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Debt | 12 Months Ended
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Dec. 31, 2015
Debt [Abstract] |
Debt | 4. Debt Long-term Debt Long-term debt consisted of the following unsecured obligations at December 31:
(in thousands) |  | 2015 |  |  | 2014 |
3.66% senior notes due November 2023 |  | $ | 75,000 |  |  | $ | 75,000 |
3.06% Euro-denominated senior notes due November 2023 |  |  | 41,545 |  |  |  | 46,270 |
1.85% Euro-denominated senior notes due November 2022 |  |  | 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 |  |  | 77,000 |  |  |  | 88,000 |
3.77% senior notes due November 2016 |  |  | 25,000 |  |  |  | 25,000 |
Term loan |  |  | 167,875 |  |  |  | 98,750 |
Long-term revolving loan agreement |  |  | 103,343 |  |  |  | 65,987 |
Various other notes |  |  | 1,491 |  |  |  | 2,004 |
|  |  | 613,877 |  |  |  | 451,011 |
Less current maturities |  |  | — |  |  |  | — |
Total long-term debt |  | $ | 613,877 |  |  | $ | 451,011 |
On November 6, 2015, the Company increased and extended the maturity of its credit facility. The credit facility, consisting of a $170 million term loan and a $350 million revolver, will mature on November 6, 2020. It replaces the $450 million credit facility originally entered into in October 2014, consisting of a $100 million term loan and a $350 million revolver. 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 is at LIBOR plus 1.50%. Also on November 6, 2015, the Company issued 7-year, notes of €67 million at a fixed rate of 1.85%. The notes will have a final maturity in November 2022. Proceeds from the increased term loan and the sale of the notes were used to refinance existing debt. The borrowings under the long-term revolving loan agreement had an average interest rate of 1.36% and 1.54% for the years ended December 31, 2015 and 2014, respectively. The aggregate amounts of contractual maturities on long-term debt each year for the five years subsequent to December 31, 2015, are as follows: 2016, $45.9 million; 2017, $103.9 million; 2018, $38.9 million; 2019, $17.1 million; and 2020, $218.2 million. The Company has approximately $45.9 million of long-term debt that matures in 2016. It is the Company’s intention and ability to refinance these maturities under the long-term revolving loan agreement and accordingly, that maturing debt has been classified as long-term debt in the Consolidated Balance Sheet. The Company had $255.3 million available under the revolving loan agreement and $86.3 million available under other lines of credit from several banks at December 31, 2015. 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, 2015. The following table summarizes the Company’s most restrictive loan covenants calculated in accordance with the applicable agreements as of December 31, 2015:
|  | Actual |  |  | Required |
Debt to EBITDA(1) (Maximum) |  |  | 2.49 |  |  |  | 3.50 |
Interest Coverage (Minimum) |  |  | 7.60 |  |  |  | 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.
The Company had stand-by and trade letters of credit outstanding of $6.3 million as of December 31, 2015 and 2014. Short-term Borrowings The Company’s short-term borrowings consisted of the following items at December 31:
(in thousands) |  | 2015 |  |  | 2014 |
Uncommitted loans |  | $ | 18,580 |  |  | $ | 14,086 |
Loans of foreign subsidiaries |  |  | 2,075 |  |  |  | 1,802 |
Total |  | $ | 20,655 |  |  | $ | 15,888 |
The weighted average interest rates on short-term borrowings were 1.62% and 1.66% at December 31, 2015 and 2014, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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