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Financing Arrangements

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Financing Arrangements

FINANCING ARRANGEMENTS

The Company's borrowings under existing financing arrangements consist of the following:

			September 30,						December 31,
			2018						2017
Long-term notes			46,285						48,982
Less: current portion			(3,654)						(3,604)
Total long-term debt			$	42,631					$	45,378

At September 30, 2018, the Company has an unsecured long-term note with an outstanding principal balance $21,078, of which, $1,188 is the current portion. The interest on this unsecured long-term note is variable at 1.2% above LIBOR and is fixed using an interest rate swap at 2.9% per annum. The unsecured long-term note matures in May 2023, at which time the outstanding principal balance will be $15,438. Also at September 30, 2018, the Company has another long-term note that is secured by its corporate aircraft with a outstanding principal balance of $25,207, of which, $2,466 is the current portion. The interest on this collateralized long-term note is fixed at 2.7% per annum. The collateralized long-term note matures in July 2022, at which time the outstanding principal balance will be $15,375.

The Company maintains both a $50,000 and a €50,000 ($58,009) line-of-credit, which are available to certain foreign subsidiaries and allow for borrowings in the local currencies of those subsidiaries. It also maintains a €2,000 ($2,320) overdraft facility.  At September 30, 2018 and December 31, 2017, there were no amounts drawn on the U.S. line-of-credit, and there were $955 and $520, respectively, of guarantees issued against the facility which reduce the amount of the facility available to draw. At September 30, 2018 and December 31, 2017, there were no amounts drawn on the Euro line-of-credit, and there were $1,222 and $798, respectively, of guarantees issued against those facilities which reduce the amount available to draw. At September 30, 2018 and December 31, 2017, there were no amounts drawn on the Euro overdraft facility. After providing for the guarantees used, the total unused credit lines and overdraft facilities are $108,152 at September 30, 2018.

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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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