Short-Term Borrowings and Credit Lines
|9 Months Ended|
Sep. 30, 2021
|Debt Disclosure [Abstract]|
|Short-term Debt [Text Block]||
NOTE 4—SHORT-TERM BORROWINGS AND CREDIT LINES
Except as disclosed below, there have been no significant changes to the Company's short-term borrowings and credit lines as described in Note 7 in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.
At the beginning of 2021, the Company's Japanese subsidiary had two separate unsecured and uncommitted overdraft facilities guaranteed by the Company providing for borrowings up to a maximum of ¥1.5 billion and ¥700.0 million. In March 2021, the Company's Japanese subsidiary entered into an agreement to establish an unsecured and uncommitted overdraft facility providing for borrowings up to a maximum of ¥400.0 million. In September 2021, the Company's Japanese subsidiary entered into an agreement which replaced the ¥1.5 billion overdraft facility with a ¥1.0 billion overdraft facility. At September 30, 2021, the combined available borrowings of the three lines was approximately US$18.8 million. Borrowings under the ¥1.0 billion and ¥400.0 million overdraft facilities accrue interest at the Tokyo Interbank Offered Rate plus 50 basis points and borrowings under the ¥700.0 million overdraft facility accrue interest at 150 basis points. As of September 30, 2021, there was no balance outstanding under these facilities.At the beginning of 2021, the Company's Chinese subsidiary had available an unsecured and uncommitted line of credit providing for borrowings up to a maximum of RMB140.0 million and an unsecured and uncommitted overdraft and clean advance facility, guaranteed by the Company, that provided for borrowings of advances or overdrafts up to a maximum of US$20.0 million. In September 2021, the Company's Chinese subsidiary did not renew the agreement for the RMB140.0 million line of credit. At September 30, 2021, the available borrowings of the remaining facility was US$20.0 million. Borrowings under this facility accrue interest on advances of RMB at 4% or advances of USD at 1.62% per annum. As of September 30, 2021, there was no balance outstanding under the facility.
The entire disclosure for short-term debt.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef