Loans Payable - Banks

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

(9) Loans Payable – Banks

Loans payable – banks consist of the following:

The Company and its domestic subsidiaries have available a $20 million unsecured revolving line of credit due on demand, which bears interest at the daily one-month LIBOR plus 2% (the one-month LIBOR was 1.76% as of December 31, 2019). The line of credit which has a maturity date of December 18, 2020 is expected to be renewed on an annual basis. Borrowings outstanding pursuant to lines of credit were zero as of December 31, 2019 and 2018.

The Company’s foreign subsidiaries have available credit lines, including several bank overdraft facilities totaling approximately $28 million. These credit lines bear interest at EURIBOR plus between 0.5% and 0.8% (EURIBOR was minus 0.379% at December 31, 2019). Outstanding amounts were zero as of December 31, 2019 and 2018.

As there were no borrowings outstanding as of December 31, 2019 and 2018, there is no weighted average interest rate on short-term borrowings as of December 31, 2019 and 2018.