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Debt and Credit Arrangements | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Debt and Credit Arrangements | Note E - Debt and Credit Arrangements
|  | December 31 |
|  | 2020 |  |  | 2019 |
Short-term debt |  |  |  |  |  |  |  |
Secured notes |  |  |  |  |  |  |  |
Thailand Bhat denominated at 3.60% |  | $ | 5,291 |  |  | $ | 3,670 |
Thailand Bhat denominated at 3.29% |  |  | 2,384 |  |  |  | 1,882 |
Thailand Bhat denominated at 2.97% |  |  | 957 |  |  |  | 0 |
France Euro denominated at 2.50% |  |  | 6,142 |  |  |  | 0 |
Brazil Real denominated at 2.83% |  |  | 0 |  |  |  | 1,152 |
Brazil Real denominated at 5.40% |  |  | 1,854 |  |  |  | 752 |
Brazil Real denominated at 9.40% |  |  | 0 |  |  |  | 1,240 |
Brazil Real denominated at 3.30% |  |  | 800 |  |  |  | 0 |
Current portion of long-term debt |  |  |  |  |  |  |  |
U.S. dollar denominated at 2.71% |  |  | 0 |  |  |  | 1,448 |
Austria Euro denominated at 2.48% |  |  | 25 |  |  |  | 30 |
Austria Euro denominated at 1.40% |  |  | 0 |  |  |  | 560 |
Austria Euro denominated at 3.00% |  |  | 22 |  |  |  | 22 |
Indonesia U.S. Dollar denominated at 3.50% |  |  | 800 |  |  |  | 800 |
New Zealand U.S. Dollar denominated at 3.25% |  |  | 4,369 |  |  |  | 494 |
Total short-term debt |  |  | 22,644 |  |  |  | 12,050 |
Long-term debt |  |  |  |  |  |  |  |
U.S. Dollar denominated at 1.27%, due 2024 |  |  | 12,706 |  |  |  | 21,552 |
U.S. Dollar denominated at 2.71%, due 2026 |  |  | 0 |  |  |  | 9,535 |
Brazilian Real denominated at 4.60% due 2022 |  |  | 68 |  |  |  | 147 |
Brazilian Real denominated at 8.30% due 2025 |  |  | 1,800 |  |  |  | 0 |
Poland Zloty denominated at 1.33% due 2024 |  |  | 6,696 |  |  |  | 6,524 |
Australian Dollar denominated at 1.15%, due 2024 |  |  | 5,288 |  |  |  | 5,526 |
Austria Euro denominated at 2.48% due 2022 |  |  | 25 |  |  |  | 0 |
Austria Euro denominated at 2.32% due 2030 |  |  | 128 |  |  |  | 224 |
Austria Euro denominated at 2.76% due 2022 |  |  | 67 |  |  |  | 0 |
Austria Euro denominated at 1.27% due 2024 |  |  | 614 |  |  |  | 560 |
Austria Euro denominated at 3.00% due 2025 |  |  | 121 |  |  |  | 134 |
Indonesia U.S Dollar denominated at 3.50% due 2024 |  |  | 6,667 |  |  |  | 7,467 |
New Zealand Dollar denominated at 3.25% due 2021 |  |  | 4,369 |  |  |  | 0 |
New Zealand Dollar denominated at 3.90% due 2021 |  |  | 0 |  |  |  | 5,407 |
Total long-term debt |  |  | 38,549 |  |  |  | 57,076 |
Less current portion |  |  | (5,216 | ) |  |  | (3,354 | )
Total long-term debt, less current portion |  |  | 33,333 |  |  |  | 53,722 |
Total debt |  | $ | 55,977 |  |  | $ | 65,772 |
On April 17, 2020, the Company extended the term on its $65.0 million credit facility from June 30, 2021 to June 30, 2024 and added its Austrian subsidiary as a borrower on the facility. 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 December 31, 2020, the Company’s Polish subsidiary had borrowed $6.7 million U.S. dollars at a rate of 1.125% plus the Warsaw Interbank Offer Rate with a term expiring June 30, 2024. At December 31, 2020, the Company’s Australian subsidiary had borrowed $5.3 million U.S. dollars, also with a term expiring June 30, 2024. At December 31, 2020, the interest rates on the U.S., Polish and Australian line of credit agreement were 1.269%, 1.325% and 1.145%, respectively. Under the credit facility, at December 31, 2020, the Company had utilized $25.4 million with $39.6 million available under the line of credit, net of long-term outstanding letters of credit of $.1 million. The line of credit agreement contains, among other provisions, requirements for maintaining levels of net worth and profitability. At December 31, 2020, the Company was in compliance with these covenants. On December 22, 2020, the Company sold its corporate aircraft which had an outstanding balance of $8.1 million, of which $1.4 was classified as current. At December 31, 2020, the balance on this credit facility was zero. In September 2020, the company placed a $6.8 million deposit on a new corporate aircraft. Subsequently, in January 2021, the Company purchased the new corporate aircraft and the deposit was refunded and then included in the principal value of the loan. See Note Q for more information regarding this transaction. On February 28, 2019, the Company acquired its Austrian subsidiary, SubCon Electrical Fittings GmbH (“SubCon”), headquartered in Dornbirn, Austria. The Company’s Austrian subsidiary had a 1.0 million euros, or $1.1 million U.S. dollars line of credit with a term expiration of May 31, 2021 with the option to renew for an additional twelve months indefinitely. On June 26, 2020, the Company’s Austrian subsidiary borrowed $.6 million on the Company’s line of credit at an interest rate of 1.273%. The proceeds were used to repay the previously outstanding local line of credit. At repayment, the local line of credit was cancelled. 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 December 31, 2020, $6.7 million was outstanding on this debt facility, of which $.8 million is classified as current. On August 14, 2019, the Company’s New Zealand subsidiary borrowed $5.3 million U.S. dollars at a rate of 3.900% with a term expiring on August 26, 2021. At December 31, 2020, $4.4 million was outstanding on this facility, all of which is classified as current and has an interest rate of 3.250%. This loan is secured by the Company’s New Zealand subsidiary’s land and building. The Company’s Asia Pacific segment had $.6 million and $.3 million in restricted cash at December 31, 2020 and 2019, respectively. The restricted cash was used to secure bank debt and is included in Cash and cash equivalents and Other current assets on the Company’s Consolidated Balance Sheets at December 31, 2020 and 2019, respectively. Aggregate maturities of long-term debt during the next five years are as follows: $22.6 million for 2021, $1.0 million for 2022, $.8 million for 2023, $26.1 million for 2024 and $5.4 million thereafter. Interest paid was $1.9 million in 2020, $2.0 million in 2019 and $1.8 million in 2018. Guarantees and Letters of Credit The Company has provided financial guarantees for uncompleted work and financial commitments. The terms of these guarantees vary with end dates ranging from the current year through the completion of such transactions. The guarantees would typically be triggered in the event of non-performance. As of December 31, 2020, the Company had total outstanding guarantees of $9.8 million. Additionally, certain domestic and foreign customers require the Company to issue letters of credit or performance bonds as a condition of placing an order. As of December 31, 2020, the Company had total outstanding letters of credit of $8.0 million.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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