Note 12 - Short-term and Long-term Debt

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Debt Disclosure [Text Block]

(1 2 ) Short-term and Long-term Debt

In

May

2016,

the Company entered into a

$500,000

five

-year Syndicated Senior Revolving Credit Facility (“Credit Facility”) which expires in

May

2021.

The Company pays interest on this Credit Facility at LIBOR plus

1.25%

-

2.00%

based upon certain financial measurements.  The Credit Facility also includes financial covenants regarding interest coverage and leverage ratios.  The Company was in compliance with all financial covenants at

December

31,

2016.

As of

December

31,

2015,

there was

$30,000

outstanding on the Company’s former credit facility which was classified as short-term debt in

2015

and fully repaid in the

first

quarter of

2016.

The

2016

and

2015

weighted average interest rate for long-term bank debt was

1.9%

and

2.3%,

respectively.