XML 29 R16.htm IDEA: XBRL DOCUMENT v3.22.4
Debt and Credit Arrangements
 12 Months Ended
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 million 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 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, 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.