XML 45 R24.htm IDEA: XBRL DOCUMENT
v3.20.1

Subsequent Event | 3 Months Ended
--- | ---
Mar. 31, 2020
Subsequent Event [Abstract] |
Subsequent Event | Note 17. Subsequent Event During the three months ended March 31, 2020, our overall business remained stable, with the effects of the COVID-19 pandemic weakening our sales in the second half of March 2020. In April 2020, we continued to see the effect of the COVID-19 pandemic and shelter-in-place orders throughout the United States as our incoming orders were down 30% to 40% and customer POS sales declined in the 20% to 30% range. After considering our current inventory levels and the overall stability of our supply chain, we reduced our production levels in several of our facilities, including our facilities in Mexico whose operations were temporarily suspended due to government restrictions. These facilities in Mexico have since been reopened and are operating at reduced production levels consistent with several of our other facilities in order to fulfill the lower customer demand levels. On April 15, 2020, we borrowed $75 million under our amended credit agreement. Following this draw down, our outstanding borrowings under the amended credit agreement as of April 15, 2020, were $191.3 million, leaving $47.2 million of availability (excluding the additional $50 million accordion feature). The borrowing was made as a precautionary measure to increase our cash position and preserve financial flexibility in light of the current uncertainty in the global markets resulting from the COVID-19 pandemic. The funds may be used for working capital, ongoing operating needs and general corporate purposes pursuant to the terms of the amended credit agreement. Additionally, as part of the cost reduction measures implemented by us in response to the impact of the COVID-19 pandemic on our business, our Board of Directors approved to temporarily (a) reduce base salaries of our Office of Chief Executive (i.e., the Executive Chairman, Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, and Chief Commercial Officer) by 25%, (b) reduce the base salaries of our other executives by 10%, (c) reduce non-employee directors’ annual cash and equity retainers by 25%, and (d) suspend our quarterly cash dividend payments and stock repurchases until further notice. We continue to analyze our cost structure and may implement additional cost reduction measures as may be necessary due to the on-going economic challenges resulting from the COVID-19 pandemic.

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration