Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

DEBT

DEBT

Debt consisted of the following at September 30, 2022:

	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
2.83% $125 million twelve-year Senior Notes due July 22, 2033	125,000		—		125,000
3.19% $50 million fifteen-year Senior Notes due January 24, 2035	50,000		—		50,000
2.81% $150 million fifteen-year Senior Note due March 17, 2037	150,000		—		150,000
2.91% $150 million fifteen-year Senior Note due September 1, 2037	150,000		—		150,000
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030	—		120,301		120,301
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034	—		129,925		129,925
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036	—		120,301		120,301
Debt issuance costs, net	(2,398)		(1,521)		(3,919)
Total Senior Notes	897,602		369,006		1,266,608
$1.25 billion Credit Agreement, interest at LIBOR plus 87.5 basis points	495,806		159,149		654,955
Other local arrangements	4,563		52,766		57,329
Total debt	1,397,971		580,921		1,978,892
Less: current portion	(100,983)		(52,656)		(153,639)
Total long-term debt	$	1,296,988	$	528,265	$	1,825,253

As of September 30, 2022, the Company had $589.3 million of additional borrowings available under its Credit Agreement, and the Company maintained $122.1 million of cash and cash equivalents.

In December 2021, the Company entered into an agreement to issue and sell $300 million 15-year Senior Notes in a private placement. The Company issued $150 million with a fixed interest rate of 2.81% (2.81% Senior Notes) in March 2022 and an additional $150 million with a fixed interest rate of 2.91% (2.91% Senior Notes) in September 2022. The Senior Notes will be senior unsecured obligations of the Company. The 2.81% Senior Notes mature in March 2037 and the 2.91% Senior Notes mature in September 2037. Interest on the 2.81% and 2.91% Senior Notes will be payable semi-annually in March and September each year. Interest payments on the 2.81% Senior Notes will begin in September 2022 and interest on the 2.91% will begin in March 2023. The terms of the Senior Notes are consistent with the previous Senior Notes as described in the Company's Annual Report Form 10-K. The Company will use 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, and the EUR 125 million 1.06% 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 gain of $35.8 million and an unrealized gain of $9.4 million for the

three months ended September 30, 2022 and 2021, respectively, and an unrealized gain of $66.2 million and an unrealized gain of $21.2 million for the nine month periods ended September 30, 2022 and 2021, respectively. The Company has a gain of $71.7 million recorded in accumulated other comprehensive income (loss) as of September 30, 2022.

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 2022.