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Debt (Tables)

12 Months Ended

Dec. 31, 2021

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

(In thousands)	2021			2020
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		76,017			81,672
3.06% Euro-denominated senior notes due November 2023		43,487			46,722
1.27% Euro-denominated senior notes due May 2024		56,850			61,080
1.71% Euro-denominated senior notes due May 2027		45,480			48,864
2.53% British Pound-denominated notes due November 2023		33,829			34,176
2.76% British Pound-denominated notes due November 2025		33,829			34,176
Term loan		-			8,375
Revolving Credit Facilities		86,000			83,324
Various other notes		1,137			1,647
Total debt		503,629			527,036
Less debt fees		(136	)		(143	)
Less current portion		(487	)		(8,889	)
Total long-term debt	$	503,006		$	518,004

Contractual Maturities on Long-Term Debt

The aggregate amounts of contractual maturities on long-term debt subsequent to December 31, 2021, are as follows:

(In thousands)
Year ending December 31,
2022	$	106,504
2023		152,834
2024		83,981
2025		58,830
2026		56,000
Thereafter		45,480
Total long-term debt maturities	$	503,629

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, 2021. The following table summarizes the Company’s most restrictive loan covenants calculated in accordance with the applicable agreements as of December 31, 2021:

	Actual	Required
Debt to EBITDA⁽¹⁾ (Maximum)	2.04	<3.50
Interest Coverage (Minimum)	21.60	>3.00

⁽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)	2021		2020
U.S. credit facilities	$	7,284	$	138
Current maturities of long-term debt		487		8,889
Loans of foreign subsidiaries		768		220
Total	$	8,539	$	9,247