Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

DEBT

DEBT

    Debt consisted of the following at March 31, 2021:

	March 31, 2021
	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	—		147,197		147,197
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034	—		158,973		158,973
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036	—		147,197		147,197
Senior notes debt issuance costs, net	(1,073)		(1,610)		(2,683)
Total Senior Notes	473,927		451,757		925,684
$1.1 billion Credit Agreement, interest at LIBOR plus 87.5 basis points	505,605		127,637		633,242
Other local arrangements	2,196		52,437		54,633
Total debt	981,728		631,831		1,613,559
Less: current portion	(222)		(52,283)		(52,505)
Total long-term debt	$	981,506	$	579,548	$	1,561,054

    As of March 31, 2021, the Company had $460.7 million of additional borrowings available under its Credit Agreement, and the Company maintained $106.7 million of cash and cash equivalents. During the three months ended March 31, 2021, the Company increased its long-term debt primarily due to the funding of the PendoTECH acquisition as described in Note 4.

In December 2020, the Company entered into an agreement to issue and sell EUR 125.0 million of 15-year 1.06% Euro Senior Notes ("1.06% Euro Senior Notes"). The terms of the Euro Senior Notes are consistent with the previous Euro Senior Notes as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. The Company also entered into a forward contract to receive $152.1 million at the time of issuing the 1.06% Euro Senior Notes in March 2021. The Company issued the 1.06% Euro Senior Notes with a fixed interest rate of 1.06% in March 2021. The 1.06% Euro Senior Notes are unsecured obligations of the Company and will mature on March 19, 2036. Interest on the 1.06% Euro Senior Notes is payable semi-annually in March and September of each year. The Company was in compliance with its debt covenants at March 31, 2021.

    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% 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 $17.6 million and $2.0 million for the three months ended March 31, 2021 and 2020, respectively. The Company has a loss of $11.2 million recorded in accumulated other comprehensive income (loss) as of March 31, 2021.

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 2021.