Debt consists of the following:



(DOLLARS IN THOUSANDS)	Effective Interest Rate			September 30, 2018			December 31, 2017
Senior notes - 2007⁽¹⁾⁽⁴⁾	6.40% - 6.82%			$	—		$	249,765
Senior notes - 2013⁽¹⁾	3.30	%		299,057			298,670
Euro Senior notes - 2016⁽¹⁾	1.88	%		583,049			589,848
Senior notes - 2017⁽¹⁾	4.44	%		493,046			492,819
2020 Notes⁽¹⁾	3.73	%		297,995			—
2021 Euro Notes⁽¹⁾	0.78	%		348,804			—
2026 Euro Notes⁽¹⁾	1.93	%		930,142			—
2028 Notes⁽¹⁾	4.57	%		395,940			—
2048 Notes⁽¹⁾	5.12	%		785,012			—
Amortizing Notes⁽¹⁾	5.83	%		133,096			—
Credit facility	LIBOR + 1.125%		(2)	105,653			—
Bank overdrafts and other				5,376			7,993
Deferred realized gains on interest rate swaps				57			57
				4,377,227			1,639,152
Less: Short term borrowings⁽³⁾				(45,985		)	(6,966		)
				$	4,331,242		$	1,632,186

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(1)	Amount is net of unamortized discount and debt issuance costs.


(2)	Represents the rate on drawn down and outstanding balances. Deferred debt issuance costs are immaterial.


(3)	Includes bank borrowings, commercial paper, overdrafts and current portion of long-term debt.

(4)

In connection with the acquisition of Frutarom and associated financing, the Company repaid the outstanding $250 million of its Senior Notes - 2007 on September 17, 2018, including accrued and unpaid interest of $7.7 million and the associated make whole payment of $34.9 million. Additionally, the Company incurred a loss of $3.9 million on the termination of a fair value hedge which was recognized in earnings for the three and nine months ended September 30, 2018.