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Credit Facilities and Long-Term Debt | 9 Months Ended
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Sep. 30, 2016
Credit Facilities and Long-Term Debt [Abstract] |
Credit Facilities and Long-Term Debt |
Note 8. | Credit Facilities and Long-Term Debt
Total debt outstanding is summarized as follows:
|  | September 30, 2016 |  |  | December 31, 2015 |
|  | (In thousands) |
Revolving credit facilities |  | $ | 70,000 |  |  | $ | 47,427 |
Other |  |  | 178 |  |  |  | 78 |
Total debt |  | $ | 70,178 |  |  | $ | 47,505 |
Current maturities of debt |  | $ | 70,044 |  |  | $ | 47,443 |
Long-term debt |  |  | 134 |  |  |  | 62 |
Total debt |  | $ | 70,178 |  |  | $ | 47,505 |
Revolving Credit Facility In October 2015, we entered into a Credit Agreement with JPMorgan Chase Bank, N.A., as agent, and a syndicate of lenders for a senior secured revolving credit facility with a line of credit of up to $250 million (with an additional $50 million accordion feature) and a maturity date in October 2020. The new credit agreement replaces our prior credit facility with General Electric Capital Corporation, as agent, and the lenders therein. Direct borrowings under the new credit agreement bear interest at LIBOR plus a margin ranging from 1.25% to 1.75% based on our borrowing availability, or floating at the alternate base rate plus a margin ranging from 0.25% to 0.75% based on our borrowing availability, at our option. The credit agreement is guaranteed by certain of our subsidiaries and secured by certain of our assets. Borrowings under the new credit agreement are secured by substantially all of our assets, including accounts receivable, inventory and certain fixed assets, and those of certain of our subsidiaries. Availability under the credit agreement is based on a formula of eligible accounts receivable, eligible inventory, eligible equipment and eligible fixed assets. After taking into account outstanding borrowings under the credit agreement, there was an additional $145.1 million available for us to borrow pursuant to the formula at September 30, 2016. Outstanding borrowings under the credit agreement, which are classified as current liabilities, were $70 million and $47.4 million at September 30, 2016 and December 31, 2015, 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, 2016, the weighted average interest rate on our credit agreement was 1.8%, which consisted of $70 million in direct borrowings. At December 31, 2015, the weighted average interest rate on our credit agreement was 1.7%, which consisted of $44 million in direct borrowings at 1.6% and an alternative base rate loan of $3.4 million at 3.8%. During the nine months ended September 30, 2016, our average daily alternative base rate loan balance was $2.9 million at a weighted average interest rate of 3.8%, compared to our average daily index loan balance of $3.5 million for the nine months ended September 30, 2015 at a weighted average interest rate of 3.8%, and our average daily alternative base rate/index loan balance of $4.9 million for the year ended December 31, 2015 at a weighted average interest rate of 3.7%. At any time that our borrowing availability is less than the greater of either (a) $25 million, or 10% of the commitments if fixed assets are not included in the borrowing base, or (b) $31.25 million, or 12.5% of the commitments if fixed assets are included in the borrowing base, the terms of the credit agreement provide for, among other provisions, a financial covenant requiring us, on a consolidated basis, to maintain a fixed charge coverage ratio of 1:1 at the end of each fiscal quarter (rolling four quarters). As of September 30, 2016, we were not subject to these covenants. The credit agreement permits us to pay cash dividends of $20 million and make stock repurchases of $20 million in any fiscal year subject to a minimum availability of $25 million. Provided specific conditions are met, the credit agreement also permits acquisitions, permissible debt financing, capital expenditures, and cash dividend payments and stock repurchases of greater than $20 million. The new credit agreement also replaces our Canadian Credit Agreement with GE Canada Finance Holding Company. The new agreement with JPMorgan Chase Bank, N.A. allows for a $10 million line of credit to Canada as part of the $250 million available for borrowing. Deferred Financing Costs We had deferred financing costs of $1.4 million and $1.6 million as of September 30, 2016 and December 31, 2015, respectively. Deferred financing costs are related to our revolving credit facility. Deferred financing costs as of September 30, 2016 are being amortized in the amounts of $0.1 million for the remainder of 2016, $0.4 million in 2017, $0.3 million in 2018, $0.3 million in 2019 and $0.3 million in 2020.

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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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