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Debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
DEBT DEBT
Debt consisted of the following at June 30, 2023:
U.S. DollarOther Principal Trading CurrenciesTotal
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 
5.45% $150 million ten-year Senior Notes due March 1, 2033150,000 — 150,000 
2.83% $125 million twelve-year Senior Notes due July 22, 2033125,000 — 125,000 
3.19% $50 million fifteen-year Senior Notes due January 24, 203550,000 — 50,000 
2.81% $150 million fifteen-year Senior Note due March 17, 2037150,000 — 150,000 
2.91% $150 million fifteen-year Senior Note due September 1, 2037150,000 — 150,000 
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030— 136,685 136,685 
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034— 147,620 147,620 
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036— 136,685 136,685 
Debt issuance costs, net(2,852)(1,422)(4,274)
Total Senior Notes997,148 419,568 1,416,716 
$1.25 billion Credit Agreement, interest at benchmark plus 87.5 basis points (a)
478,219 197,071 675,290 
Other local arrangements5,058 55,763 60,821 
Total debt1,480,425 672,402 2,152,827 
Less: current portion(51,812)(55,553)(107,365)
Total long-term debt$1,428,613 $616,849 $2,045,462 
(a) The benchmark interest rate is determined by the borrowing currency. The benchmark rates by borrowing currency are as follows: SOFR for U.S. dollars (plus a 10 basis points spread adjustment), SARON for Swiss franc, EURIBOR for Euro and SONIA for Great British pounds.
As of June 30, 2023, the Company had $569.3 million of additional borrowings available under its Credit Agreement, and the Company maintained $83.6 million of cash and cash equivalents.
In May 2023, the Company amended its Credit Agreement to replace all references of LIBOR to SOFR and other non-U.S. dollar references as the interest rate benchmark.
In December 2022, the Company entered into an agreement to issue and sell $150 million 10-year Senior Notes in a private placement. The Company issued $150 million with a fixed interest rate of 5.45% (5.45% Senior Notes) in March 2023. The 5.45% Senior Notes are senior unsecured obligations of the Company. The 5.45% Senior Notes mature on March 1, 2033. The terms of the 5.45% Senior Notes are consistent with the previous Senior Notes as described in the Company's Annual Report on Form 10-K. The Company used the proceeds from the sale of the 5.45% Senior Notes to refinance existing indebtedness and for other general corporate purposes.
In December 2021, the Company entered into an agreement to issue and sell $300 million 15-year Senior Notes in a private placement. The Company issued $150 million with a fixed interest rate of 2.81% (2.81% Senior Notes) in March 2022 and $150 million with a fixed interest rate of 2.91% (2.91% Senior Notes) in September 2022. The 2.81% and 2.91% Senior Notes are senior unsecured obligations of the Company. The 2.81% Senior Notes mature in March 2037, and the 2.91% Senior Notes mature in
September 2037. Interest on the 2.81% and 2.91% Senior Notes is payable semi-annually in March and September each year. Interest payments on the 2.81% Senior Notes began in September 2022 and interest on the 2.91% began in March 2023. The terms of the Senior Notes are consistent with the previous Senior Notes as described in the Company's Annual Report on Form 10-K. The Company used the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes.
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 loss of $3.6 million and an unrealized gain of $19.1 million for the three months ended June 30, 2023 and 2022, respectively, and an unrealized loss of $8.9 million and an unrealized gain of $30.4 million for the six month periods ended June 30, 2023 and 2022, respectively. The Company has a gain of $21.2 million recorded in accumulated other comprehensive income (loss) as of June 30, 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 SARON plus 87.5 basis points. The loans were renewed for one year in April 2023.