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Debt | 12 Months Ended
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Dec. 31, 2017
Debt [Abstract] |
Debt | 3. Debt Long-term Debt Long-term debt consisted of the following unsecured obligations at December 31:
(in thousands) |  | 2017 |  |  | 2016 |
3.66% senior notes due November 2023 |  | $ | 75,000 |  |  | $ | 75,000 |
3.65% senior notes due May 2024 |  |  | 27,000 |  |  |  | — |
1.27% Euro-denominated senior notes due May 2024 |  |  | 60,024 |  |  |  | — |
1.71% Euro-denominated senior notes due May 2027 |  |  | 48,019 |  |  |  | — |
3.06% Euro-denominated senior notes due November 2023 |  |  | 45,914 |  |  |  | 40,226 |
1.85% Euro-denominated senior notes due November 2022 |  |  | 80,260 |  |  |  | 70,316 |
4.47% senior notes due November 2018 |  |  | 25,000 |  |  |  | 25,000 |
4.14% senior notes due November 2017 |  |  | — |  |  |  | 25,000 |
4.91% senior notes due through May 2017 |  |  | — |  |  |  | 66,000 |
Term loan |  |  | 141,375 |  |  |  | 118,313 |
Long-term revolving credit facility |  |  | 100,712 |  |  |  | 162,079 |
Various other notes |  |  | 1,068 |  |  |  | 1,099 |
|  |  | 604,372 |  |  |  | 583,033 |
Less debt fees |  |  | (213 | ) |  |  | (253 | )
Total long-term debt |  | $ | 604,159 |  |  | $ | 582,780 |
On May 3, 2017, the Company increased borrowings and extended the maturity of its credit facility. The credit facility increased to a $145 million term loan and a $350 million revolver, and will mature on May 3, 2022. Of the $145 million term loan, $141 million remains outstanding as of December 31, 2017. 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 under the credit facility would be LIBOR plus 1.50%. Also on May 3, 2017, the Company issued three new fixed-rate notes consisting of a 7-year note of €50 million at a fixed rate of 1.27%; a 10-year note of €40 million at a fixed rate of 1.71%; and a 7-year note of $27 million at a fixed rate of 3.65%. Proceeds were used to refinance existing debt. The borrowings under the long-term revolving credit facility had an average interest rate of 1.77% and 1.40% for the years ended December 31, 2017 and 2016, respectively. The aggregate amounts of contractual maturities on long-term debt of the five years subsequent to December 31, 2017, are as follows: 2018, $34.1 million; 2019, $11.0 million; 2020, $12.8 million; 2021, $14.6 million; and 2022, $275.4 million. The Company has approximately $34.1 million of long-term debt that matures in 2018. The Company is able and intends to refinance these maturities under the long-term revolving credit facility. Accordingly, that maturing debt has been classified as long-term debt in the Consolidated Balance Sheet. The Company had $296.4 million available under the revolving credit facility and $66.8 million available under other lines of credit from several banks at December 31, 2017. 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, 2017. The following table summarizes the Company’s most restrictive loan covenants calculated in accordance with the applicable agreements as of December 31, 2017:
|  | Actual |  |  | Required |
Debt to EBITDA(1) (Maximum) |  |  | 2.61 |  |  |  | 3.5 |
Interest Coverage (Minimum) |  |  | 7.23 |  |  |  | 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.
The Company had stand-by and trade letters of credit outstanding of $5.9 million and $6.8 million as of December 31, 2017 and 2016, respectively. Short-term Borrowings The Company’s short-term borrowings consisted of the following items at December 31:
(in thousands) |  | 2017 |  |  | 2016 |
Uncommitted loans |  | $ | 19,192 |  |  | $ | 20,435 |
Loans of foreign subsidiaries |  |  | 938 |  |  |  | 143 |
Total |  | $ | 20,130 |  |  | $ | 20,578 |
The weighted average interest rates on short-term borrowings were 2.46% and 2.26% at December 31, 2017 and 2016, 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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