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Short-term Debt and Credit Lines
12 Months Ended
Dec. 31, 2020
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, 2020. Short-term debt at December 31, 2019 consisted of notes payable to banks of $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%.

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.  Under the principal line of credit, the Company had $125.0 million of unused credit lines available out of the total of $133.5 million available short-term credit lines at December 31, 2020.  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, 2020.