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Debt | 9 Months Ended
--- | ---
Sep. 30, 2015
Debt [Abstract] |
Debt | (8) Debt Debt consisted of the following at September 30, 2015 and December 31, 2014:
|  |  |  | Interest rates at |  |
|  | September 30, |  | December 31, |  | September 30, |  |
|  | 2015 |  | 2014 |  | 2015 |  | Maturity
Revolving Credit Facility |  |  |  |  |  |  |  |
Credit facility | $ | 100,000 | $ | 100,000 |  | 2.12% |  | September - 2019
Debt |  |  |  |  |  |  |  |
PST short-term obligations |  | 15,632 |  | 11,249 |  | 5.5% - 24.0% |  | Various 2015 and 2016
PST long-term notes |  | 6,810 |  | 16,770 |  | 6.17% - 8.0% |  | 2016 - 2021
Suzhou note |  | - |  | 1,450 |  | N/A |  | April 2015
Other |  | 453 |  | 837 |  |  |  |
Total debt |  | 22,895 |  | 30,306 |  |  |  |
Less: current portion |  | (17,913) |  | (19,655) |  |  |  |
Total long-term debt, net | $ | 4,982 | $ | 10,651 |  |  |  |
Revolving Cred it Facility On November 2, 2007, the Company entered into an asset-based credit facility, which permits borrowing up to a maximum level of $100,000. The Company entered into an Amended and Restated Credit and Security Agreement and a Second Amended and Restated Credit and Security Agreement on September 20, 2010 and December 1, 2011, respectively. On September 12, 2014, the Company entered into a Third Amended and Restated Credit Agreement (the “Amended Agreement” or “Credit Facility”). The Amended Agreement provides for a $300,000 revolving credit facility, which replace d the Company’s existing $100,000 asset-based credit facility and includes a l etter of credit subfacility, swing line subfacility and multicurrency subfacility. The Amended Agreement also has an accordion feature which allows the Company to increase the availability by up to $80,000 upon the satisfaction of certain conditions. The Amended Agreement extend ed the ter mination date to September 12, 2019 from December 1, 2016. The Company capitalized $1,499 of deferred financing costs and recognized a $100 loss on extinguishment of previously deferred financing costs associated with the Amended Agreement. On March 26, 2015, the Company entered into Amendment No. 1 (the “Amendment”) to the Amended Agreement which modified the definition of Consolidated EBITDA to allow for the add back of cash premiums and other non-cash charges related to the amendment and restatement of the Amended Agreement and the early extinguishment of the Company’s 9.5% Senior Secured Notes totaling $10,507 both of which occurred in second half of 2014. Consolidated EBITDA is used in computing the Company’s leverage ratio and interest coverage ratio which are covenants within the Amended Agreement. Borrowings under the Amended Agreement will bear interest at either the Base Rate, as defined, or the LIBOR Rate, at the Company’s option, plus the applicable margin as set f orth in the Amended Agreement. The Company is also subject to a commitment fee ranging from 0.20% to 0.35% based on the Company’s leverage ratio. The agreement governing our Credit Facility requires the Company to maintain a maximum leverage ratio of 3.00 to 1.00, and a minimum interest coverage ratio of 3.50 to 1.00 and places a maximum annual limit on capital expenditures. The Amended Agreement also contains other affirmative and negative covenants and events of default that are customary for credit arrangements of this type including covenants which place restrictions and/or limitations on the Company’s ability to borrow money, make capital expenditures and pay dividends. The Company was in compliance with all credit facility covenants at September 30, 2015 and December 31, 2014. Debt On October 4, 2010, the Company issued $175,000 of senior secured notes which b ore interest at an annual rate of 9.5% and were scheduled to mature on October 15, 2017. On September 2, 2014, the Company redeemed $17,500, or 10.0%, of its senior secured notes at a price of 103.0% of the principal amount. As a result of the redemption, the Company recognized a loss on extinguishment of debt of $820 in the third quarter of 2014, which included a premium of $525 and the acceleration of both the associated deferred financing costs and original issue discount totaling $295. On October 15, 2014, the Company redeemed the remaining $157,500 of its senior secured notes at a price of 104.75% of the principal amount discharging the corresponding senior notes indenture. As a result of the redemption, the Company recognized a loss o n extinguishment of debt of $9,687 in the fourth quarter of 2014, which included a premium of $7,481, the acceleration of the remaining deferred financing costs of $535 and original issue discount of $2,019 and de-designation date unrecognized gain on the interest rate swap of $348. PST maintains several short-term obligations and long-term notes used for working capital purposes which have fixed annual interest rate s. The weighted-average interest rates of short-term and long-term debt of PST at September 30, 2015 were 16.8% and 7.4%, r espectively. Depending on the specific note, interest is payable either monthly or annually. Principal payments on PST debt at September 30, 2015 are as follows: $1 7,460 from October 2015 through September 2016, $600 from October 2016 through December 2016, $1,841 in 2017, $969 in 20 18, $948 in 2019, $325 in 2020 and $299 in 20 2 1. On February 25, 2014, the Company's wholly-owned subsidiary located in Suzhou, China entered into a term loan for 9,000 Chinese yuan (the “Suzhou note”) which matured in August 2014. On October 17, 2014, this subsidiary entered into a new term loan for 9,000 Chinese yuan (the "Suzhou note") which matured and was repaid in April 2015. The U.S. dollar equivalent outstanding loan balance was $1,450 at December 31, 2014 which was included in the condensed consolidated balance sheets as a component of current portion of long-term debt. Interest was payable quarterly at 120.0% of the one-year lending rate published by The People's Bank of China. The Company was in compliance with all note covenants at September 30, 2015 and December 31, 2014. The Company's wholly-owned subsidiary located in Stockholm, Sweden, has an overdraft credit line which allows overdrafts on the subsidiary's bank account up to a maximum level of 20,000 Swedish krona, or $2,390 and $2,562, at September 30, 2015 and December 31, 201 4, respectively. At September 30, 2015 and December 31, 201 4, there was no balance outstandi ng on this bank account.

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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 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 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 + Details
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