XML 35 R24.htm IDEA: XBRL DOCUMENT
v3.19.2

Debt Arrangements | 6 Months Ended
--- | ---
Jun. 30, 2019
Debt Disclosure [Abstract] |
Debt Arrangements | NOTE P – 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, at which point the LIBOR spread becomes 1.500%. At June 30, 2019, the Company’s Polish subsidiary had borrowed $2.2 million U.S. dollars at a rate of 1.125% plus the Warsaw Interbank Offer Rate with a term expiring June 30, 2021. At June 30, 2019, the Company’s Australian subsidiary had borrowed $6.3 million U.S. dollars, also with a term expiring June 30, 2021. At June 30, 2019, the interest rates on the U.S., Polish and Australian line of credit agreement were 3.523%, 2.765% and 2.515%, respectively. Under the credit facility, at June 30, 2019, the Company had utilized $38.1 million with $26.9 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 June 30, 2019, the Company was in compliance with these covenants. On February 28, 2019, the Company acquired SubCon Electrical Fittings GmbH (“SubCon”), headquartered in Dornbirn, Austria. The Company’s Austrian subsidiary has a line of credit with a term expiration of May 31, 2020 with the option to renew for an additional twelve months indefinitely. At June 30, 2019, the Company’s Austrian subsidiary had borrowed its full capacity on the line of credit at $1.0 million euros, or $1.1 million U.S. dollars, at an interest rate of 1.200%. On April 25, 2019, the Company borrowed $8.0 million U.S. dollars on behalf of its Indonesian subsidiary at a rate of 3.501% with a term expiring on April 30, 2024. At June 30, 2019, $7.9 million was outstanding on this debt facility, of which $.8 million is classified as current. For both periods ended June 30, 2019 and December 31, 2018, the Company’s Asia Pacific segment had $.3 million in restricted cash used to secure bank debt. The restricted cash is shown on the balance sheet in Other assets.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration