XML 37 R10.htm IDEA: XBRL DOCUMENT
v3.22.1

Note 3 - Long-term Debt | 9 Months Ended
--- | ---
Sep. 30, 2021
Notes to Financial Statements |
Long-term Debt [Text Block] |
NOTE 3 – Long-Term Debt:
Debt consisted of the following (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
Credit Facilities: |  |  |  |  |  |  |  |
Revolving credit facility due February 2026 |  | $ | 37,768 |  |  | $ | 17,589 |
Term loan due February 2024 (“2017 Term Loan”) |  |  | 16,500 |  |  |  | 21,000 |
Term loan due January 2026 (“2018 Term Loan”) |  |  | 42,560 |  |  |  | 49,524 |
|  |  | 96,828 |  |  |  | 88,113 |
Less: |  |  |  |  |  |  |  |
Payments due within one year included in current liabilities |  |  | 15,286 |  |  |  | 15,286 |
Debt issuance costs |  |  | 660 |  |  |  | 455 |
Long-term debt less current maturities |  | $ | 80,882 |  |  | $ | 72,372 |
The Company is party to a credit agreement with Truist Bank, consisting of a revolving credit facility, a term loan maturing in February 2024 (“2017 Term Loan”) and a term loan maturing in January 2026 (“2018 Term Loan”). The revolving credit facility, 2017 Term Loan and 2018 Term Loan are collectively referred to as the “Credit Facilities.” On February 8, 2021, the Company entered into a Second Amended and Restated Credit Agreement with Truist Bank (the “Credit Agreement”), pursuant to which the maximum availability under the Company’s existing revolving credit facility was increased from $75.0 million to $125.0 million and its maturity date was extended until February 8, 2026. The 2017 Term Loan and the 2018 Term Loan remain outstanding with the same amortization schedules. The floor on LIBOR for the revolving credit facility was increased from zero to 0.25%, but the interest rates on the revolving credit facility and the term loans were not otherwise modified. Except as described above, the covenants, events of default and substantially all of the other terms that were contained in the Company’s prior credit agreement with Truist Bank remain unchanged in the Credit Agreement. The Credit Facilities continue to be secured by substantially all of the operating assets of the Company as collateral, and the Company’s obligations thereunder continue to be guaranteed by all of its domestic subsidiaries. Obligations outstanding under the 2018 Term Loan have a variable interest rate of LIBOR plus a margin of between 0.85% and 1.65% (based on the Company’s funded debt to EBITDA ratio) (0.93% at September 30, 2021). Obligations outstanding under the revolving credit facility and the 2017 Term Loan generally have a variable interest rate of one-month LIBOR (with a 0.25% floor on LIBOR for the revolving credit facility) plus a margin of between 0.68% and 1.50% (based on the Company’s funded debt to EBITDA ratio) (0.93% for the revolving credit facility and 0.76% for the 2017 Term Loan at September 30, 2021). The Company is obligated to pay a commitment fee of 0.15% per annum on the average unused portion of the commitment under the revolving credit facility. The available balance under the revolving credit facility is reduced by outstanding letters of credit. As of September 30, 2021, there were no outstanding letters of credit under the revolving credit facility. Contractual principal payments for the 2017 Term Loan are as follows: remainder of 2021 - $1.5 million; 2022 through 2023 - $6.0 million per year; and 2024 - $3.0 million. Contractual principal payments for the 2018 Term Loan are as follows: remainder of 2021 - $2.3 million; 2022 through 2025 - $9.3 million per year; and 2026 - $3.1 million. The term loans do not contain pre-payment penalties. The Company is a party to an interest rate swap with a total notional value of $7.5 million as of September 30, 2021 pursuant to which it makes fixed payments and receives floating payments. The Company entered into the interest rate swap to offset changes in expected cash flows due to fluctuations in the associated variable interest rates. The Company’s interest rate swap expires in February 2024. The interest rate swap is not designated as a hedge transaction. Changes in fair value and gains and losses on settlement on the interest rate swap are recognized in interest expense in our statements of comprehensive income. No gain or loss was recognized on the interest rate swap during the nine months ended September 30, 2021. During the nine months ended September 30, 2020, a loss of $0.3 million was recognized on the interest rate swap.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration