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Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt [Abstract]

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

Summary of Restrictive Loan Covenants

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.

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

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Tabular disclosure of restrictive loan covenants.

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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

+ References

Reference 1: 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)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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