Loans Payable - Banks

12 Months Ended

Dec. 31, 2013

(9)

Loans Payable - Banks

Loans payable - banks consist of the following:

The Company and its domestic subsidiaries have available a $15 million unsecured revolving line of credit due on demand, which bears interest at the prime rate minus 0.5% (the prime rate was 3.25% as of December 31, 2013). The line of credit which has a maturity date of May 1, 2014 is expected to be renewed on an annual basis. Borrowings outstanding pursuant to this line of credit were approximately $6.1 million as of December 31, 2013 and zero as of December 31, 2012.

The Company's foreign subsidiaries have available credit lines, including several bank overdraft facilities totaling approximately $25 million. These credit lines bear interest at EURIBOR plus 0.6%, 0.7% or 0.8% (EURIBOR was 0.3% at December 31, 2013). Outstanding amounts were zero as of December 31, 2013 and $27.8 million as of December 31, 2012.

The weighted average interest rate on short-term borrowings was 2.8% and 0.8% as of December 31, 2013 and 2012, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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