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CREDIT FACILITIES AND SHORT-TERM DEBT | 12 Months Ended
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Dec. 31, 2022
Line of Credit Facility [Abstract] |
CREDIT FACILITIES AND SHORT-TERM DEBT | CREDIT FACILITIES AND SHORT-TERM DEBTIn November 2022, the Company amended its credit agreement to increase its existing $75 million secured revolving credit facility to $125 million. This credit facility is with one financial institution, which provides for borrowings in the United States and has a five-year term, maturing on October 19, 2026. The credit agreement contains certain operating, financial and other covenants, including limits on annual levels of capital expenditures, availability tests related to payments of dividends and stock repurchases and fixed charge coverage tests related to acquisitions. The revolving credit agreement requires that a minimum level of availability be maintained. If such availability is not maintained, the Company will be required to maintain a fixed charge coverage ratio (as defined). The borrowings under the agreement are subject to borrowing base limitations of up to 85% of eligible accounts receivable and the inventory advance rate computed as the lesser of 65% (previously 60%) or 85% of the net orderly liquidation value (“NOLV”). Borrowings are secured by substantially all of the borrower’s assets, as defined, including all accounts, accounts receivable, inventory and certain other assets, subject to limited exceptions, including the exclusion of certain foreign assets from the collateral. The interest rate under the amended and restated facility is computed at applicable market rates based on the Secured Overnight Financing Rate ("SOFR"), the Federal Reserve Bank of New York (“NYFRB”) or the Prime Rate, plus an applicable margin. The applicable margin varies based on borrowing base availability. As of December 31, 2022, eligible collateral under the credit agreement was $116.4 million, total availability was $113.7 million, total outstanding letters of credit was $1.4 million, total outstanding borrowings was $0.6 million and total excess availability was $111.7 million. The Company was in compliance with all of the covenants of the credit agreement in place as of December 31, 2022.

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