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Debt
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
DEBT DEBT
Debt consisted of the following at September 30, 2021:
U.S. DollarOther Principal Trading CurrenciesTotal
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, 202350,000 — 50,000 
3.84% $125 million ten-year Senior Notes due September 19, 2024125,000 — 125,000 
4.24% $125 million ten-year Senior Notes due June 25, 2025125,000 — 125,000 
3.91% $75 million ten-year Senior Notes due June 25, 202975,000 — 75,000 
3.19% $50 million fifteen-year Senior Notes due January 24, 203550,000 — 50,000 
2.83% $125 million twelve-year Senior Notes due July 22, 2033125,000 — 125,000 
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030— 146,056 146,056 
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034— 157,740 157,740 
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036— 146,056 146,056 
Debt issuance costs, net(1,519)(1,600)(3,119)
Total Senior Notes598,481 448,252 1,046,733 
$1.25 billion Credit Agreement, interest at LIBOR plus 87.5 basis points412,473 177,092 589,565 
Other local arrangements3,494 53,315 56,809 
Total debt1,014,448 678,659 1,693,107 
Less: current portion(351)(53,173)(53,524)
Total long-term debt$1,014,097 $625,486 $1,639,583 
Credit Agreement
On June 25, 2021, the Company entered into a $1.25 billion Credit Agreement ("the Credit Agreement"), which amended its $1.1 billion Amended and Restated Credit Agreement (the "Prior Credit Agreement"). As of September 30, 2021, the Company had $654.2 million of additional borrowings available under its Credit Agreement, and the Company maintained $183.7 million of cash and cash equivalents.
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 25, 2026. 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. The Company must also pay facility fees that are tied to its leverage ratio. The Credit Agreement contains covenants that are similar as those contained in the prior Credit Agreement, with which the Company was in compliance as of September 30, 2021. The Company is required to maintain (i) a ratio of net funded indebtedness to EBITDA of 3.5 to 1.0 or less except that the required maximum ratio may increase to 4.0 to 1.0 for the four consecutive fiscal quarter period commencing with the fiscal quarter in which an acquisition having total consideration (including, without limitation, all cash payments, assumed indebtedness, issued equity interests and earn outs in connection with such acquisition) greater than $250 million and (ii) an interest coverage ratio of 3.0 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 $0.2 million of debt extinguishment costs during 2021 related to the Prior Credit Agreement. The Company capitalized $2.0 million in financing fees during 2021 associated with the Credit Agreement which will be amortized to interest expense through 2026.
Senior Notes

In May 2021, the Company entered into an agreement to issue and sell $125 million twelve-year Senior Notes with a fixed interest rate of 2.83%. The Senior Notes were issued in July 2021 and will mature July 2033. The terms of the Senior Notes are consistent with the previous Senior Notes as described above. The Company used the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes.    
In December 2020, the Company entered into an agreement to issue and sell EUR 125.0 million of 15-year 1.06% Euro Senior Notes ("1.06% Euro Senior Notes"). The terms of the Euro Senior Notes are consistent with the previous Euro Senior Notes as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. The Company also entered into a forward contract to receive $152.1 million at the time of issuing the 1.06% Euro Senior Notes in March 2021. The Company issued the 1.06% Euro Senior Notes with a fixed interest rate of 1.06% in March 2021. The 1.06% Euro Senior Notes are unsecured obligations of the Company and will mature on March 19, 2036. Interest on the 1.06% Euro Senior Notes is payable semi-annually in March and September of each year. The Company was in compliance with its debt covenants at September 30, 2021.
The Company has designated the EUR 125 million 1.47% Euro Senior Notes, the EUR 135 million 1.30% Euro Senior Notes, and the EUR 125 million 1.06% 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. 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 $9.4 million and an unrealized loss of $11.2 million for the three months ended September 30, 2021 and 2020, respectively, and an unrealized gain of $21.2 million and an unrealized loss of $11.3 million for the nine month periods ended September 30, 2021 and 2020, respectively. The Company has a loss of $7.6 million recorded in accumulated other comprehensive income (loss) as of September 30, 2021.

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 2021.