4. Debt

Long-term Debt

Long-term debt consisted of the following unsecured obligations at December 31:

(in thousands)	2015		2014
3.66% senior notes due November 2023	$	75,000	$	75,000
3.06% Euro-denominated senior notes due November 2023		41,545		46,270
1.85% Euro-denominated senior notes due November 2022		72,623		—
4.47% senior notes due November 2018		25,000		25,000
4.14% senior notes due November 2017		25,000		25,000
4.91% senior notes due through May 2017		77,000		88,000
3.77% senior notes due November 2016		25,000		25,000
Term loan		167,875		98,750
Long-term revolving loan agreement		103,343		65,987
Various other notes		1,491		2,004
		613,877		451,011
Less current maturities		—		—
Total long-term debt	$	613,877	$	451,011

On November 6, 2015, the Company increased and extended the maturity of its credit facility. The credit facility, consisting of a $170 million term loan and a $350 million revolver, will mature on November 6, 2020. It replaces the $450 million credit facility originally entered into in October 2014, consisting of a $100 million term loan and a $350 million revolver. Interest rates on borrowings under the current credit facility are at LIBOR plus a margin based on the Company’s leverage ratio. Currently, when fully drawn, the interest rate is at LIBOR plus 1.50%. Also on November 6, 2015, the Company issued 7-year, notes of €67 million at a fixed rate of 1.85%. The notes will have a final maturity in November 2022. Proceeds from the increased term loan and the sale of the notes were used to refinance existing debt.

The borrowings under the long-term revolving loan agreement had an average interest rate of 1.36% and 1.54% for the years ended December 31, 2015 and 2014, respectively.

The aggregate amounts of contractual maturities on long-term debt each year for the five years subsequent to December 31, 2015, are as follows: 2016, $45.9 million; 2017, $103.9 million; 2018, $38.9 million; 2019, $17.1 million; and 2020, $218.2 million.

The Company has approximately $45.9 million of long-term debt that matures in 2016. It is the Company’s intention and ability to refinance these maturities under the long-term revolving loan agreement and accordingly, that maturing debt has been classified as long-term debt in the Consolidated Balance Sheet.

The Company had $255.3 million available under the revolving loan agreement and $86.3 million available under other lines of credit from several banks at December 31, 2015.

Substantially all of the senior loan agreements contain restrictions concerning interest coverage, borrowings and investments. The Company is in compliance with all of these restrictions at December 31, 2015. The following table summarizes the Company’s most restrictive loan covenants calculated in accordance with the applicable agreements as of December 31, 2015:

	Actual		Required
Debt to EBITDA⁽¹⁾ (Maximum)		2.49		3.50
Interest Coverage (Minimum)		7.60		2.00

⁽¹⁾

Debt to EBITDA is defined in the Company’s debt covenants as total funded debt divided by the Company’s consolidated operating income excluding non-operating gains and losses and depreciation and amortization.

The Company had stand-by and trade letters of credit outstanding of $6.3 million as of December 31, 2015 and 2014.

Short-term Borrowings

The Company’s short-term borrowings consisted of the following items at December 31:

(in thousands)	2015		2014
Uncommitted loans	$	18,580	$	14,086
Loans of foreign subsidiaries		2,075		1,802
Total	$	20,655	$	15,888

The weighted average interest rates on short-term borrowings were 1.62% and 1.66% at December 31, 2015 and 2014, respectively.