Short-Term Borrowings and Credit Lines |
12 Months Ended |
|---|---|
Dec. 31, 2018 | |
| Debt Disclosure [Abstract] | |
| Short-Term Borrowings and Credit Lines |
mpany has an unsecured, committed revolving line of credit with monthly variable commitments available for funding that average $100,000,000. The maturity date of this agreement is July 1, 2021. Interest, payable monthly, is based on the Company's applicable funded debt ratio, which could range from USD LIBOR plus 87.5 basis points to USD LIBOR plus 162.5 basis points. This line of credit requires the Company to comply with certain financial covenants covering net income, funded debt ratio, fixed charge coverage ratio, and borrowing basis. If the Company is in default, it is prohibited from paying dividends or repurchasing common stock. At December 31, 2018, the Company was in compliance with all associated covenants. At December 31, 2018 and 2017, no balance was outstanding under this line of credit.
The Company's Canadian subsidiary has available an unsecured and uncommitted line of credit guaranteed by the Company providing for borrowing up to a maximum of CAD$30,000,000 (approximately US$22,000,000) at December 31, 2018. The revolving line accrues interest at the bank's Canadian prime rate. At December 31, 2018 and 2017 no balance was outstanding under this line of credit.
The Company's European subsidiary has available two separate unsecured and uncommitted lines of credit guaranteed by the Company providing for borrowing up to a maximum of €25,800,000 and €5,000,000, respectively (combined approximately US$35,000,000), at December 31, 2018. These lines accrue interest based on the European Central Bank refinancing rate plus 100 basis points and the Euro Overnight Index Average plus 75 basis points, respectively. There was no balance outstanding under either line at December 31, 2018 or 2017.
The Company's Japanese subsidiary has two separate unsecured and uncommitted lines of credit guaranteed by the Company providing for borrowing up to a maximum of US$7,000,000 and ¥300,000,000, respectively (combined approximately US$10,000,000), at December 31, 2018. These lines accrue interest at JPY LIBOR plus 100 basis points and the Bank of Tokyo Prime Rate, respectively. There was no balance outstanding under either line at December 31, 2018 or 2017.
The Company's Korean subsidiary has available an unsecured and uncommitted line of credit guaranteed by the Company providing for borrowing up to a maximum of US$20,000,000 at December 31, 2018. The revolving line accrues interest at the Korean three-month CD rate plus 220 basis points. There was no balance outstanding under this line at December 31, 2018 or 2017.
In 2018, the Company's China joint venture established an unsecured and uncommitted line of credit guaranteed by the Company providing for borrowings of advances or overdrafts up to a maximum of US$20,000,000 (approximately RMB137,570,000) at December 31, 2018. Once the line is drawn upon, the revolving line accrues interest on advances of RMB based on the People's Bank of China ("PBOC") base rate, advances of USD based on LIBOR +1.8% per annum or overdrafts of RMB based on 110% of the PBOC base rate. There was no balance outstanding under this line at December 31, 2018.
|