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Financing Arrangements

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Financing Arrangements

FINANCING ARRANGEMENTS

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

			September 30,						December 31,
			2020						2019
Total notes payable			$	38,909					$	41,708
Less: current portion			(3,792)						(3,740)
Total long-term debt			$	35,117					$	37,968

Term Debt:

At September 30, 2020, the Company has an unsecured long-term note with an outstanding principal balance of $18,703, of which, $1,188 is the current portion. The interest on this unsecured long-term note is variable at 1.20% above LIBOR and is fixed using an interest rate swap at 2.85% 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, 2020, the Company has another long-term note that is secured by its corporate aircraft with an outstanding principal balance of $20,206, of which, $2,604 is the current portion. The interest on this collateralized long-term note is fixed at 2.74% per annum. The collateralized long-term note matures in July 2022, at which time the outstanding principal balance will be $15,375.

The future principal payments for the Company’s Notes as of September 30, 2020 are as follows:

2020 (a)			$	942
2021			3,810
2022			18,126
2023			16,031
Total			$	38,909

(a) For the three-month period beginning October 1, 2020.

Revolving Line of Credit Facilities:

The Company maintains a $75,000 U.S. revolving line of credit and a €50,000 ($58,619) line-of-credit in Germany, both of which are available to certain foreign subsidiaries and allow for borrowings in the local currencies of those subsidiaries. The Company also maintains a €2,000 ($2,345) Italian overdraft facility. At September 30, 2020 and December 31, 2019, there were no amounts drawn on the U.S. line-of-credit, and there were $3,066 and $1,426, respectively, of guarantees issued against the facility which reduce the amount of the facility available to draw. At September 30, 2020 and December 31, 2019, there were no amounts drawn on the Euro line-of-credit, and there were $3,866 and $1,422, respectively, of guarantees issued against those facilities which reduce the amount available to draw. At September 30, 2020 and December 31, 2019, there were no amounts drawn on the Euro overdraft facility. After providing for the guarantees used, the total unused lines-of-credit and overdraft facilities are $129,032 at September 30, 2020.

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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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