trading Currencies |  | Total
3.67% $50 million ten-year Senior Notes due December 17, 2022 | $ | 50,000 |  |  | $ | — |  |  | $ | 50,000 |
4.10% $50 million ten-year Senior Notes due September 19, 2023 | 50,000 |  |  | — |  |  | 50,000 |
3.84% $125 million ten-year Senior Notes due September 19, 2024 | 125,000 |  |  | — |  |  | 125,000 |
4.24% $125 million ten-year Senior Notes due June 25, 2025 | 125,000 |  |  | — |  |  | 125,000 |
3.91% $75 million ten-year Senior Notes due June 25, 2029 | 75,000 |  |  | — |  |  | 75,000 |
3.19% $50 million fifteen-year Senior Notes due January 24, 2035 | 50,000 |  |  | — |  |  | 50,000 |
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030 | — |  |  | 139,229 |  |  | 139,229 |
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034 | — |  |  | 150,368 |  |  | 150,368 |
Senior notes debt issuance costs, net | (1,106 | ) |  | (1,126 | ) |  | (2,232 | )
Total Senior Notes | 473,894 |  |  | 288,471 |  |  | 762,365 |
$1.1 billion Credit Agreement, interest at LIBOR plus 87.5 basis points | 668,997 |  |  | 81,425 |  |  | 750,422 |
Other local arrangements | 1,286 |  |  | 55,345 |  |  | 56,631 |
Total debt | 1,144,177 |  |  | 425,241 |  |  | 1,569,418 |
Less: current portion | (1,053 | ) |  | (55,345 | ) |  | (56,398 | )
Total long-term debt | $ | 1,143,124 |  |  | $ | 369,896 |  |  | $ | 1,513,020 |
As of March 31, 2020, the Company had $342.9 million of additional borrowings available under its Credit Agreement, and the Company maintained $323.6 million of cash and cash equivalents. On January 24, 2020, the Company issued $50 million fifteen-year Senior notes with a fixed interest rate of 3.19%, which will mature January 24, 2035. The terms of the Senior Notes are consistent with the previously issued Senior Notes as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. The Company used the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes. The Company was in compliance with its debt covenants at March 31, 2020. The Company has designated the EUR 125 million 1.47% Euro Senior Notes and the EUR 135 million 1.30% Euro Senior Notes as a hedge of a portion of its net investment in a euro denominated foreign subsidiary to reduce foreign currency risk associated with this net investment. 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 Company recorded in other comprehensive income (loss) related to this net investment hedge an unrealized gain of $2.0 million and $2.3 million for the three months ended March 31, 2020 and 2019, respectively. The Company has a gain of $0.5 million recorded in accumulated other comprehensive income (loss) as of March 31, 2020. Other Local Arrangements In 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 2020.

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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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