XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Revolving Credit Facility and Bank Borrowings | 6 Months Ended
--- | ---
Jun. 30, 2018
Debt Disclosure [Abstract] |
Revolving Credit Facility and Bank Borrowings | REVOLVING CREDIT FACILITIES AND BANK BORROWINGS The Company’s borrowings consisted of:
| June 30, 2018 |  | December 31, 2017
| (in thousands)
Notes payable | $ | — |  |  | $ | 662 |
Capital lease obligations | 38 |  |  | 44 |
Total borrowings and capital lease obligations | 38 |  |  | 706 |
Less: Current portion of borrowings and capital lease obligations | 15 |  |  | 676 |
Total long-term capital lease obligations | $ | 23 |  |  | $ | 30 |
Senior Revolving Credit Facility In December 2011, the Company entered into a revolving credit facility (the “Facility”), pursuant to an Amended and Restated Credit Agreement (as amended, the “Credit Agreement”), with the lenders named therein and PNC Bank, National Association (“PNC”), as a lender and administrative agent for the lenders. The Credit Agreement, as amended, contains certain covenants that restrict certain actions by the Company, including limitations on: (i) stock repurchases to $100.0 million per year, subject to certain restrictions; and (ii) capital expenditures and commitments to $50.0 million per year. The Credit Agreement also permits intercompany loans of up to $375.0 million and requires the Company to meet certain financial covenant ratios that become effective when average outstanding borrowings under the Credit Agreement, including letters of credit, exceed the lesser of $40.0 million or 40% of the total commitments during certain periods or if the outstanding borrowings exceed the borrowing base. If the financial covenant ratios are in effect, the Company must maintain a minimum fixed charge coverage ratio of 1.10 to 1.00, and a maximum leverage ratio of 2.00 to 1.00. As of June 30, 2018, the Company was in compliance with all financial covenants. As of June 30, 2018, the total commitments available from the lenders under the Facility were $100.0 million. At June 30, 2018, the Company had no outstanding borrowings and $0.6 million in outstanding letters of credit under the Facility, which reduces amounts available for borrowing under the Facility. As of June 30, 2018 and December 31, 2017, the Company had $99.4 million of available borrowing capacity under the Facility. Asia Revolving Credit Facilities The Company’s revolving credit facility agreement with HSBC Bank (China) Company Limited, Shanghai Branch (“HSBC”), or the “HSBC Facility,” provides the Company uncommitted dual currency revolving loan facilities of up to 40.0 million Chinese Renminbi (“RMB”), or $6.0 million, with a combined facility limit of RMB 60.0 million, or $9.1 million. As of June 30, 2018 and December 31, 2017, there were no borrowings outstanding and borrowings under the HSBC Facility remained suspended at the discretion of HSBC. The Company’s one year revolving credit facility agreement with China Merchants Bank Company Limited, Shanghai Branch (the “CMBC Facility”), provides the Company a revolving loan facility of up to 30.0 million RMB, or $4.5 million, subject to consent by the lender. The CMBC Facility will mature in January 2019. The CMBC Facility may be canceled or suspended at any time by either party. As of June 30, 2018, there were no borrowings outstanding on this credit facility. Maturities The maturities of the Company’s debt and capital lease obligations were:
| As of June 30, 2018
| (in thousands)
2018 (remainder of year) | $ | 7 |
2019 | 13 |
2020 | 12 |
2021 | 6 |
Total principal debt maturities and capital lease obligations | 38 |
Less: current portion | 15 |
Non-current portion | $ | 23 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration