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Debt Arrangements
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Debt Arrangements

NOTE P – DEBT ARRANGEMENTS

On January 19, 2021, the Company received funding for a term loan from PNC Equipment Finance, LLC in the principal amount of $20.5 million to fund the purchase of a corporate aircraft. In September 2020, the Company made a deposit of $6.8 million toward the purchase of the aircraft which was subsequently refunded in January 2021 and the full amount of the $20.5 million purchase price was drawn on the loan. The aircraft replaces the Company’s previously owned aircraft, which was sold in December 2020. The proceeds of the sale were used to pay off the debt associated with the previously-owned aircraft. The term of the new loan is 120 months at a fixed interest rate of 2.744%. The loan is payable in 119 equal monthly installments, which commenced on March 1, 2021 with a final payment of any outstanding principal and accrued interest due and payable on the final monthly payment date. Of the $19.3 million outstanding on this debt facility at September 30, 2021, $2.1 million was classified as current. The loan is secured by the aircraft.

On April 17, 2020, the Company extended the term on its $65 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 the Company’s 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 September 30, 2021, the U.S. borrowed $3.8 million on the facility with a term expiring June 30, 2024. At September 30, 2021, the Company’s Polish subsidiary had borrowed $6.3 million U.S. dollars at a rate of 1.125% plus the Warsaw Interbank Offer Rate with a term expiring June 30, 2024. At September 30, 2021, the Company’s Australian subsidiary had borrowed $3.1 million U.S. dollars, also with a term expiring June 30, 2024. At September 30, 2021, the Company’s Austrian subsidiary had borrowed $1.2 million U.S. dollars with a term expiring June 30, 2024. At September 30, 2021, the interest rates on the U.S., Polish,

Australian and Austrian line of credit agreement were 1.205%, 1.315%, 1.145% and 1.216%, respectively. Under the credit facility, at September 30, 2021, the Company had utilized $14.4 million with $50.6 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 September 30, 2021, the Company was in compliance with these covenants.

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 September 30, 2021, $6.1 million was outstanding on this debt facility, of which $.8 million is classified as current.

On August 16, 2021, the Company’s New Zealand subsidiary borrowed $3.8 million U.S. dollars at a rate of 3.150% with a term expiring on August 26, 2026. Of the $3.7 million outstanding on this debt facility at September 30, 2021, $.2 million is classified as current. This loan is secured by the Company’s New Zealand subsidiary’s land and building.

For the periods ended September 30, 2021 and December 31, 2020, the Company’s Asia-Pacific segment had $.2 million and $.6 million, respectively, in restricted cash used to secure bank debt. The restricted cash is shown on the Company’s Consolidated Balance Sheets in Cash and cash equivalents.