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Debt and Credit Arrangements
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt and Credit Arrangements

Note 8 – Debt and Credit Arrangements

The Company maintains a credit facility (the "Facility") with a capacity of $90.0 million that expires March 2, 2026. The interest rate is defined as the Secured Overnight Financing Rate (“SOFR”) 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 SOFR spread becomes 1.500%. At June 30, 2024, the Company had utilized $16.4 million with $73.6 million available on the Facility. There were no long-term outstanding letters of credit on the Facility as of June 30, 2024. Our bank debt to equity percentage was 9.2%. The Facility contains, among other provisions, requirements for maintaining levels of net worth and profitability. At June 30, 2024, 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 for the full amount of the purchase price for a new corporate aircraft. The term of the 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 $13.7 million outstanding on this debt facility at June 30, 2024, $2.1 million was classified as current. The loan is secured by the aircraft.

The Company has other borrowing facilities at certain of its foreign subsidiaries, which consist of overdraft lines, working capital credit lines, and facilities for the issuance of letters of credit and short-term borrowing needs. At June 30, 2024, and December 31, 2023, $8.5 million and $13.3 million were outstanding, of which $7.7 million and $11.4 million were classified as current, respectively. These facilities support commitments made in the ordinary course of business.

The Company's Asia-Pacific segment had $0.1 million and $0.2 million in restricted cash used to secure bank guarantees at June 30, 2024 and December 31, 2023, respectively. The restricted cash is shown on the Company’s Consolidated Balance Sheets in Cash, cash equivalents and restricted cash.