Debt

3 Months Ended

Mar. 31, 2020

Debt consisted of the following at March 31, 2020:



	March 31, 2020
	U.S. Dollar			Other Principal Trading Currencies			Total
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, 2023	50,000			—			50,000
3.84% $125 million ten-year Senior Notes due September 19, 2024	125,000			—			125,000
4.24% $125 million ten-year Senior Notes due June 25, 2025	125,000			—			125,000
3.91% $75 million ten-year Senior Notes due June 25, 2029	75,000			—			75,000
3.19% $50 million fifteen-year Senior Notes due January 24, 2035	50,000			—			50,000
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030	—			139,229			139,229
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034	—			150,368			150,368
Senior notes debt issuance costs, net	(1,106		)	(1,126		)	(2,232		)
Total Senior Notes	473,894			288,471			762,365
$1.1 billion Credit Agreement, interest at LIBOR plus 87.5 basis points	668,997			81,425			750,422
Other local arrangements	1,286			55,345			56,631
Total debt	1,144,177			425,241			1,569,418
Less: current portion	(1,053		)	(55,345		)	(56,398		)
Total long-term debt	$	1,143,124		$	369,896		$	1,513,020

As of March 31, 2020, the Company had $342.9 million of additional borrowings available under its Credit Agreement, and the Company maintained $323.6 million of cash and cash equivalents.

On January 24, 2020, the Company issued $50 million fifteen-year Senior notes with a fixed interest rate of 3.19%, which will mature January 24, 2035. The terms of the Senior Notes are consistent with the previously issued Senior Notes as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. The Company used the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes. The Company was in compliance with its debt covenants at March 31, 2020.

The Company has designated the EUR 125 million 1.47% Euro Senior Notes and the EUR 135 million 1.30% Euro Senior Notes as a hedge of a portion of its net investment in a euro denominated foreign subsidiary to reduce foreign currency risk associated with this 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 $2.0 million and $2.3 million for the three months ended March 31, 2020 and 2019, respectively. The Company has a gain of $0.5 million recorded in accumulated other comprehensive income (loss) as of March 31, 2020.

Other Local Arrangements

In 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 2020.