Debt

9 Months Ended

Sep. 30, 2021

Debt

Debt

7. Debt

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

	September 30, 2021			December 31, 2020
US Dollar notes under the 2012 Note Purchase Agreement	$	205.0		$	205.0
CHF notes (in dollars) under the 2019 Note Purchase Agreement		318.1			335.5
US Dollar notes under the 2019 Term Loan		300.0			300.0
Unamortized debt issuance costs		(2.1	)		(2.4	)
Finance lease obligations and other loans		6.0			6.4
Total debt		827.0			844.5
Current portion of long-term debt		(109.5	)		(2.2	)
Total long-term debt, less current portion	$	717.5		$	842.3

The following is a summary of the maximum commitments and the net amounts available to the Company under its credit agreements and other lines of credit with various financial institutions located primarily in Germany and Switzerland that are unsecured and typically due upon demand with interest payable monthly, at September 30, 2021 (in millions):

	Weighted Average Interest Rate			Total Amount Committed by Lenders		Outstanding Borrowings		Outstanding Letters of Credit		Total Amount Available
2019 Credit Agreement		1.3	%	$	600.0	$	—	$	0.1	$	599.9
Bank guarantees and working capital line		varies			115.2		—		115.2		—
Total revolving lines of credit				$	715.2	$	—	$	115.3	$	599.9

As of September 30, 2021, the Company was in compliance with the financial covenants of all debt agreements.

As of September 30, 2021, the Company had 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 changes 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 lowered net interest expense by $1.4 million during each of the three months ended September 30, 2021 and 2020, and by $4.1 million and
$5.8 million during the nine months ended September 30, 2021 and 2020, respectively. 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.