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Debt | 12 Months Ended
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Dec. 31, 2016
Debt [Abstract] |
Debt | ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ 4. Debt ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  | Interest rates at |  |
﻿ |  | December 31, |  | December 31, |  | December 31, |  |
﻿ |  | 2016 |  | 2015 |  | 2016 |  | Maturity
﻿Revolving Credit Facility |  |  |  |  |  |  |  |
﻿Credit facility | $ | 67,000 | $ | 100,000 |  | 2.00% |  | September 2021
﻿ |  |  |  |  |  |  |  |
﻿Debt |  |  |  |  |  |  |  |
﻿PST short-term obligations |  | 5,097 |  | 11,556 |  | 4.27% - 20.33% |  | 2017
﻿PST long-term notes |  | 11,452 |  | 6,428 |  | 7.5% - 19.00% |  | 2017 - 2021
﻿Other |  | 137 |  | 379 |  |  |  |
﻿Total debt |  | 16,686 |  | 18,363 |  |  |  |
﻿Less: current portion |  | (8,626) |  | (13,905) |  |  |  |
﻿Total long-term debt, net | $ | 8,060 | $ | 4,458 |  |  |  |
﻿ |  |  |  |  |  |  |  |
Revolving Credit Facility ﻿ On November 2, 2007, the Company entered into an asset-based credit facility which permitted 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 “Credit Agreement” or “Credit Facility”). The Amended Agreement provides for a $300,000 revolving credit facility, which replaced the Company’s existing $100,000 asset-based credit facility and includes a letter 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 extended the termination date to September 12, 2019 from December 1, 2016. In 2014, the Company capitalized $1,666 of deferred financing costs and recognized a $100 loss on extinguishment of previously recorded deferred finan cing costs associated with amending the Credit Agreement. On March 26, 2015, the Compa ny entered into Amendment No. 1 of the Credit Amendment which amended 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 Credit Agreement and the early extinguishment of the Company’s 9.5% Senior 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. On February 23, 2016, the Compan y entered into Amendment No. 2 o f the Credit Facility which amended and waived any default or potential defaults with respect to the pledging as collateral additional shares issued by a wholly owned subsidiary and newly issued shares associated with the formation of a new subsidiary. On August 12, 2016, the Compan y entered into Amendment No. 3 o f the Credit Agreement which extended of the expiration date of the Credit Agreement by two years to September 12, 2021, increased the borrowing sub-limit for the Company’s foreign subsidiaries by $30,000 to $80,000, increased the basket of permitted loans and investments in foreign subsidiaries by $5,000 to $30,000, and provided additional flexibility to the Company for certain permitted corporate transactions involving its foreign subsidiaries as defined in the Agreement. As a result of Amendment No. 3, the Company capitalized deferred financing costs of $399, which will be amortized over the remaining term of the Credit Facility. ﻿ Borrowings under the Credit Facility 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 forth in the Credit Facility. 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 Credit Facility 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. Borrowings outstanding on the Credit Facility at December 31, 2016 and 2015 were $67,000 and $100,000 respe ctively. The Company has outstanding letters of credit of $3,399 at December 31, 2016. ﻿ The Company was in compliance with all Credit Facility covenants at December 31, 2016 and 2015. ﻿ Debt On October 4, 2010, the Company issued $175,000 of senior notes which bore interest at an annual rate of 9.5% and had a maturity of October 15, 2017. On September 2, 2014, the Company redeemed $17,500 or 10.0%, of its senior 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 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 on extinguishment of debt of $9,687 in the fourth quarter of 2014, which included a premium of $7,481 and the acceleration of the remaining deferred financing costs of $535, original issue discount of $2,019 and de-designation date unrecognized gain on the interest rate swap of $348. The senior notes were redeemed using funds from borrowing $100,000 under the Credit Facility, proceeds from the sale of the Wiring business and existing cash. ﻿ PST maintains several short-term obligations and long-term notes used for working capital purposes which have fixed interest rates. The weighted-average interest rates of short-term and long-term debt of PST at December 31, 2016 were 10.3% and 14.1%, respectively. Depending on the specific note, interest is payable either monthly or annually. Principal payments on PST debt at December 31, 2016 are as follows: $8,48 9 in 2017, $4,303 in 2018, $2,604 in 2019, $611 in 2020, and $542 in 2021. ﻿ For the period of February 2014 to April 2015, the Company's wholly-owned subsidiary located in Suzhou, China held term loan s in the amount of 9,000 Chinese yuan (the "Suzhou note"). Interest was payable quarterly at 120.0% of the one-year lending rate published by The People's Bank of China. ﻿ 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 $2,196 and $2,369, at December 31, 2016 and 2015, respectively. At December 31, 2016 and 2015, there was no balance outstanding on this bank account. ﻿ The Company was in compliance with all debt covenants at December 31, 2016 and 2015. ﻿ At December 31, 2016, the future maturities of debt were as follows: ﻿ ﻿
﻿ |  |
﻿Year ended December 31 |  |
﻿2017 | $ | 8,626
﻿2018 |  | 4,303
﻿2019 |  | 2,604
﻿2020 |  | 611
﻿2021 |  | 67,542
﻿Total | $ | 83,686
﻿

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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 + Details
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