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Line of Credit and Long Term Debt | 12 Months Ended
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Dec. 31, 2014
Debt Disclosure [Abstract] |
Line of Credit and Long Term Debt | 6. LINE OF CREDIT AND LONG-TERM DEBT: Line of Credit At December 31, 2014, the Company had $45.6 million of borrowings on its Credit Agreement. The Credit Agreement allows the Company to borrow up to $165 million, subject to compliance with financial covenants. At December 31, 2014, the Company had $61.7 million available to borrow in addition to its then-outstanding borrowings under the Credit Agreement while remaining in compliance with the Company’s financial covenants. Under the Credit Agreement, the Company’s borrowings bear interest at LIBOR plus 1.75% to 2.75%, or the lending institution’s prime rate plus 0.75% to 1.75%. The Company was able to borrow at LIBOR plus 2.0% at December 31, 2014. The Credit Agreement bears interest at a weighted average rate of 2.43% at December 31, 2014. At December 31, 2013, the Company had $87.9 million of borrowings on its Credit Agreement. The Company was able to borrow at LIBOR plus 2.0% at December 31, 2013. The Credit Agreement bore interest at a weighted average rate of 2.69% at December 31, 2013. The Credit Agreement expires on October 24, 2017. The Company expects to extend, renew, or replace its line of credit borrowings, to the extent required by working capital or other borrowing needs. Therefore, borrowings on the line of credit are classified as noncurrent as of December 31, 2014 and 2013. Borrowings under the Credit Agreement are collateralized by substantially all of our personal property. Long-Term Debt At December 31, 2013, the Company had remaining principal on Term Notes of $6.4 million. The Term Notes originated in 2008 to 2009, bore interest at 9.07% to 10.50%, and were collateralized by accounts receivable, inventory, and certain equipment. As of June 30, 2014, the Company had paid all of the principal outstanding on its Term Notes. Interest expense for continuing operations from Line of Credit borrowings, Term Notes, and capital leases was $2.3 million, net of amounts capitalized of $0.2 million in 2014, $3.6 million, net of amounts capitalized of $0.4 million in 2013, and $5.2 million, net of amounts capitalized of $0.2 million in 2012.

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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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: 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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