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Note 20 - Subsequent Events
12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Subsequent Events [Text Block]
20. SUBSEQUENT EVENTS

 

Investment in innolectric AG

 

On February 1, 2023, the Company closed on a noncontrolling (one-third) investment in Germany-based innolectric AG ("innolectric") for consideration of €8.0 million (approximately $8.8 million). Under the terms of the investment agreement, if innolectric achieves certain profitability thresholds within a specified timeframe, the Company would be committed to acquiring the remaining shares of innolectric at that time.

 

Credit Agreement Items

 

On January 12, 2023, the Company amended its New Credit Agreement for the purpose of transitioning its reference rate related to interest from LIBOR to SOFR. In connection with this change to its credit agreement, on January 18, 2023, the Company amended its two interest rate swap agreements, further described in Note 12, "Derivative Instruments and Hedging Activities" to also transition the related reference rates in these agreements from LIBOR to SOFR, effective January 31, 2023. 

 

In January 2023, the Company borrowed an additional $5.0 million from its revolving credit facility.