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Long-Term Debt | 12 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following (in thousands):
| September 30,
| 2018 |  | 2017
Industrial development revenue bonds | $ | 1,600 |  |  | $ | 2,000 |
Less: current portion | (400 | ) |  | (400 | )
Total long-term debt | $ | 1,200 |  |  | $ | 1,600 |
The annual maturities of long-term debt as of September 30, 2018, were as follows (in thousands):
Year Ending September 30, | Long‑Term Debt Maturities
2019 | $ | 400 |
2020 | 400 |
2021 | 400 |
2022 | 400 |
2023 | — |
Total long-term debt maturities | $ | 1,600 |
U.S. Revolver We have a $75.0 million revolving credit facility (U.S. Revolver) to provide working capital support and letters of credit which expires June 2022. The amount available under the U.S. Revolver at September 30, 2018 was reduced by $23.1 million for our outstanding letters of credit. Currently, our U.S. Revolver can only be used for letters of credit until we meet certain financial ratios. There were no loans outstanding under the U.S. Revolver as of September 30, 2018. Per the terms of the U.S. Revolver, we are required to maintain cash in a pledged collateral account until we satisfy the following two financial ratios for two consecutive fiscal quarters: a max leverage ratio and a fixed charge coverage ratio. The max leverage ratio requires that the ratio of our consolidated funded indebtedness to our consolidated earnings before interest, taxes and depreciation (EBITDA) for the last four consecutive quarters not exceed 2.75 to 1.00. The fixed charge coverage ratio requires that the ratio of consolidated EBITDA for the last four fiscal quarters, less income taxes, capital expenditures, principal debt payments and interest charges be at least 1.25 to 1.00. If we are not in compliance with the these two ratios, we are required to maintain a cash balance in a pledged cash collateral account equal to 102% of the outstanding amount of any loans and letter of credit obligations until we meet the aforementioned required ratios. As of September 30, 2018, the balance in the cash collateral account was $25.1 million and is recorded as restricted cash in our Consolidated Balance Sheets. The portion of the cash collateral account associated with the outstanding letters of credit that are due to expire beyond twelve months has been classified as non-current restricted cash. As of September 30, 2018, $51.9 million was available for the issuance of letters of credit under the U.S. Revolver, subject to the cash collateral requirements mentioned above. The interest rate for amounts outstanding under the U.S. Revolver is a floating rate based upon the higher of the Federal Funds Rate plus 0.5%, the bank’s prime rate, or the Eurocurrency rate plus 1.00%. Once the applicable rate is determined, a margin ranging up to 1.25%, is added to the applicable rate. The U.S. Revolver is collateralized by a pledge of 100% of the voting capital stock of each of our domestic subsidiaries and 65% of the voting capital stock of each non-domestic subsidiary. The U.S. Revolver provides for customary events of default and carries cross-default provisions with other existing debt agreements. If an event of default (as defined in the U.S. Revolver) occurs and is continuing, on the terms and subject to the conditions set forth in the U.S. Revolver, amounts outstanding under the U.S. Revolver may be accelerated and may become immediately due and payable. It also contains financial covenants defining various financial measures and the levels of these measures with which we must comply, as well as a “material adverse change” clause. A “material adverse change” is defined as a material change in our operations, business, properties, liabilities or condition (financial or otherwise) or a material impairment of our ability to perform our obligations under our credit agreements. As of September 30, 2018, we were in compliance with all of the financial covenants of the U.S. Revolver. Industrial Development Revenue Bonds We borrowed $8.0 million in October 2001 through a loan agreement funded with proceeds from tax-exempt industrial development revenue bonds (Bonds). These Bonds were issued by the Illinois Development Finance Authority and were used for the completion of our Northlake, Illinois facility. Pursuant to the Bond issuance, a reimbursement agreement between us and a major domestic bank required an issuance by the bank of an irrevocable direct-pay letter of credit (Bond LC), as collateral, to the Bonds’ trustee to guarantee payment of the Bonds’ principal and interest when due. The Bond LC is subject to both early termination and extension provisions customary to such agreements. While the Bonds mature in 2021, the reimbursement agreement requires annual redemptions of $0.4 million that commenced on October 25, 2002. A sinking fund is used for the annual principal payment. The Bonds bear interest at a floating rate determined weekly by the Bonds’ remarketing agent, which was the underwriter for the Bonds and is an affiliate of the bank. This interest rate was 1.72% as of September 30, 2018. As of September 30, 2018, we were in compliance with all of the covenants of the Bonds.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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