4. Debt

Long-term Debt

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

(in thousands)	2016			2015
3.66% senior notes due November 2023	$	75,000		$	75,000
3.06% Euro-denominated senior notes due November 2023		40,226			41,545
1.85% Euro-denominated senior notes due November 2022		70,316			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		66,000			77,000
3.77% senior notes due November 2016		—			25,000
Term loan		118,313			167,875
Long-term revolving credit facility		162,079			103,343
Various other notes		1,099			1,491
		583,033			613,877
Less debt fees		(253	)		(375	)
Total long-term debt	$	582,780		$	613,502

The Company has a $520 million credit facility, originally consisting of a $170 million term loan and a $350 million revolver. Of the $170 million term loan, $118 million remains outstanding as of December 31, 2016. This credit facility will mature on November 6, 2020. 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 under the credit facility would be LIBOR plus 1.50%.

The borrowings under the long-term revolving credit facility had an average interest rate of 1.40% and 1.36% for the years ended December 31, 2016 and 2015, respectively.

The aggregate amounts of contractual maturities on long-term debt of the five years subsequent to December 31, 2016, are as follows: 2017, $103.8 million; 2018, $38.9 million; 2019, $17.1 million; 2020, $236.9 million; and 2021, $0.1 million.

The Company has approximately $103.8 million of long-term debt that matures in 2017. The Company is able and intends to refinance these maturities under the long-term revolving credit facility. Accordingly, that maturing debt has been classified as long-term debt in the Consolidated Balance Sheet.

The Company had $256 million available under the revolving credit facility and $41 million available under other lines of credit from several banks at December 31, 2016.

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, 2016. The following table summarizes the Company’s most restrictive loan covenants calculated in accordance with the applicable agreements as of December 31, 2016:

	Actual		Required
Debt to EBITDA⁽¹⁾ (Maximum)		2.51		3.5
Interest Coverage (Minimum)		7.35		2.0

⁽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 $6.8 million and $6.3 million as of December 31, 2016 and 2015, respectively.

Short-term Borrowings

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

(in thousands)	2016		2015
Uncommitted loans	$	20,435	$	18,580
Loans of foreign subsidiaries		143		2,075
Total	$	20,578	$	20,655

The weighted average interest rates on short-term borrowings were 2.26% and 1.62% at December 31, 2016 and 2015, respectively.