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Debt | 9 Months Ended
--- | ---
Sep. 30, 2020
Debt Disclosure [Abstract] |
Debt | DEBT Debt consisted of the following:
(DOLLARS IN THOUSANDS) | Effective Interest Rate |  | September 30, 2020 |  | December 31, 2019
2020 Notes(1) | 3.69 | % |  | $ | — |  |  | $ | 299,381 |
2021 Euro Notes(1) | 0.82 | % |  | 350,646 |  |  | 334,561 |
2023 Notes(1) | 3.30 | % |  | 299,234 |  |  | 299,004 |
2024 Euro Notes(1) | 1.88 | % |  | 584,429 |  |  | 558,124 |
2026 Euro Notes(1) | 1.93 | % |  | 931,723 |  |  | 890,183 |
2028 Notes(1) | 4.57 | % |  | 396,925 |  |  | 396,688 |
2047 Notes(1) | 4.44 | % |  | 493,887 |  |  | 493,571 |
2048 Notes(1) | 5.12 | % |  | 786,160 |  |  | 785,996 |
Term Loan(1) | 3.65 | % |  | 239,766 |  |  | 239,621 |
2022 Term Loan (1) | 1.73 | % |  | 199,261 |  |  | — |
Amortizing Notes(1) | 6.09 | % |  | 47,970 |  |  | 82,079 |
Bank overdrafts and other |  |  | 1,666 |  |  | 3,131 |
Deferred realized gains on interest rate swaps |  |  | 57 |  |  | 57 |
Total debt |  |  | 4,331,724 |  |  | 4,382,396 |
Less: Short-term borrowings(2) |  |  | (440,962) |  |  | (384,958) |
Total Long-term debt |  |  | $ | 3,890,762 |  |  | $ | 3,997,438 |
_______________________ (1)Amount is net of unamortized discount and debt issuance costs. (2)Includes bank borrowings, overdrafts and current portion of long-term debt. 2022 Term Loan On May 15, 2020, the Company entered into a Term Loan Agreement (the "2022 Term Loan Agreement") with China Construction Bank Corporation, New York Branch, as administrative agent, and the lenders party thereto. The lenders party to the 2022 Term Loan Agreement have committed to provide a senior unsecured two year term loan facility in an aggregate principal amount of up to $200 million. The loans under the 2022 Term Loan Agreement bear interest, at the Company's option, at a per annum rate equal to either (x) an adjusted LIBOR rate plus an applicable margin varying from 1.225% to 2.475% or (y) a base rate plus an applicable margin varying from 0.225% to 1.475%, in each case depending on the public debt ratings for non-credit enhanced long-term senior unsecured debt issued by the Company. The Company may voluntarily prepay the term loans without premium or penalty, with the balance payable on the second anniversary of the funding date. There is no required amortization under the 2022 Term Loan Agreement. As of September 30, 2020, the Company had $200 million outstanding in borrowings under the 2022 Term Loan Agreement. The 2022 Term Loan Agreement contains various covenants, limitations and events of default customary for similar facilities for similarly rated borrowers, including a maximum ratio of net debt to EBITDA of 4.0x with step-downs over time. 2020 Notes During the third quarter of 2020, the Company repaid the 2020 Notes resulting in a payment of $300 million of which approximately $200 million was from the net proceeds received under the 2022 Term Loan Agreement. Amended Debt Agreements On August 25, 2020, the Company entered into (i) the Second Amended and Restated Revolving Credit Agreement (the "Revolving Credit Agreement"), which amended and restated the Credit Agreement dated as of November 9, 2011, as previously amended and restated as of December 2, 2016, and further amended as of May 21, 2018, June 6, 2018, July 13, 2018 and January 17, 2020 among the Company, certain of its subsidiaries, the lenders party thereto and Citibank, N.A. as administrative agent, (ii) an amendment to the Term Loan Credit Agreement, dated as of June 6, 2018, as previously amended as of July 13, 2018 and as of January 17, 2020, among the Company, the lenders party thereto, and Morgan Stanley Senior Funding, Inc. as administrative agent (as amended, the "Frutarom Term Loan Agreement") and (iii) an amendment to the 2022 Term Loan Agreement (as amended, and collectively with the Revolving Credit Agreement and Frutarom Term Loan Agreement, the "Amended Debt Agreements"). Under the amended terms of the Revolver Credit Agreement, the senior unsecured revolving loan credit facility maturing June 6, 2023 (the "Revolving Credit Facility") will increase from $1 billion to $2 billion upon completion of the DuPont N&B Transaction. Additionally, under the Amended Debt Agreements, upon the completion of the DuPont N&B Transaction, the Company's maximum permitted ratio of net debt to Consolidated EBITDA will increase to 4.75x with step-downs over time.

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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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