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6. Long-Term Debt | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
Long-term Debt | LONG-TERM DEBT The principal components of long-term debt are as follows (in millions):
| March 31, 2020 |  | December 31, 2019
4.875% Senior Notes due 2020 principal amount | $ | 425.0 |  |  | $ | 425.0 |
Less unamortized discount and debt issuance costs | (0.5 | ) |  | (0.6 | )
4.875% Senior Notes less unamortized discount and debt issuance costs | 424.5 |  |  | 424.4 |
Finance leases and other debt | 14.0 |  |  | 15.4 |
| 438.5 |  |  | 439.8 |
Less current maturities | (426.3 | ) |  | (426.2 | )
Long-term debt | $ | 12.2 |  |  | $ | 13.6 |
Senior Notes due 2020 In December 2010, Bio-Rad sold $425.0 million principal amount of Senior Notes due December 2020 (4.875% Notes). The sale yielded net cash proceeds of $422.6 million at an effective rate of 4.946%. The 4.875% Notes pay a fixed rate of interest of 4.875% per year. We have the option to redeem any or all of the 4.875% Notes at any time at a redemption price of 100% of the principal amount (plus a specified make-whole premium as defined in the indenture governing the 4.875% Notes) and accrued and unpaid interest thereon to the redemption date. Our obligations under the 4.875% Notes are not secured and rank equal in right of payment with all of our existing and future unsubordinated indebtedness. Certain covenants apply at each year end to the 4.875% Notes including limitations on the following: liens, sale and leaseback transactions, mergers, consolidations or sales of assets and other covenants. We were in compliance with these covenants as of March 31, 2020. There are no restrictive covenants relating to total indebtedness, interest coverage, stock repurchases, recapitalizations, dividends and distributions to shareholders or current ratios. Credit Agreement In April 2019, Bio-Rad entered into a $200 million unsecured Credit Agreement. Borrowings under the Credit Agreement are on a revolving basis and can be used to make permitted acquisitions, for working capital and for other general corporate purposes. We had no outstanding borrowings under the Credit Agreement as of March 31, 2020; however, $0.2 million was utilized for domestic standby letters of credit that reduced our borrowing availability as of March 31, 2020. The Credit Agreement matures in April 2024. If we had borrowed against our Credit Agreement, the borrowing rate would have been 2.555% at March 31, 2020, which is based on the 3-month LIBOR. The Credit Agreement requires Bio-Rad to comply with certain financial ratios and covenants, among other things. These ratios and covenants include a leverage ratio test and an interest coverage test, as well as restrictions on our ability to declare or pay dividends, incur debt, guarantee debt, enter into transactions with affiliates, merge or consolidate, sell assets, make investments and create liens. We were in compliance with all of these ratios and covenants as of March 31, 2020.

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- Definition The entire disclosure for long-term debt. + 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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