Short-term Debt and Credit Lines

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Short-term Debt and Credit Lines

Short-term Debt and Credit Lines

Short-term debt at December 31, 2017 and 2016 consisted of:

	2017		2016
	(In thousands)
Notes payable to banks	$	8,300	$	8,200
Commercial paper	36,250		29,750
Total short-term debt	$	44,550	$	37,950

Included in notes payable to banks at December 31, 2017 was $4.8 million outstanding under a 4.0 million Euro-based revolving loan facility that does not expire, and which bore interest at 1.13%. Included in notes payable to banks at December 31, 2016 was $4.2 million outstanding under a 4.0 million Euro-based revolving loan facility that does not expire, and which bore interest at 1.13%.

In September 2016, the Company amended its May 2012 credit agreement with its primary lender to a three-year $120.0 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 2.10% in 2017 and 1.49% in 2016. Under the principal line of credit, the Company had $85.3 million of unused credit lines available out of the total of $88.8 million available short-term credit lines at December 31, 2017. 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, 2017.