Debt (Tables)

12 Months Ended

Dec. 31, 2015

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

Restrictive loan covenants

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.

Short-term borrowings

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