Long-Term Debt

9 Months Ended

Sep. 30, 2020

Long-Term Debt:

Long-term debt at September 30, 2020 and December 31, 2019 consisted of the following (in thousands):


	September 30,		December 31,
	2020		2019
1.125% notes, net of unamortized discount and debt issuance costs of $4,121 at September 30, 2020 and $5,659 at December 31, 2019	$	577,479	$	549,241
1.625% notes, net of unamortized discount and debt issuance costs of $5,846 at September 30, 2020 and $5,696 at December 31, 2019	575,754		549,204
1.875% Senior notes, net of unamortized discount and debt issuance costs of $1,172 at September 30, 2020 and $1,831 at December 31, 2019.	455,888		434,241
3.450% Senior notes, net of unamortized discount and debt issuance costs of $3,153 at September 30, 2020 and $3,533 at December 31, 2019	296,847		296,467
4.15% Senior notes, net of unamortized discount and debt issuance costs of $2,032 at September 30, 2020 and $2,398 at December 31, 2019	422,968		422,603
5.45% Senior notes, net of unamortized discount and debt issuance costs of $3,734 at September 30, 2020 and $3,850 at December 31, 2019	346,266		346,150
Floating rate notes, net of unamortized debt issuance costs of $815 at September 30, 2020 and $1,169 at December 31, 2019	199,185		198,831
Credit facilities	213,196		—
Commercial paper notes	390,000		186,700

Variable-rate foreign bank loans	7,570		7,296

Finance lease obligations	59,167		59,524

Total long-term debt	3,544,320		3,050,257
Less amounts due within one year	603,787		187,336
Long-term debt, less current portion	$	2,940,533	$	2,862,921

Current portion of long-term debt at September 30, 2020 includes commercial paper notes with a weighted-average interest rate of approximately 0.55% and a weighted-average maturity of 46 days.

In the first quarter of 2020, the Company borrowed $250.0 million under the 2018 Credit Agreement to repay short-term commercial paper notes and for other general corporate purposes. This amount was repaid in the third quarter of 2020 using short-term commercial paper notes. In April 2020, the Company borrowed the Euro equivalent of $200.0 million under the 2019 Credit Facility to be used for general corporate purposes. The applicable interest rate for the amount borrowed was 1.375%.

The carrying value of our 1.875% Euro-denominated senior notes has been designated as an effective hedge of our net investment in certain foreign subsidiaries where the Euro serves as the functional currency, and gains or losses on the revaluation of these senior notes to our reporting currency are recorded in accumulated other comprehensive loss. During the three-month and nine-month periods ended September 30, 2020, losses of $12.4 million and $16.1 million (net of income taxes), respectively, and during the three-month and nine-month periods ended September 30, 2019, gains of $12.7 million and $13.0 million (net of income taxes), respectively, were recorded in accumulated other comprehensive loss in connection with the revaluation of these senior notes to our reporting currency.

As a result of the uncertainty of the overall financial impact of the COVID-19 pandemic, the Company amended the Credit Agreements on May 11, 2020 to modify its financial covenant based on the Company’s current expectations. The amendment effects changes to certain provisions of the Credit Agreements, including: (a) conversion of the consolidated funded debt to consolidated EBITDA ratio to a consolidated net funded debt to consolidated EBITDA ratio; (b) carving-out third party sales of accounts receivables from the Securitization Transaction definition; (c) setting the consolidated net funded debt to consolidated EBITDA ratio to 4.00:1 for the fiscal quarter ending June 30, 2020, 4.50:1 for the fiscal quarters through September 30, 2021, 4.00:1 for the fiscal quarter ending December 31, 2021, and 3.50:1 for fiscal quarters thereafter; and (d) reducing the priority debt basket to 24% of Consolidated Net Tangible Assets, as defined in the Credit Agreements, through and including December 31, 2021. As part of this amendment, the Company agreed to pay a 10 basis point fee on the consenting

lenders commitments under the Credit Agreements. If conditions caused by the COVID-19 pandemic worsen and the Company’s earnings and cash flow from operations do not start to recover as contemplated in the Company's current plans, the Company may not be able to maintain compliance with its amended financial covenants and it will require the Company to seek additional amendments to the Credit Agreements. If the Company is not able to obtain such necessary additional amendments, this would lead to an event of default and its lenders could require the Company to repay its outstanding debt. In that situation, the Company may not be able to raise sufficient debt or equity capital, or divest assets, to refinance or repay the lenders. As of September 30, 2020, the Company was in compliance with its debt covenant under the Credit Agreements.