XML 30 R15.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Long-Term Debt | 12 Months Ended
--- | ---
Dec. 31, 2017
Long-term Debt |
Long-Term Debt | 8. Long-Term Debt and Shareholders’ Equity On May 6, 2016, the Company amended its revolving credit loan agreement with HSBC Bank, N.A. The amended facility provides for borrowings of up to an aggregate of $50 million at an interest rate of LIBOR plus 2.0%. On January 27, 2017, the Company amended its revolving credit loan agreement with HSBC Bank, N.A. on a temporary basis in order to provide for the funding of the Company’s acquisition of the assets of Spill Magic, Inc. as described in Note 17. The amended facility provided for an increase in borrowings from $50 million to $55 million for the period commencing April 1, 2017 and ending on September 30, 2017. Commencing October 1, 2017, the maximum amount outstanding at any time under the facility returned to $50 million. The interest rate on borrowings remains unchanged at a rate of LIBOR plus 2.0%. In addition, the Company must pay a facility fee, payable quarterly, in an amount equal to two tenths of one percent (.20%) per annum of the average daily unused portion of the revolving credit line. All principal amounts outstanding under the agreement are required to be repaid in a single amount on May 6, 2019, the date the agreement expires; interest is payable monthly. Funds borrowed under the agreement may be used for working capital, acquisitions, general operating expenses, share repurchases and certain other purposes. Under the revolving loan agreement, the Company is required to maintain specific amounts of tangible net worth, a specified total liabilities to net worth ratio, and a fixed charge coverage ratio, and must have annual net income greater than $0, measured as of the end of each fiscal year. Specifically, under the loan agreement, the Company was required to maintain a ratio of total liabilities to tangible net worth of not more than 2.25 to 1, calculated as at December 31, 2017. However, at December 31, 2017, the Company’s ratio was 2.37 to 1, or 5% higher than the maximum permitted ratio. The Company was not in compliance with the covenant at that date due solely to the impact on the Company of the Tax Cuts and Jobs Act which was enacted into law in December 2017, as a result of which the Company incurred a one-time, non-cash charge of $1,170,000 in the fourth quarter of 2017 relating to taxation of the Company’s foreign earnings. The Company and HSBC Bank, N.A. subsequently agreed to amend the loan agreement to increase the permitted ratio of total liabilities to tangible net worth from 2.25 to 1 to 2.50 to 1, effective for the quarter ended December 31, 2017. All other covenants remain unchanged. Accordingly, as of December 31, 2017, the Company was in compliance with the covenants of the loan agreement as so amended. Long term debt consists of borrowings under the Company’s revolving loan agreement with HSBC Bank, N.A. As of December 31, 2017, $43,450,000 was outstanding and $6,550,000 was available for borrowing under the Company’s revolving loan agreement. On October 26, 2017, the Company exercised its option to purchase its First Aid Only manufacturing and distribution center in Vancouver, WA for $4.0 million. The property consists of 53,000 square feet of office, manufacturing, and warehouse space on 2.86 acres. The purchase was financed by a variable rate mortgage with HSBC Bank, N.A. at an interest rate of LIBOR plus 2.5%. Commencing December 1, 2017, principal payments of $22,222 are due monthly, with all amounts outstanding due on maturity on October 31, 2024. Minimum annual mortgage payments are due as follows: 2018 - $266,664; 2019 - $266,664; 2020 - $266,664; 2021 - $266,664; 2022 - $266,664 and thereafter - $2,644,458. During the twelve months ended December 31, 2017, the Company did not repurchase any shares of its Common Stock. As of December 31, 2017, 41,227 shares may be purchased in the future under the repurchase program announced in 2010.

X
- References No definition available. + Details
Name: | ACU_DebtAbstract
Namespace Prefix: | ACU_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration