XML 39 R15.htm IDEA: XBRL DOCUMENT

Debt Obligations

6 Months Ended

Jun. 30, 2012

Debt Obligations

Debt Obligations

10. Debt Obligations

Debt obligations consisted of the following (in thousands):

		June 30, 2012			December 31, 2011
Credit Agreement, revolving line-of-credit		$	—		$	—
China Credit Facility, 5.9% at June 30, 2012		$	159		$	157

The Company’s Credit Agreement, which matures October 26, 2013, provides revolving credit up to $4 million and €3 million.

The Credit Agreement contains certain financial covenants related to maximum leverage, minimum fixed charge coverage and minimum tangible net worth of the Company. The Company was in compliance with all covenants at June 30, 2012.

As of June 30, 2012, approximately $7,700,000 million ($4 million and € 3.0 million) was available under the amended Credit Agreement and approximately $675,000 (€ 300,000 and 2,100,000 Swedish Krona (“SEK”)) was available under bank overdraft facilities in Europe.

The Company also has a Credit Line Facility in China providing credit of approximately $700,000 (Chinese Renminbi (“RMB”) 4,500,000). This facility will be used for working capital needs at the Company’s China operations, and will mature in October 2012. At June 30, 2012, there was approximately $550,000 (RMB 3,500,000) available under the facility.

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+ Details