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Long-Term Debt | 12 Months Ended
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Dec. 31, 2012
Long-Term Debt | (2) Long-Term Debt Long-term debt of the Company at December 31, 2012 and 2011 is summarized as follows:
|  | 2012 |  |  | 2011 |
Term loan, secured by personal property, payable in quarterly principal installments of $2,500 plus interest (2.21% as of December 31, 2012) through December 31, 2015 with remaining unpaid principal due January 10, 2016(a) |  |  | 46,000 |  |  |  | 54,000 |
Notes payable on product acquisitions and asset purchases(b) |  |  | 6,443 |  |  |  | 12,377 |
|  |  | 52,443 |  |  |  | 66,377 |
Less current installments |  |  | (16,247 | ) |  |  | (14,460 | )
|  | $ | 36,196 |  |  | $ | 51,917 |
Approximate principal payments on long-term debt at December 31, 2012 is as follows:
2013 |  | $ | 16,247 |
2014 |  |  | 10,069 |
2015 |  |  | 10,072 |
2016 |  |  | 16,055 |
|  | $ | 52,443 |
(a) | On January 10, 2011, the Company’s main operating subsidiary, AMVAC, as borrower, and affiliates (including the Company), as guarantors, entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with a group of commercial lenders led by Bank of the West (AMVAC’s primary bank) as agent, swing line lender and letter of credit issuer. The Credit Agreement superseded the First Amendment to Credit Agreement (“First Amendment”) dated as of March 5, 2010, and more fully described in the Company’s Form 8-K filed on March 8, 2010. The Credit Agreement is a $137,000 senior secured lending facility consisting of a revolving line of credit of $75,000 and term loan commitments of $62,000. Also included in the facility is an additional accordion feature for up to $50,000. In connection with retiring the entire outstanding balance of the term loans and revolving credit facility (plus accrued interest) of the First Amendment upon termination thereof, on January 10, 2011, AMVAC borrowed $62,000 under the Credit Facility . These loans bear interest at a variable rate of interest based on LIBOR and the Eurodollar Reserve of the Federal Reserve (“Eurodollar Rate Loan”), or, at AMVAC’s option, a variable rate of interest based upon the prime rate, the Federal Funds rate, and LIBOR (“Alternative Base Rate Loan”). The principal payments of the term loans are payable (a) in equal quarterly installments on or before the last business day of each March, June, September and December (i) through 2012 in the amount of $2,000, and (ii) thereafter through December 2015 in the amount of $2,500, and (b) the remainder, if any, not later than January 10, 2016. Interest accruing on the Eurodollar Rate Loans is payable on the last day of the interest period, which may be one, three or six months, as per borrower’s election. Interest accruing on the Alternate Base Rate Loans is payable monthly, in arrears, on the last day of the month and on the maturity date of any such loan in the amount of interest then accrued but unpaid. Both the senior secured revolving line of credit and the term loans mature on January 10, 2016.
(b) | Notes payable on product acquisitions and asset purchases, with one payment of $6,154 due on January 1, 2013; a single remaining term payment on an asset purchase in the amount of $26; a new asset purchase agreement with short term liabilities in the amount of $67.
The Company has four key covenants under the Credit Agreement (with which AMVAC was in compliance throughout the year and is in compliance as of December 31, 2012). The covenants are as follows: The Company must (1) maintain its borrowings below a certain consolidated funded debt ratio, (2) limit its annual spending on the acquisition of fixed asset capital additions, (3) maintain a certain consolidated fixed charge coverage ratio, and (4) maintain a certain modified current ratio. At December 31, 2012 total indebtedness is $52,443 as compared to $66,377 at December 31, 2011. At December 31, 2012, based on its performance against the most restrictive covenants listed above, the Company has the capacity to increase its borrowings by up to the maximum limit of $75,000 under the Credit Agreement. Substantially all of the Company’s assets are pledged as collateral under the Credit Agreement. The Company’s main bank is Bank of the West, a wholly-owned subsidiary of the French bank, BNP Paribas. Bank of the West has been the Company’s bank for more than 30 years. Bank of the West is the syndication manager for the Company’s loans and acts as the counterparty on the Company’s derivative transactions. The Company has various loans in place that together constitute the short-term and long-term loan balances shown in the balance sheet at December 31, 2012 and December 31, 2011. These are summarized in the following table:
Indebtedness |  | December 31, 2012 |  |  | December 31, 2011 |
$000’s |  | Long-term |  |  | Short-term |  |  | Total |  |  | Long-term |  |  | Short-term |  |  | Total |
Term loan |  | $ | 36,000 |  |  | $ | 10,000 |  |  | $ | 46,000 |  |  | $ | 46,000 |  |  | $ | 8,000 |  |  | $ | 54,000 |
Notes payable on product acquisitions and asset purchases |  |  | 196 |  |  |  | 6,247 |  |  |  | 6,443 |  |  |  | 5,917 |  |  |  | 6,460 |  |  |  | 12,377 |
Total indebtedness |  | $ | 36,196 |  |  | $ | 16,247 |  |  | $ | 52,443 |  |  | $ | 51,917 |  |  | $ | 14,460 |  |  | $ | 66,377 |
The average amount outstanding of the senior secured revolving line of credit during the years ended December 31, 2012 and 2011 was $0 and $1,990. The weighted average interest rate on the revolving credit line during the years ended December 31, 2012 and 2011 was 0.0% and 4.0% respectively.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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