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Long-Term Debt and Related Matters | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Long-Term Debt and Related Matters | Long-Term Debt and Related Matters Long-term debt as of December 31, 2019 and 2018 consisted of the following:
|  | December 31, |  |
|  | 2019 |  | 2018
Revolving credit facility with an interest rate of 4.28% as of December 31, 2019 and 4.80% as of December 31, 2018 |  | $ | 33,868 |  |  | $ | 74,008 |
Term loan payable in quarterly installments through April 30, 2024 with an interest rate of 4.19% at December 31, 2019 |  | 23,750 |  |  | — |
Lease obligations payable in installments through 2024 with a weighted average interest rate of 3.63% as of December 31, 2019 and 3.32% as of December 31, 2018 |  | 575 |  |  | 974 |
Total debt |  | 58,193 |  |  | 74,982 |
Less: current maturities |  | (2,905) |  |  | (629) |
Long-term portion |  | $ | 55,288 |  |  | $ | 74,353 |
The expected maturities of long-term debt for December 31, 2020 and thereafter are as follows:
Year Ending December 31, |  |
2020 |  | $ | 2,905 |
2021 |  | 2,604 |
2022 |  | 2,545 |
2023 |  | 2,510 |
2024 |  | 47,629 |
2025 and thereafter |  | — |
Total |  | $ | 58,193 |
Borrowings On April 30, 2019, the Company, its domestic subsidiaries, and certain of its Canadian and European subsidiaries (collectively, the “Borrowers”), entered into the Third Amended and Restated Credit Agreement (“Amended Credit Agreement”) with PNC Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., Citizens Bank, N.A., and BMO Harris Bank, N.A. This Amended Credit Agreement modifies the prior revolving credit facility, which had a maximum credit line of $195,000 and extends the maturity date from March 13, 2020 to April 30, 2024. The Amended Credit Agreement provides for a five-year, revolving credit facility that permits aggregate borrowings of the Borrowers up to $140,000 with a sublimit of the equivalent of $25,000 U.S. dollars that is available to the Canadian and United Kingdom borrowers in the aggregate. The Amended Credit Agreement’s incremental loan feature permits the Company to increase the available revolving borrowings under the facility by up to an additional $50,000 and provides for additional term loan borrowings of up to $25,000 subject to the Company’s receipt of increased commitments from existing or new lenders and the satisfaction of certain conditions. The Company’s and the domestic, Canadian, and United Kingdom guarantors’ (the “Guarantors”) obligations under the Amended Credit Agreement are secured by the grant of a security interest by the Borrowers and Guarantors in substantially all of the personal property owned by such entities. Additionally, the equity interests in each of the loan parties, other than the Company, and the equity interests held by each loan party in their domestic subsidiaries, have been pledged to the lenders as collateral for the lending obligations. Borrowings under the Amended Credit Agreement 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 total net indebtedness to the Company’s consolidated EBITDA for four trailing quarters, as defined in the Amended Credit Agreement. The base rate is the highest of (a) the Overnight Bank Funding Rate plus 50 basis points, (b) the Prime Rate, or (c) the Daily Euro-rate plus 100 basis points (each as defined in the Amended Credit Agreement). The base rate and Euro-rate spreads range from 25 to 125 basis points and 125 to 225 basis points, respectively. The Amended Credit Agreement includes three financial covenants: (a) Maximum Gross Leverage Ratio, defined as the Company’s consolidated Indebtedness divided by the Company’s consolidated EBITDA, which must not exceed (i) 3.25 to 1.00 for all testing periods other than during an Acquisition Period, as defined in the Amended Credit Agreement, and (ii) 3.50 to 1.00 for all testing periods occurring during an Acquisition Period; (b) Minimum Consolidated Fixed Charge Coverage Ratio, defined as the Company’s consolidated EBITDA divided by the Company’s Fixed Charges, as defined in the Amended Credit Agreement, which must be a minimum of 1.25 to 1.00; and (c) Minimum Working Capital to Revolving Facility Usage Ratio, defined as the sum of the inventory and accounts receivable of the Borrowers and certain other Guarantors divided by the Revolving Facility Usage, as defined in the Amended Credit Agreement, which must be a minimum of 1.40 to 1.00. As of December 31, 2019, the Company was in compliance with the covenants in the Amended Credit Agreement. As of December 31, 2019 and 2018, the Company had outstanding letters of credit of approximately $492 and $425, respectively, and had net available borrowing capacity of $105,640 and $120,567, respectively. United Kingdom On April 29,2019, a subsidiary of the Company terminated a credit facility with NatWest Bank used for its United Kingdom operations. The facility had included an overdraft availability of £1,500 pounds sterling (approximately $1,924 as of December 31, 2018). There were no outstanding borrowings under this credit facility as of December 31, 2018, however, there were $318 in outstanding guarantees (as defined in the underlying agreement) as of December 31, 2018. The subsidiary had available borrowing capacity of $1,606 as of December 31, 2018.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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