Debt

12 Months Ended

Dec. 31, 2013

Note 15 – Debt

Debt includes the following:

		December 31,
		2013		2012
Industrial development authority monthly 5.60% fixed rate demand bond maturing 2018	$	5,000	$	5,000
Industrial development authority monthly 5.26% fixed rate demand bond maturing 2028		10,000		10,000
Credit facilities (1.66% weighted average borrowing rate at December 31, 2013)		0		12,200
Ohio Department of Development term loan (see below)		2,428		2,754
Other debt obligations (including capital leases)		1,288		1,514
		18,716		31,468
Short-term debt		(945)		(867)
Current portion of long-term debt		(450)		(601)
	$	17,321	$	30,000

During the next five years, payments on the Company's debt, including capital lease maturities, are due as follows:

2014	$	1,395
2015		418
2016		393
2017		396
2018		5,344
2019 and beyond	$	10,770

As discussed in the Current Report on Form 8-K filed on June 17, 2013, the Company entered into a revised syndicated multicurrency credit facility on June 14, 2013, which amended and replaced the Company's previous credit facility with Bank of America, N.A. and certain other major financial institutions. The revised facility increased the maximum principal amount available for revolving credit borrowings under this facility from $175,000 to $300,000, which can be increased to $400,000 at the Company's option if the lenders agree and the Company satisfies certain conditions. This facility matures in June 2018. In addition, the revised facility amended certain financial, acquisition and other covenants, but the consolidated leverage ratio calculation, for which access to credit under the former facility largely depended upon, remains relatively consistent and cannot exceed 3.50 to 1. As of December 31, 2013 and December 31, 2012, the Company's consolidated leverage ratio was below 1.0 to 1 and the Company was also in compliance with all of the current and former facilities' other covenants, respectively. At December 31, 2013 and December 31, 2012, the Company had approximately $0 and $12,200 outstanding on these credit lines at weighted average borrowing rates of 1.66% and 2.03% (LIBOR plus a spread) during each respective year.

As part of its Middletown, Ohio facility's past expansion project, the Company agreed to a low interest rate $3,500 loan with the Ohio Department of Development. Principal repayment on this loan began in September 2010 with its final maturity being in 2021. The current interest rate of 1% will rise to 2% beginning January 1, 2014 and to 3% beginning January 1, 2019 until final maturity.

At December 31, 2013 and December 31, 2012, the amounts at which the Company's debt is recorded are not materially different from their fair market value.

- 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.

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