Long-Term Debt

9 Months Ended

Sep. 30, 2021

Long-Term Debt:

Long-term debt at September 30, 2021 and December 31, 2020 consisted of the following (in thousands):


	September 30,		December 31,
	2021		2020
1.125% notes due 2025	$	441,090	$	610,800
1.625% notes due 2028	584,800		610,800
1.875% Senior notes due 2021	—		480,007
3.45% Senior notes due 2029	171,612		300,000
4.15% Senior notes due 2024	425,000		425,000
5.45% Senior notes due 2044	350,000		350,000
Floating rate notes	—		200,000
Credit facilities	—		223,900
Commercial paper notes	—		325,000

Variable-rate foreign bank loans	5,404		7,702

Finance lease obligations	58,579		59,181

Unamortized discount and debt issuance costs	(14,387)		(20,332)
Total long-term debt	2,022,098		3,572,058
Less amounts due within one year	611		804,677
Long-term debt, less current portion	$	2,021,487	$	2,767,381

In the first quarter of 2021, the Company made the following debt principal payments using proceeds from the February 2021 underwritten public offering of common stock:

•€123.8 million of the 1.125% notes due in November 2025

•€393.0 million, the remaining balance, of the 1.875% Senior notes originally due in December 2021

•$128.4 million of the 3.45% Senior notes due in November 2029

•$200.0 million, the remaining balance, of the floating rate notes originally due in November 2022

•€183.3 million, the outstanding balance, of the unsecured credit facility originally entered into on August 14, 2019, as amended and restated on December 15, 2020

•$325.0 million, the outstanding balance, of the commercial paper notes

As a result, included in Interest and financing expenses for the nine-month period ended September 30, 2021 is a loss on early extinguishment of debt of $29.0 million representing the tender premiums, fees, unamortized discounts and unamortized deferred financing costs from the redemption of this debt.Prior to repayment in the first quarter of 2021, the carrying value of our 1.875% Euro-denominated senior notes was 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 were recorded in accumulated other comprehensive loss. Upon repayment of these notes, this net investment hedge was discontinued. The balance of foreign exchange revaluation gains and losses associated with this discontinued net investment hedge will remain within accumulated other comprehensive loss until the hedged net investment is sold or liquidated. Prior to the net investment hedge being discontinued, we recorded a gain of $5.1 million (net of income taxes) in 2021, and during the three-month and nine-month periods ended September 30, 2020 we recorded losses of $12.4 million and $16.1 million (net of income taxes), respectively in accumulated other comprehensive loss.