XML 120 R20.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Long-Term Debt and Related Matters | 12 Months Ended
--- | ---
Dec. 31, 2014
Long-Term Debt and Related Matters [Abstract] |
Long-Term Debt and Related Matters | Note 11. Long-Term Debt and Related Matters Long-term debt at December 31, 2014 and 2013 consists of the following:
|  | 2014 |  | 2013
Revolving credit facility | $ | 24,200 | $ | -
Financing agreement payable in installments through July 1, 2017 with an interest rate of 3.00% at December 31, 2014 |  | 1,781 |  | -
Lease obligations payable in installments through 2019 with a weighted average interest rate of 3.50% at December 31, 2014 and 5.37% December 31, 2013 |  | 447 |  | 56
Total |  | 26,428 |  | 56
Less current maturities |  | 676 |  | 31
Long-term portion | $ | 25,752 | $ | 25
The maturities of long-term debt for each of the succeeding five years subsequent to December 31, 2014 are as follows:
2015 | $ | 676
2016 |  | 853
2017 |  | 621
2018 |  | 67
2019 |  | 24,211
2020 and thereafter |  | -
Total | $ | 26,428
Borrowings United States On September 23, 2014, the Company, its domestic subsidiaries, and certain of its Canadian subsidiaries entered into an amended and restated $200,000 Revolving Credit Facility Credit Agreement (“Amended Credit Agreement”) with PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., and Citizens Bank of Pennsylvania. This Amended Credit Agreement modifies the prior revolving credit facility which had a maximum credit line of $125,000. The Amended Credit Agreement provides for a five-year, unsecured revolving credit facility that permits borrowing up to $200,000 for the U.S. borrowers and a sublimit of the equivalent of $25,000 U.S. dollars that is available to the Canadian borrowers. The Amended Credit Agreement also modifies the accordion feature in the prior revolving credit facility which permitted a maximum increase of $50,000. The Amended Credit Agreement’s accordion feature permits the Company to increase the available revolving borrowings under the facility by up to an additional $100,000 subject to the Company’s receipt of increased commitments from existing lenders or new commitments from new lenders and to certain conditions being satisfied. The Amended Credit Agreement also increases the sublimit for the issuance of trade and standby letters of credit from $20,000 to $30,000. Borrowings under the Amended Credit Agreement will bear interest at rates based upon either the base rate or Euro-rate plus applicable margins. Applicable margins are dictated by the ratio of the Company’s indebtedness less cash on hand to the Company’s consolidated EBITDA, as defined in the underlying Amended Credit Agreement. The base rate is the highest of (a) PNC Bank’s prime rate, (b) the Federal Funds Rate plus 0.50% or (c) the daily Euro-rate (as defined in the Amended Credit Agreement) plus 1.00%. The base rate and Euro-rate spreads range from 0.00% to 1.00% and 1.00% to 2.00%, respectively. The Amended Credit Agreement includes two financial covenants: (a) Leverage Ratio, defined as the Company’s indebtedness less cash on hand, in excess of $15,000, divided by the Company’s consolidated EBITDA, which must not exceed 3.25 to 1.00 and (b) Minimum Interest Coverage, defined as consolidated EBITDA less capital expenditures divided by consolidated interest expense, which must be no less than 3.00 to 1.00. The Amended Credit Agreement permits the Company to pay dividends, distributions, and make redemptions with respect to its stock provided no event of default or potential default (as defined in the Amended Credit Agreement) has occurred prior to or after giving effect to the dividend, distribution, or redemption. Dividends, distributions, and redemptions are capped at $25,000 per year when funds are drawn on the facility. If no drawings on the facility exist, dividends, distributions, and redemptions in excess of $25,000 per year are subjected to a limitation of $75,000 in the aggregate. The $75,000 aggregate limitation also permits certain loans, investments, and acquisitions. Other restrictions exist at all times including, but not limited to, limitation of the Company’s sale of assets, other indebtedness incurred by either the borrowers or the non-borrower subsidiaries of the Company, guarantees, and liens. The Company had $24,200 outstanding borrowings under the Amended Credit Agreement at December 31, 2014 and had available borrowing capacity of $175,375 and at December 31, 2014. As of December 31, 2013, the Company had no outstanding borrowings and an available borrowing capacity of $124,186 under the previous $125,000 revolving facility. As of December 31, 2014, the Company was in compliance with the Amended Credit Agreement’s covenants. Letters of Credit At December 31, 2014 and 2013, the Company had outstanding letters of credit of approximately $425 and $814, respectively. United Kingdom A subsidiary of the Company has a working capital facility with NatWest Bank for its United Kingdom operations which includes an overdraft availability of £1,500 pounds sterling (approximately $2,337 at December 31, 2014). This credit facility supports the subsidiary’s working capital requirements and is collateralized by substantially all of the assets of its United Kingdom operations. The interest rate on this facility is the financial institution’s base rate plus 1.50%. Outstanding performance bonds reduce availability under this credit facility. The subsidiary of the Company had no outstanding borrowings under this credit facility as of December 31, 2014. There was $60 in outstanding guarantees (as defined in the underlying agreement) at December 31, 2013. This credit facility was renewed during the third quarter of 2014 with no significant changes to the underlying terms or conditions in the facility. It is the Company’s intention to renew this credit facility with NatWest Bank during the annual review over the credit facility in 2015. The United Kingdom loan agreements contain certain financial covenants that require that subsidiary to maintain senior interest and cash flow coverage ratios. The subsidiary was in compliance with these financial covenants as of December 31, 2014 a nd 2013. The subsidiary had available borrowing capacity of $2,337 and $2,424 at December 31, 2014 and 2013, respectively.

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration