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Note 6 - Debt | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Debt Disclosure [Text Block] | 6. Debt: The Company ’s debt is comprised of the following components:
|  | As of December 31 , |
(in thousands ) |  | 201 7 |  |  | 201 6 |
Asset-based revolving credit facility due December 8, 202 2 |  | $ | 196,235 |  |  | $ | - |
Asset-based revolving credit facility due June 30, 201 9 |  |  | - |  |  |  | 164,599 |
Industrial revenue bond due April 1, 201 8 |  |  | 930 |  |  |  | 1,825 |
Total deb t |  |  | 197,165 |  |  |  | 166,424 |
Less current amoun t |  |  | (930 | ) |  |  | (1,825 | )
Total long-term deb t |  | $ | 196,235 |  |  | $ | 164,599 |
On December 8, 2017, the Company entered into a Third Amended and Restated Loan and Security Agreement (the “Loan Agreement”). The Loan Agreement provides for, among other things: (i) a revolving credit facility of up to $370 million, including a $20 million sub-limit for letters of credit and (ii) a first in, last out revolving credit facility of up to $30 million. Under the terms of the Loan Agreement, the Company may, subject to the satisfaction of certain conditions, request additional commitments under the revolving credit facility in the aggregate principal amount of up to $200 million to the extent that existing or new lenders agree to provide such additional commitments. The Loan Agreement matures on December 8, 2022. T he Loan Agreement is secured by substantially all of the existing and future personal property of the Company. The Loan Agreement contains customary representations and warranties and certain covenants that limit the ability of the Company to, among other things: (i) incur or guarantee additional indebtedness; (ii) pay distributions on, redeem or repurchase capital stock or redeem or repurchase subordinated debt; (iii) make investments; (iv) sell assets; (v) enter into agreements that restrict distributions or other payments from restricted subsidiaries to the Company; (vi) incur or suffer to exist liens securing indebtedness; (vii) consolidate, merge or transfer all or substantially all of their assets; and (viii) engage in transactions with affiliates. In addition, the Loan Agreement contains a financial covenant which includes: (i) if any commitments or obligations are outstanding and the Company’s availability is less than the greater of $30 million or 10.0% of the aggregate amount of revolver commitments ( $40.0 million at December 31, 2017) or 10.0% of the aggregate borrowing base ( $32.9 million at December 31, 2017) then the Company must maintain a ratio of Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) minus certain capital expenditures and cash taxes paid to fixed charges of at least 1.00 to 1.00 for the most recent twelve fiscal month period. The Company has the option to borrow under its revolver based on the agent ’s base rate plus a premium ranging from 0.00% to 0.25% or the London Interbank Offered Rate (LIBOR) plus a premium ranging from 1.25% to 2.75%. As of December 31, 201 7, the Company was in compliance with its covenants and had approximately $128.9 million of availability under the Loan Agreement. As of December 31, 201 7, $1.9 million of bank financing fees were included in “Prepaid expenses and other” and “Other long-term assets” on the accompanying Consolidated Balance Sheets. The financing fees are being amortized over the five -year term of the Loan Agreement and are included in “Interest and other expense on debt” on the accompanying Consolidated Statements of Comprehensive Income. As part of the CTI acquisition in July 2011, the Company assumed approximately $5.9 million of Industrial Revenue Bond (IRB) indebtedness . The bond matures in April 2018, with the option to provide principal payments annually in April. On April 3, 2017, the Company paid an optional principal payment of $0.9 million. The remaining balance of the IRB is included in “Current portion of long-term debt” on the accompanying Consolidated Balance Sheets as the payment is due in April 2018. Interest is payable monthly, with a variable rate that resets weekly. As a security for payment of the bonds, the Company obtained a direct pay letter of credit issued by JPMorgan Chase Bank, N.A. The letter of credit reduces annually by the principal reduction amount. The interest rate at December 31, 2017 was 1.71% for the IRB debt. CTI entered into an interest rate swap agreement to reduce the impact of changes in interest rates on the above IRB. At December 31, 2017, the effect of the swap agreement on the bond was to fix the rate at 3.46%. The swap agreement matures in April 2018, and is reduced annually by the amount of the optional principal payments on the bond. The Company is exposed to credit loss in the event of nonperformance by the other parties to the interest rate swap agreement. However, the Company does not anticipate nonperformance by the counterparties. Scheduled Debt Maturities, Interest, Debt Carrying Values The Company ’s principal payments over the next five years are detailed in the table below:
(in thousands ) |  | 201 8 |  |  | 201 9 |  |  | 202 0 |  |  | 202 1 |  |  | 202 2 |  |  | Tota l |
ABL Credit Facilit y |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 196,235 |  |  | $ | 196,235 |
Industrial revenue bon d |  |  | 930 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 930 |
Total principal payment s |  | $ | 930 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 196,235 |  |  | $ | 197,165 |
The overall effective interest rate for all debt, exclusive of deferred financing fees and deferred commitment fees, amounted to 3.0%, 2.4% and 2.1% in 2017, 2016 and 2015, respectively. Interest paid totaled $6.4 million, $4.3 million and $5.1 million for the years ended December 31, 2017, 2016 and 2015, respectively. Average total debt outstanding was $200.6 million, $152.5 million and $211.2 million in 2017, 2016 and 2015, respectively.

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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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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