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Note 11 - Financing Obligations

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]

Note

1

1

– Financing Obligations

The Company’s debt consists of the following:

		December 31,
(in thousands)		2018				2017
Revolving Credit Facility, with interest rates from 2.50% to 2.59%, due at maturity in November 2019		$	-			$	5,000
Total Financing Obligations		$	-			$	5,000

The Company entered into a Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as lender on

November 27, 2017.

The Credit Agreement provides the Company with a committed

$30.0

million unsecured revolving credit facility (the “Facility”), which includes a

$5.0

million letter of credit sub-facility. The commitments under the Facility will expire on

November 30, 2019,

and any loans outstanding on such date will mature and be payable on such date. The Company’s obligations under the Credit Agreement are guaranteed by the Company’s domestic subsidiaries. Loans under the Facility bear interest at a rate per annum equal to, at the election of the Company, either (i) a fluctuating rate per annum equal to daily

one

month LIBOR plus

1%,

or (ii) a fixed rate per annum equal to LIBOR for an interest period of one,

two

or

six

months (as designated by the Company) plus

1%.

In addition, the Company will pay a commitment fee on the average daily unused amount of the Facility at a rate per annum equal to

0.15%.

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://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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X

- References

No definition available.

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