Short-term Debt and Credit Lines

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Short-term Debt and Credit Lines

Note 4    Short-term Debt and Credit Lines

Short-term debt at December 31, 2019 and 2018 consisted of:

	2019		2018
	(In thousands)
Notes payable to banks	$	4,480	$	4,560
Commercial paper	—			13,500
Total short-term debt	$	4,480	$	18,060

Included in notes payable to banks at December 31, 2019 was $4.5 million outstanding under a 4.0 million Euro-based revolving loan facility that does not expire, and which bore interest at 1.50%.  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%.

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.  Under the principal line of credit, the Company had $125.0 million of unused credit lines available out of the total of $128.3 million available short-term credit lines at December 31, 2019.  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, 2019.