Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt [Abstract]

Long-Term Debt

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

(in thousands)	2019			2018
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
1.27% Euro-denominated senior notes due May 2024		56,066			57,333
1.71% Euro-denominated senior notes due May 2027		44,853			45,866
3.06% Euro-denominated senior notes due November 2023		42,887			43,856
1.85% Euro-denominated senior notes due November 2022		74,968			76,662
2.53% British Pound-denominated notes due November 2023		33,143			31,884
2.76% British Pound-denominated notes due November 2025		33,143			31,884
Term loan		51,438			132,313
Revolving Credit Facilities		134,393			142,061
Various other notes		783			923
		598,674			689,782
Less debt fees		(175	)		(229	)
Total long-term debt	$	598,499		$	689,553

Restrictive Loan Covenants

The following table summarizes the Company’s most restrictive loan covenants calculated in accordance with the applicable agreements as of December 31, 2019:

	Actual	Required
Debt to EBITDA(1) (Maximum)	2.86	<3.50
Interest Coverage (Minimum)	5.25	>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.

Short-Term Borrowings

The Company’s short-term borrowings consisted of the following items at December 31:

(in thousands)	2019		2018
U.S. credit facilities	$	20,280	$	19,768
Loans of foreign subsidiaries		332		278
Total	$	20,612	$	20,046