Debt (Tables)

12 Months Ended

Dec. 31, 2018

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

(in thousands)	2018			2017
3.66% senior notes due November 2023	$	75,000		$	75,000
3.65% senior notes due May 2024		27,000			27,000
4.19% senior notes due November 2025		25,000			-
1.27% Euro-denominated senior notes due May 2024		57,333			60,024
1.71% Euro-denominated senior notes due May 2027		45,866			48,019
3.06% Euro-denominated senior notes due November 2023		43,856			45,914
1.85% Euro-denominated senior notes due November 2022		76,662			80,260
4.47% senior notes due November 2018		-			25,000
2.53% British Pound-denominated notes due November 2023		31,884			-
2.76% British Pound-denominated notes due November 2025		31,884			-
Term loan		132,313			141,375
Long-term revolving credit facility		142,061			100,712
Various other notes		923			1,068
		689,782			604,372
Less debt fees		(229	)		(213	)
Total long-term debt	$	689,553		$	604,159

Restrictive Loan Covenants

The following table summarizes the Company’s most restrictive loan covenants calculated in accordance with the applicable agreements as of December 31, 2018:

	Actual		Required
Debt to EBITDA⁽¹⁾ (Maximum)		2.79		<3.50
Interest Coverage (Minimum)		6.15		>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

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

(in thousands)	2018		2017
Uncommitted loans	$	19,768	$	19,192
Loans of foreign subsidiaries		278		938
Total	$	20,046	$	20,130