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Credit Facilities and Long-Term Debt | 9 Months Ended
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Sep. 30, 2015
Credit Facilities and Long-Term Debt [Abstract] |
Credit Facilities and Long-Term Debt |
Note 7. | Credit Facilities and Long-Term Debt
Total debt outstanding is summarized as follows:
|  | September 30, 2015 |  |  | December 31, 2014 |
|  | (In thousands) |
Revolving credit facilities |  | $ | 24,502 |  |  | $ | 56,558 |
Other |  |  | 81 |  |  |  | 258 |
Total debt |  | $ | 24,583 |  |  | $ | 56,816 |
Current maturities of debt |  | $ | 24,518 |  |  | $ | 56,733 |
Long-term debt |  |  | 65 |  |  |  | 83 |
Total debt |  | $ | 24,583 |  |  | $ | 56,816 |
Deferred Financing Costs We had deferred financing costs of $1.7 million and $2.3 million as of September 30, 2015 and December 31, 2014, respectively. Deferred financing costs are related to our revolving credit facility. Deferred financing costs as of September 30, 2015 are being amortized in the amounts of $0.2 million for the remainder of 2015, $0.7 million in 2016, $0.7 million in 2017, and $0.1 million in 2018. Revolving Credit Facility We entered into the Third Amended and Restated Credit Agreement with General Electric Capital Corporation, as agent, and a syndicate of lenders for a secured revolving credit facility. The restated credit agreement (as amended) provides for a line of credit of up to $250 million (inclusive of the Canadian revolving credit facility described below) and expires in March 2018. Direct borrowings under the restated credit agreement bear interest at the LIBOR rate plus the applicable margin (as defined), or floating at the index rate plus the applicable margin, at our option. The interest rate may vary depending upon our borrowing availability. The restated credit agreement is guaranteed by certain of our subsidiaries and secured by certain of our assets. Borrowings under the restated credit agreement are collateralized by substantially all of our assets, including accounts receivable, inventory and fixed assets, and those of certain of our subsidiaries. After taking into account outstanding borrowings under the restated credit agreement, there was an additional $168 million available for us to borrow pursuant to the formula at September 30, 2015. Outstanding borrowings under the restated credit agreement (inclusive of the Canadian revolving credit facility described below), which are classified as current liabilities, were $24.5 million and $56.6 million at September 30, 2015 and December 31, 2014, respectively. Borrowings under the restated credit agreement have been classified as current liabilities based upon the accounting rules and certain provisions in the agreement. At September 30, 2015, the weighted average interest rate on our restated credit agreement was 2.4%, which consisted of $16 million in direct borrowings at 1.7% and an index loan of $8.5 million at 3.8%. At December 31, 2014, the weighted average interest rate on our restated credit agreement was 1.8%, which consisted of $53 million in direct borrowings at 1.7% and an index loan of $3.6 million at 3.8%. During the nine months ended September 30, 2015, our average daily index loan balance was $3.5 million compared to $4.6 million for the nine months ended September 30, 2014 and $4.4 million for the year ended December 31, 2014. At any time that our average borrowing availability is less than $25 million, the terms of our restated credit agreement provide for, among other provisions, a financial covenant requiring us, on a consolidated basis, to maintain specified levels of fixed charge coverage at the end of each fiscal quarter (rolling twelve months). As of September 30, 2015, we were not subject to these covenants. Availability under our restated credit agreement is based on a formula of eligible accounts receivable, eligible inventory and eligible fixed assets. Provided specific conditions are met, our restated credit agreement permits cash dividends, stock repurchases, acquisitions, permissible debt financing and capital expenditures. In June 2015, we amended the revolving credit agreement to increase the amount of cash dividends that we may pay in any twelve month period by $5 million to $20 million, and to increase the amount of cash that we may utilize to purchase or redeem our common stock in any fiscal year by $10 million to $20 million. Canadian Revolving Credit Facility Our Canadian Credit Agreement (as amended) with GE Canada Finance Holding Company, for itself and as agent for the lenders, provides for a $10 million revolving credit facility that expires in March 2018. The Canadian $10 million line of credit is part of the $250 million available for borrowing under our restated credit agreement with General Electric Capital Corporation. The Canadian Credit Agreement is guaranteed and secured by us and certain of our wholly-owned subsidiaries. Direct borrowings under the amended credit agreement bear interest at the same rate as our restated credit agreement with General Electric Capital Corporation. As of September 30, 2015, we have no outstanding borrowings under the Canadian Credit Agreement.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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