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Loans Payable – Banks | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Loans Payable – Banks |
| (9) | Loans Payable – Banks
Loans payable – banks consist of the following: Effective June 2024, the Company and its domestic subsidiaries have available a $25 million unsecured revolving line of credit due on demand, which bears interest at the Secured Overnight Financing Rate ("SOFR") plus 1.75% (the SOFR was 4.45% as of December 31, 2024). The line of credit which has a maturity date of April 30, 2025, is expected to be renewed on an annual basis. Effective November 2024, the Company and its domestic subsidiaries have available a $20 million unsecured revolving line of credit due on demand, which bears interest at the SOFR plus a margin (the SOFR was 4.45% as of December 31, 2024). The line of credit, which has a maturity date of December 31, 2025, is expected to be renewed on an annual basis. The Company and its domestic subsidiaries have available a $25 million unsecured revolving line of credit due on demand, which bears interest at the daily SOFR plus 2% (the SOFR was 4.45% as of December 31, 2024). The line of credit which has a maturity date of December 13, 2025, is expected to be renewed on an annual basis. Borrowings outstanding pursuant to all lines of credit were zero as of December 31, 2024 and 2023. The Company’s foreign subsidiaries have available credit lines totaling approximately $8.3 million provided by a consortium of international financial institutions. These credit lines bear interest at the three-month Euribor rate plus 1.65% (Three-Month Euribor was 2.71% at December 31, 2024). Borrowings outstanding pursuant to lines of credit were $8.3 million and $4.4 million as of December 31, 2024 and 2023. The weighted average interest rate on short-term borrowings was 5.2% and 4.5% as of December 31, 2024 and 2023.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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