Short-term Debt and Credit Lines

12 Months Ended

Dec. 31, 2015

Short-term debt at December 31, 2015 and 2014 consisted of:



	2015		2014
	(In thousands)
Notes payable to banks	$	5,860	$	5,977
Commercial paper	65,500		69,950
Total short-term debt	$	71,360	$	75,927

Included in notes payable to banks at December 31, 2015 was $4.4 million outstanding under a 4.0 million Euro-based revolving loan facility that does not expire, and which bore interest at 1.30%. Included in notes payable to banks at December 31, 2014 was $4.5 million outstanding under a 4.0 million Euro-based revolving loan facility that does not expire, and which bore interest at 1.51%.

In May 2014, the Company amended its May 2012 credit agreement with its primary lender 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 2015 and 2014. Under the principal line of credit, the Company had $38.0 million of unused credit lines available out of the total of $41.2 million short-term credit lines at December 31, 2015. While the facility is unsecured, there are a number of financial covenants with which the Company must comply, and the Company was in compliance as of December 31, 2015.