Loans Payable – Banks |
12 Months Ended | |||
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Dec. 31, 2023 | ||||
Debt Disclosure [Abstract] | ||||
Loans Payable – Banks |
Loans payable – banks consist of the following:
The Company and its domestic subsidiaries have available a $25 million unsecured revolving line of credit due on demand, which bears interest at the daily Secured Overnight Financing Rate (“SOFR”) plus 2% (the SOFR was 5.3% as of December 31, 2023). The line of credit which has a maturity date of , is expected to be renewed on an annual basis. Borrowings outstanding pursuant to lines of credit were zero as of December 31, 2023 and 2022.
The Company’s foreign subsidiaries have available credit lines totaling approximately $8 million provided by a consortium of international financial institutions. These credit lines bear interest at EURIBOR plus between 0.6% and 0.9% (EURIBOR was 3.96% at December 31, 2023). Borrowings outstanding pursuant to lines of credit were $4.4 million and $0 million as of December 31, 2023 and 2022.
The weighted average interest rate on short-term borrowings was 4.5% and 0% as of December 31, 2023 and 2022. |