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Short-term Debt and Credit Lines
12 Months Ended
Dec. 31, 2021
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, 2021 and 2020. On July 8, 2021, the Company entered into a new credit agreement, replacing its prior facility which was set to expire in September 2021. 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, 2021. The Company had $157.1 million of unused credit lines available at December 31, 2021.