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Debt Arrangements | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Debt Arrangements | NOTE O – DEBT ARRANGEMENTS At June 27, 2016, the Company borrowed $14.5 million at a fixed interest rate of 2.71%, due July 1, 2026 to finance the purchase of a Company aircraft. The loan is secured by the purchased aircraft. On August 22, 2016, the Company increased its borrowing capacity under the credit facility from $50 million to $65 million and extended the term to June 30, 2019. All other terms remain the same, including the interest rate at LIBOR plus 1.125% unless its funded debt to Earnings before Interest, Taxes and Depreciation ratio exceeds 2.25 to 1, then the LIBOR spread becomes 1.500%. In 2016, the Company’s Australian subsidiary borrowed $1.5 million Australian dollars at a rate of 1.125 plus the Australian Bank Bill Swap Bid Rate with a term expiring June 30, 2019. At September 30, 2017, the interest rates on the US and Australian lines of credit agreement were 2.357% and 2.725%, respectively. Under the credit facility, at September 30, 2017, the Company had utilized $21.0 million with $44.0 million available under the line of credit net of long-term outstanding letters of credit. The line of credit agreement contains, among other provisions, requirements for maintaining levels of net worth and profitability. At September 30, 2017, the Company was in compliance with these covenants.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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