Short-term Debt and Credit Lines

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Short-term Debt and Credit Lines

Note 4    Short-term Debt and Credit Lines

Short-term debt at December 31, 2018 and 2017 consisted of:

	2018		2017
	(In thousands)
Notes payable to banks	$	4,560	$	8,300
Commercial paper		13,500		36,250
Total short-term debt	$	18,060	$	44,550

Included in notes payable to banks at December 31, 2018 was $4.6 million outstanding under a 4.0 million Euro-based revolving loan facility that does not expire, and which bore interest at 1.14%.  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%.

In June 2018, the Company amended its May 2012 credit agreement with its primary lender and extended its term until September 2021. The credit agreement includes a $125.0 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 3.11% in 2018 and 2.10% in 2017.  Under the principal line of credit, the Company had $111.5 million of unused credit lines available out of the total of $114.9 million available short-term credit lines at December 31, 2018.  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, 2018.