Debt

9 Months Ended

Sep. 30, 2020

Debt

Debt

9.    Debt

The Company’s debt obligations consisted of the following (dollars in millions):

	September 30,		December 31,
	2020		2019
US Dollar notes under the 2012 Note Purchase Agreement	$	205.0	$	205.0
CHF notes (in dollars) under the 2019 Note Purchase Agreement		322.1		306.8
US Dollar notes under the 2019 Term Loan		300.0		300.0
Unamortized debt issuance costs		(2.5)		(2.6)
Capital lease obligations and other loans		5.3		4.1
Total debt		829.9		813.3
Current portion of long-term debt		(1.7)		(0.5)
Total long-term debt, less current portion	$	828.2	$	812.8

The following is a summary of the maximum commitments and the net amounts available to the Company under its credit agreement and other bank working capital lines and guarantees of credit with various financial institutions located primarily in Germany and Switzerland that are unsecured and typically due upon demand at September 30, 2020 (dollars in millions):

	Weighted		Total Amount		Total Amount				Outstanding		Total Committed
	Average		Committed by		Uncommitted by		Outstanding		Letters of		and Uncommitted
	Interest Rate		Lenders		Lenders		Borrowings		Credit		Amounts Available
2019 Credit Agreement	1.3	%	$	600.0	$	—	$	—	$	0.2	$	599.8
Bank guarantees and working capital line	0.0	%		141.6		115.4		—		141.6		115.4
Total revolving lines of credit			$	741.6	$	115.4	$	—	$	141.8	$	715.2

As of September 30, 2020, the Company was in compliance with the financial covenants of all debt agreements.

As of September 30, 2020, the Company has entered into several cross-currency and interest rate swap agreements with a notional value of $150.0 million of U.S. to Swiss Franc and a notional value of $355.0 million of U.S. to Euro to hedge the variability in the movement of foreign currency exchange rates on portions of our Euro and Swiss Franc denominated net asset investments. These agreements qualify for hedge accounting and accordingly the change in fair value of the derivative are recorded in other comprehensive income as part of foreign currency translation adjustments and remain in accumulated comprehensive income (loss) attributable to Bruker Corporation in shareholders' equity until the sale or substantial liquidation of the foreign operation. The difference between the interest rate received and paid under the interest rate and cross-currency swap agreements is recorded in interest and other income (expenses) in the consolidated statements of income and comprehensive income. As a result of entering into these agreements, the Company has lowered net interest expense by $1.4 million and $5.8 million during the three and nine months ended September 30, 2020, respectively. The gains (losses) related to hedges of net asset investments in international operations that were recorded within the cumulative translational adjustment section of other comprehensive income were $(22.1) million and $(22.4) million during the three and nine months ended September 30, 2020, respectively. The Company did not have any cross-currency and interest rate swap agreements for the nine months ended September 30, 2019. The Company presents the cross-currency swap periodic settlements in investing activities and the interest rate swap periodic settlements in operating activities in the statement of cash flows.