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Debt Arrangements | 3 Months Ended
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Mar. 31, 2018
Debt Disclosure [Abstract] |
Debt Arrangements | NOTE O – DEBT ARRANGEMENTS On March 13, 2018, the Company extended the term on its $65 million credit facility from June 30, 2019 to June 30, 2021. 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 the first quarter of 2018, the Company’s Polish subsidiary borrowed $1.0 million U.S. dollars at a rate of 1.125% plus the Warsaw Interbank Offer Rate with a term expiring June 30, 2021. At March 31, 2018, the interest rates on the U.S. and Polish line of credit agreement were 3.008% and 2.765%, respectively. Under the credit facility, at March 31, 2018, the Company had utilized $32.9 million with $32.1 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 March 31, 2018, the Company was in compliance with these covenants. On March 31, 2018 and December 31, 2017, the Company’s Asia Pacific segment had $1.3 million and $1.2 million, respectively, in restricted cash used to secure bank debt. The restricted cash is shown on the balance sheet in Other assets.

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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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