XML 21 R10.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Debt and Financing Arrangements | 6 Months Ended
--- | ---
Jun. 30, 2017
Debt Disclosure [Abstract] |
Debt and Financing Arrangements | Note 5. Debt and Financing Arrangements At June 30, 2017, our primary financing arrangement was the $400 million unsecured credit facility discussed below, which provides us with the capital necessary to meet our working capital needs as well as the flexibility to continue with our strategic initiatives, including business acquisitions and share repurchases. In addition to the discussion below, refer to our Annual Report on Form 10-K for the year ended December 31, 2016 for additional details of our debt and financing arrangements. Bank Debt We have a $400 million unsecured credit facility with Bank of America as agent for a group of eight participating banks that matures in July 2019. The balance outstanding under the credit facility was $210.6 million and $191.4 million at June 30, 2017 and December 31, 2016, respectively. Interest rates for the six months ended June 30, 2017 and 2016 were as follows:
|  | Six Months Ended |
|  | June 30, |
|  | 2017 |  |  | 2016 |
Weighted average rates |  |  | 2.60% |  |  |  | 2.38% |
Range of effective rates |  | 2.19% - 4.75% |  |  | 1.82% - 3.50% |
We have approximately $140 million of available funds under the credit facility at June 30, 2017, net of outstanding letters of credit of $2.3 million. The credit facility provides us with operating flexibility and funding to support seasonal working capital needs and other strategic initiatives such as acquisitions and share repurchases. As of June 30, 2017, we were in compliance with our debt covenants.
| • | Available funds under the credit facility are based on a multiple of earnings before interest, taxes, depreciation and amortization as defined in the credit facility, and are reduced by letters of credit, license bonds, other indebtedness and outstanding borrowings under the credit facility.
| • | Under the credit facility, loans are charged an interest rate consisting of a base rate or Eurodollar rate plus an applicable margin, letters of credit are charged based on the same applicable margin, and a commitment fee is charged on the unused portion of the credit facility.
Interest Expense During the three and six months ended June 30, 2017 and 2016, we recognized interest expense as follows (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Credit facility (1) |  | $ | 1,692 |  |  | $ | 1,731 |  |  | $ | 3,209 |  |  | $ | 3,251 |
2006 Notes (2) |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 8 |
Total interest expense |  | $ | 1,692 |  |  | $ | 1,733 |  |  | $ | 3,209 |  |  | $ | 3,259 |
| (1) | Components of interest expense related to the credit facility include amortization of deferred financing costs, commitment fees and line of credit fees.
| (2) | During the second quarter of 2016, we redeemed the remaining 3.125% Convertible Senior Subordinated Notes (the “2006 Notes”) for $750 thousand in cash plus accrued interest under an optional early redemption provision.

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