Subsequent Events

12 Months Ended

Dec. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

26. Subsequent Events

On January 30, 2018, the Company entered into a Credit Agreement among the Company, the foreign subsidiary borrowers from time to time party thereto, the lenders party thereto, JP Morgan Chase Bank, N.A., as administrative agent, Bank of America, N.A., as syndication agent, and J.P. Morgan Chase Bank, N.A. and Merrill Lynch Pierce Fenner & Smith Incorporated, as joint lead arrangers and joint bookrunners (the Credit Agreement). The Credit Agreement provides for a $350,000,000 multi-currency revolving credit facility, which matures on January 30, 2023. Under this five-year committed facility, the Company may draw as needed to finance working capital needs, permitted acquisitions and capital expenditures and for general corporate purposes. This new facility replaces the Company’s $125,000,000 multi-currency revolving credit agreement dated as of July 10, 2014.

The Company is a party to (i) a Note Purchase Agreement dated as of September 29, 2005 (as amended, the 2005 NPA), pursuant to which the Company has issued (a) $40,000,000 in aggregate principal amount of its 5.69 percent Series 2005-A Senior Notes due November 1, 2018, (b) $40,000,000 in aggregate principal amount of its 5.88 percent Series 2010-A Senior Notes due June 1, 2022, and (c) $65,000,000 in aggregate principal amount of its 4.86 percent Series 2011-A Senior Notes due November 1, 2023, (ii) a Note Purchase Agreement dated as of June 27, 2013 (the 2013 NPA), pursuant to which the Company has issued $100,000,000 in aggregate principal amount of its 3.86 percent Senior Notes due June 27, 2025, and (iii) a Note Purchase Agreement dated as of July 10, 2015 (the 2015 NPA), pursuant to which the Company has issued $100,000,000 in aggregate principal amount of its 3.95 percent Senior Notes due July 10, 2027. Each of the 2005 NPA, the 2013 NPA and the 2015 NPA were amended effective January 30, 2018 to make certain covenants consistent with those included in the Credit Agreement.