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Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Debt consisted of the following at June 30, 2025:
U.S. DollarOther Principal Trading CurrenciesTotal
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— 146,285 146,285 
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034— 157,987 157,987 
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036— 146,285 146,285 
3.80% Euro 100 million 10 1/2-year Senior Notes due July 9, 2035— 117,028 117,028 
Debt issuance costs, net(2,206)(1,858)(4,064)
Total Senior Notes697,794 565,727 1,263,521 
$1.35 billion Credit Agreement, interest at benchmark plus 87.5 basis points (a)
437,637 414,432 852,069 
Other local arrangements9,243 59,089 68,332 
Total debt1,144,674 1,039,248 2,183,922 
Less: current portion(1,306)(58,881)(60,187)
Total long-term debt$1,143,368 $980,367 $2,123,735 
(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.

On May 30, 2024, the Company entered into a $1.35 billion Credit Agreement (the Credit Agreement), which amended its $1.25 billion Amended and Restated Credit Agreement (the Prior Credit Agreement). As of June 30, 2025, the Company had $493.4 million of additional borrowings available under its Credit Agreement, and the Company maintained $61.8 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 2029. 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 to those contained in the prior Credit Agreement, with which the Company was in compliance as of June 30, 2025. The Company is required to maintain (i) a ratio of net funded indebtedness to EBITDA of 3.5 to 1.0 or less, except in certain circumstances 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, with customary grace periods applicable.
In January 2025, the Company entered into an agreement to issue and sell EUR 100 million 10 1/2-year Senior Notes with a fixed interest rate of 3.8% (3.8% Euro Senior Notes) in a private placement, which will mature in July 2035. The 3.8% Euro Senior Notes are unsecured obligations of the Company, and the terms are consistent with the previous Notes as disclosed in Note 10 to the Company's consolidated financial statements for the year ended December 31, 2024. 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, the EUR 125 million 1.06% Euro Senior Notes, and the EUR 100 million 3.80% 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 $44.6 million and unrealized gain of $5.1 million for the three months ended June 30, 2025 and 2024, respectively, and an unrealized loss of $63.8 million and unrealized gain of $13.3 million for the six month periods ended June 30, 2025 and 2024, respectively. The Company has an unrealized loss of $21.5 million recorded in accumulated other comprehensive income (loss) as of June 30, 2025.
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 2025.