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Debt | 12 Months Ended
--- | ---
Jan. 31, 2017
Debt [Abstract] |
Debt Disclosure [Text Block] | Note 7 - Debt
| 2016 |  | 2015 |
Revolving line North America | $3,813 | $5,237
Mortgage notes | 7,463 |  | 1,443 |
Revolving lines foreign | 301 |  | 8,131 |
Term loans | 80 |  | 246 |
Capitalized lease obligations | 283 |  | 442 |
Total debt | 11,940 |  | 15,499 |
Unamortized debt issuance costs | (165 | ) | (23 | )
Less current maturities | 4,517 |  | 14,006 |
Total long-term debt | $7,258 | $1,470
Current portion of long-term debt | $4,517 | $14,006
Unamortized debt issuance costs | (46 | ) | (2 | )
Total short-term debt | $4,471 | $14,004
The following table summarizes the Company's scheduled maturities on January 31:
| Total | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | Thereafter |
Revolving line North America | $3,813 |  | $3,813 |  |  | $— |  |  | $— |  |  | $— |  |  | $— |  |  | $— |
Mortgages | 7,463 | 121 | 355 | 357 | 362 | 367 | 5,901
Revolving line foreign | 301 | 301 | — |  | — |  | — |  | — |  | — |
Term loans | 80 | 62 | 18 | — |  | — |  | — |  | — |
Capitalized lease obligations | 283 | 220 | 62 | 1 |  | — |  | — |  | — |
Total | $11,940 | $4,517 | $435 | $358 | $362 | $367 | $5,901
Revolving line North America. On September 24, 2014, the Company entered into a Credit and Security agreement with a financial institution (as amended, "Credit Agreement"). Under the terms of the Credit Agreement, which matures on September 24, 2018, the Company can borrow up to a combined $15.0 million in the U.S. and Canada, subject to borrowing base availability from secured domestic and certain Canadian assets, such as accounts receivable and inventory, and other requirements, under a revolving line of credit. The Credit Agreement covenants restrict debt, liens, and investments, and require attainment of specific levels of profitability and cash flows. On January 31, 2017, the Company was in compliance with all covenants under the Credit Agreement. The domestic revolving line balances as of January 31, 2017 and 2016 were included as current liabilities in the consolidated balance sheets, because the Credit Agreement has a subjective acceleration clause. Interest rates vary based on the average availability in the preceding fiscal quarter and are: (a) a margin in effect plus a base rate, if below certain availability limits; or (b) a margin in effect plus the Eurodollar rate for the corresponding interest period. On January 31, 2017, the Company had borrowed $3.8 million at 5%, 3.77% and 3.95% and had $5.8 million available to it under the revolving line of credit. In addition, $0.2 million of availability was used under the Credit Agreement primarily to support letters of credit to guarantee amounts committed for inventory purchases. Cash required for operations is provided by draw-downs on the line of credit. Revolving lines foreign. The Company also has credit arrangements used by its Middle Eastern subsidiaries. These credit arrangements are in the form of overdraft facilities and project financing at rates competitive in the countries in which the Company operates. The lines are secured by certain equipment, certain assets, such as accounts receivable and inventory, and a guarantee by the Company. Some credit arrangement covenants requires a minimum tangible net worth to be maintained including intercompany subordinated debt. In addition, some of the revolving credit facilities restrict payment of dividends. On January 31, 2017, the Company was in compliance with the covenant under the credit arrangement. Interest rates are 4.0% per annum below National Bank of Fujairah Base Rate, minimum 3.5% per annum, and Emirates Inter Bank Offered Rate (EIBOR) plus 3.5% per annum. The Company's interest rates range from 3.5% to 6.0% on January 31, 2017. On January 31, 2017, the Company can borrow $26.0 million under these credit arrangements. The Company borrowed $0.3 million and had $20.8 million available under these credit arrangements as of January 31, 2017. In addition, $4.9 million of availability was used to support letters of credit to guarantee amounts committed for inventory purchases. The Company has a revolving line for 50 million Saudi Riyal (approximately $13.3 million U.S. dollars at the prevailing exchange rate on the transaction date) from a Saudi Arabian bank. The loan has an interest rate of approximately 6% and matures September 2017. The Company has a revolving line for 15 million Dirhams (approximately $4.2 million U.S. dollars at the prevailing exchange rate on the transaction date) from a bank in the U.A.E. The loan has an interest rate of approximately 6% and matures June 2017. The Company has a revolving line for 31 million Dirhams (approximately $8.5 million U.S. dollars at the prevailing exchange rate on the transaction date) from a bank in the U.A.E. The loan has an interest rate of approximately 6% and matures November 2017. The Company guarantees the subsidiaries' debt including all foreign debt. Mortgages. On July 28, 2016, the Company borrowed $8.0 million CAD (approximately $6.1 million USD at the prevailing exchange rate on the transaction date) from a bank in Canada under a mortgage note secured by the manufacturing facility located in Alberta, Canada that matures on December 23, 2042. The interest rate is variable, currently at 4.7%, with monthly payments of $31 thousand CAD (approximately $24 thousand USD) for interest; and monthly payments of $27 thousand CAD (approximately $20 thousand USD) for principal. Principal payments begin January 2018. On June 19, 2012, Perma-Pipe, Inc. borrowed $1.8 million under a mortgage note secured by its manufacturing facility in Lebanon, Tennessee. The proceeds were used for payment of amounts borrowed. The loan bears interest at 4.5% with monthly payments of $13 thousand for both principal and interest and matures July 1, 2027. On June 19, 2022, and on the same day of each year thereafter, the interest rate shall adjust to the prime rate, provided that the applicable interest rate shall not adjust more than 2.0% per annum and shall be subject to a ceiling of 18.0% and a floor of 4.5%. Term loans. Between March 2015 and September 2015, the Company obtained loans in the aggregate amount of 1.3 million Dirhams (approximately $341 thousand U.S. dollars at the exchange rate prevailing on the transaction dates). The loans bear interest at 5.0% and 6.0% with monthly payments of $17 thousand for both principal and interest and mature between April 1, 2017 and October 31, 2017. Capital leases. On May 1, 2012, Piping Systems borrowed $0.4 million under an equipment loan secured by equipment. The loan bears interest at 6.5% with monthly payments of $8 thousand for both principal and interest and matures June 2017. On August 5, 2016, Piping Systems obtained a capital lease for 0.6 million Indian Rupees (approximately $8 thousand U.S. dollars at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for this capital lease is 15.6% per annum with monthly principal and interest payments of $270, and the lease matures in July 5, 2019. On February 1, 2013, Piping Systems obtained a capital lease for 41,000 CAD (approximately $41 thousand U.S. dollars at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for this capital lease is 4% per annum with monthly principal and interest payments of $1 thousand, and the lease matures in November 30, 2017. On March 12, 2013, Piping Systems obtained two capital leases for 710,000 CAD (approximately $728 thousand U.S. dollars at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for these capital leases is 4% per annum with monthly principal and interest payments of $12 thousand, and these leases mature on March 11, 2017. On June 26, 2014, Piping Systems obtained two capital leases for 880,000 CAD (approximately $942 thousand U.S. dollars at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for these capital leases is 3.25% per annum with monthly principal and interest payments of $14 thousand, and these leases mature on June 25, 2018. On July 1, 2014, Piping Systems obtained a capital lease for 49,000 CAD (approximately $52 thousand U.S. dollars at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for this capital lease is 3.25% per annum with monthly principal and interest payments of $1 thousand, and the lease matures in June 30, 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://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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