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Short-term Debt and Credit Lines
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Short-term Debt and Credit Lines

Note 4 Short-term Debt and Credit Lines

 

The Company did not have short-term debt at December 31, 2022 and 2021. On July 8, 2021, the Company entered into a new credit agreement. The Company amended its credit agreement to modify the benchmark interest rate on January 20, 2023. The credit agreement includes a $150.0 million multi-currency line of credit that supports commercial paper (up to $100.0 million). The facility includes several features that enhance the Company’s financial flexibility including an increase feature, acquisition holiday and favorable financial covenants. The Company was in compliance with all covenants as of December 31, 2022. The Company had $156.6 million of unused credit lines available at December 31, 2022.