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.