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Debt (Tables)

12 Months Ended

Dec. 31, 2020

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

(In thousands)	2020			2019
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			25,000
1.85% Euro-denominated senior notes due November 2022		81,672			74,968
3.06% Euro-denominated senior notes due November 2023		46,722			42,887
1.27% Euro-denominated senior notes due May 2024		61,080			56,066
1.71% Euro-denominated senior notes due May 2027		48,864			44,853
2.53% British Pound-denominated notes due November 2023		34,176			33,143
2.76% British Pound-denominated notes due November 2025		34,176			33,143
Term loan		8,375			51,438
Revolving Credit Facilities		83,324			134,393
Various other notes		1,647			783
Total debt		527,036			598,674
Less debt fees		(143	)		(175	)
Less current portion		(8,889	)		-
Total long-term debt	$	518,004		$	598,499

Contractual Maturities on Long-Term Debt

The aggregate amounts of contractual maturities on long-term debt subsequent to December 31, 2020, are as follows:

(In thousands)
Year ending December 31,
2021	$	73,892
2022		100,481
2023		156,414
2024		88,210
2025		59,176
Thereafter		48,863
Total long-term debt maturities	$	527,036

Restrictive Loan Covenants

Substantially all of the senior financing obligations contain restrictions concerning interest coverage, borrowings, and investments. The Company is in compliance with all of these restrictions at December 31, 2020. The following table summarizes the Company’s most restrictive loan covenants calculated in accordance with the applicable agreements as of December 31, 2020:

	Actual	Required
Debt to EBITDA⁽¹⁾ (Maximum)	2.40	<3.50
Interest Coverage (Minimum)	6.61	>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)	2020		2019
U.S. credit facilities	$	138	$	20,280
Current maturities of long-term debt		8,889		-
Loans of foreign subsidiaries		220		332
Total	$	9,247	$	20,612