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Debt and Credit Arrangements | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Debt and Credit Arrangements | Note 7 – Debt and Credit Arrangements
|  | December 31, |
|  | 2022 |  |  | 2021 |
Short-term debt |  |  |  |  |  |
Notes payable to banks |  |  |  |  |  |
Thailand Bhat denominated at 3.30% |  | $ | 3,119 |  |  | $ | 1,551 |
Thailand Bhat denominated at 2.00% |  |  | 926 |  |  |  | 1,346 |
Thailand Bhat denominated at 2.00% |  |  | 181 |  |  |  | 635 |
France Euro denominated at 2.50% |  |  | 5,323 |  |  |  | 5,660 |
Brazil Real denominated at 5.40% |  |  | 236 |  |  |  | 791 |
Brazil Real denominated at 15.09% |  |  | 2,350 |  |  |  | 1,600 |
Brazil Real denominated at 7.47% |  |  | — |  |  |  | 1,575 |
China Yuan Renminbi denominated at 4.50% |  |  | 5,665 |  |  |  | 2,000 |
China Yuan Renminbi denominated at 4.50% |  |  | — |  |  |  | 1,205 |
Austria Euro denominated at 2.76% |  |  | — |  |  |  | 60 |
Argentina Peso denominated at 37.0% |  |  | 70 |  |  |  | — |
Vietnam Dong denominated at 4.50% |  |  | 228 |  |  |  | — |
Current portion of long-term debt |  |  |  |  |  |
U.S. Dollar denominated at 2.74% |  |  | 2,050 |  |  |  | 2,050 |
Austria Euro denominated at 2.48% |  |  | 21 |  |  |  | 10 |
Austria Euro denominated at 3.00% |  |  | — |  |  |  | 23 |
Indonesia U.S. Dollar denominated at 5.53% |  |  | 800 |  |  |  | 800 |
New Zealand Dollar denominated at 4.90% |  |  | — |  |  |  | 212 |
Brazil Real denominated at 4.60% |  |  | — |  |  |  | 21 |
Czech Republic Koruna denominated at 3.69% |  |  | 147 |  |  |  | — |
Total short-term debt |  |  | 21,116 |  |  |  | 19,539 |
Long-term debt |  |  |  |  |  |
U.S. Dollar denominated at 5.525%, due 2026 |  |  | 35,444 |  |  |  | 3,353 |
U.S. Dollar denominated at 2.74%, due 2031 |  |  | 16,742 |  |  |  | 18,790 |
Brazilian Real denominated at 4.60% due 2022 |  |  | — |  |  |  | 21 |
Brazilian Real denominated at 8.30% due 2025 |  |  | 1,800 |  |  |  | 1,800 |
Poland Zloty denominated at 8.125% due 2026 |  |  | 5,636 |  |  |  | 6,105 |
Australian Dollar denominated at 4.06%, due 2026 |  |  | 1,350 |  |  |  | 2,353 |
Austria Euro denominated at 2.48% due 2022 |  |  | — |  |  |  | 10 |
Austria Euro denominated at 3.69% due 2030 |  |  | 226 |  |  |  | 118 |
Austria Euro denominated at 3.07% due 2026 |  |  | 1,331 |  |  |  | 1,415 |
Austria Euro denominated at 3.00% due 2025 |  |  | — |  |  |  | 114 |
Indonesia U.S. Dollar denominated at 3.50% due 2029 |  |  | 5,067 |  |  |  | 5,867 |
New Zealand Dollar denominated at 5.45% due 2026 |  |  | 2,853 |  |  |  | 3,218 |
Czech Republic Koruna denominated at 3.69% due 2031 |  |  | 989 |  |  |  | — |
Total long-term debt |  |  | 71,438 |  |  |  | 43,164 |
Less current portion |  |  | (3,018 | ) |  |  | (3,116 | )
Total long-term debt, less current portion |  |  | 68,420 |  |  |  | 40,048 |
Total debt |  | $ | 89,536 |  |  | $ | 59,587 |
On March 2, 2022, the Company amended its credit facility ("the Facility") to increase the capacity from $65.0 million to $90.0 million. As part of this amendment, the index used to determine the interest rate changed from LIBOR to the Bloomberg Short Term Bank Yield Index (“BSBY”). The interest rate is defined as BSBY 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 BSBY spread becomes 1.500%. The amendment also allows the Company to change its rate from BSBY to the Secured Overnight Financing Rate (“SOFR”) at the Company’s discretion. The amendment extended the maturity from June 30, 2024 to March 2, 2026. On August 31, 2022, the Company amended the Facility and elected to change its rate from BSBY to SOFR, and added its New Zealand subsidiary as a co borrower, all other terms remain the same. At December 31, 2022, the Company had utilized $46.7 million with $43.3 million available on the Facility, net of long-term outstanding letters of credit of $0.1 million. Our bank debt to equity percentage was 25.0%. The Facility contains, among other provisions, requirements for maintaining levels of net worth and profitability. At December 31, 2022, the Company was in compliance with these covenants. 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 $16.7 million outstanding on this debt facility at December 31, 2022, $2.1 million was classified as current. The loan is secured by the aircraft. Aggregate maturities of long-term debt during the next five years are as follows: $3.0 million for 2023 and 2024, $5.0 million for 2025, $49.6 million for 2026, $2.9 million for 2027 and $7.9 million thereafter. Interest paid was $3.1 million in 2022, $1.6 mil lion in 2021 and $1.9 million in 2020. Guarantees and Letters of Credit The Company has provided financial guarantees for uncompleted work and financial commitments. The terms of these guarantees v ary 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, 2022, the Company had total outstanding guarantees of $13.0 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, 2022, the Company had total outstanding letters of credit of $6.7 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 https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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