Short-term Debt and Credit Lines

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Short-term Debt and Credit Lines

Short-term Debt and Credit Lines

Short-term debt at December 31, 2014 and 2013 consisted of:

	2014		2013
	(In thousands)
Notes payable to banks	$	5,977	$	4,795
Commercial paper	69,950		65,250
Total short-term debt	$	75,927	$	70,045

Included in notes payable to banks in 2014 was $4.5 million outstanding under a 4.0 million Euro-base revolving loan facility (U.S. dollar equivalent of $4.8 million at December 31, 2014) that does not expire, and which bore interest at 1.51%. Included in notes payable to banks in 2013 was $4.8 million outstanding under a 4.0 million Euro-based revolving loan facility (U.S. dollar equivalent of $5.5 million at December 31, 2013) that does not expire, and which bore interest at 1.72%.

In May 2012, the Company signed a credit agreement that increased its principal line of credit from $90.0 million to $125.0 million with its primary lender for a three year period. The line was reduced by $16.7 million in May 2013 and was scheduled to be reduced by a similar amount in May 2014. The Company amended this line of credit effective May 1, 2014 to a three-year $105.0 million line of credit that supports commercial paper (up to $70.0 million) and includes $5.0 million of a Euro line of credit. Borrowings of commercial paper bore interest at 1.25% in 2014 and 2013. Under the principal line of credit, the Company had $33.6 million of unused credit lines available out of its total $37.5 million short-term credit lines at December 31, 2014. While the facility is unsecured, there are a number of financial covenants with which the Company is in compliance as of December 31, 2014.