Debt (Tables)

12 Months Ended

Dec. 31, 2016

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

Summary of Restrictive Loan Covenants

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.

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