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FINANCING ARRANGEMENTS
9 Months Ended
Sep. 30, 2013
Debt Instrument [Line Items]  
Long-term Debt [Text Block]
NOTE 13 – FINANCING ARRANGEMENTS

On August 15, 2013, the Company’s $250.0 million two-year floating rate note matured. The note repayment was financed with available commercial paper. On August 26, 2013, the Company entered into a $175.0 million seven-year variable rate term loan maturing in August 2020. The variable interest rate is reset quarterly at three-month U.S. dollar LIBOR plus 1.125%. The term loan requires annual principle repayments of $8.8 million with the balance due at maturity. The proceeds were used to repay outstanding commercial paper. The debt agreement includes covenants that are similar to the covenants include in the Company’s five-year multi-currency revolving credit agreement.