XML 34 R56.htm IDEA: XBRL DOCUMENT v3.2.0.727
Financing Arrangements (Details)
€ in Thousands, $ in Thousands
3 Months Ended
May. 31, 2015
USD ($)
Rate
May. 31, 2014
USD ($)
Rate
May. 31, 2013
Rate
Feb. 28, 2015
USD ($)
Jan. 09, 2014
USD ($)
Jan. 03, 2013
Rate
Jul. 15, 2012
EUR (€)
Jan. 09, 2012
Rate
Oct. 23, 2000
EUR (€)
Debt Instrument [Line Items]                  
Long-term Debt $ 88,522     $ 85,487          
Current portion of long-term debt 10,457     6,032          
Long-term Debt, Excluding Current Maturities 78,065     79,455          
Line of Credit Facility, Maximum Borrowing Capacity $ 9,995                
Debt Instrument, Description of Variable Rate Basis 0.70                
Amortization of Financing Costs $ 88 $ 68              
Deferred Finance Costs, Net         $ 8,200        
Line of Credit Facility, Amount Outstanding 66,900                
Accumulated Amortization, Deferred Finance Costs 279 279              
Line of Credit Facility, Maximum Borrowing Capacity         200,000        
Payments to Acquire Property, Plant, and Equipment 4,455 $ 3,012              
Mortgage Loans on Real Estate $ 6,305                
Debt Instrument, Interest Rate at Period End | Rate 2.15%                
Bank Loan Obligations [Member]                  
Debt Instrument [Line Items]                  
Debt Instrument, Basis Spread on Variable Rate | Rate 1.54%                
Letter of Credit [Member]                  
Debt Instrument [Line Items]                  
Line of Credit Facility Sublimit         25,000        
Loans [Member]                  
Debt Instrument [Line Items]                  
Line of Credit Facility Sublimit         10,000        
United States of America, Dollars | Revolving Credit Facility [Member]                  
Debt Instrument [Line Items]                  
Line of Credit Facility, Maximum Borrowing Capacity         200,000        
Multicurrency [Member] | Revolving Credit Facility [Member]                  
Debt Instrument [Line Items]                  
Line of Credit Facility, Maximum Borrowing Capacity         $ 30,000        
LIBOR Rate Loan [Member] | Mortgages [Member]                  
Debt Instrument [Line Items]                  
Debt Instrument, Basis Spread on Variable Rate | Rate     2.25%            
LIBOR Rate Loan [Member] | Minimum [Member]                  
Debt Instrument [Line Items]                  
Debt Instrument, Basis Spread on Variable Rate | Rate 1.00%                
LIBOR Rate Loan [Member] | Maximum [Member]                  
Debt Instrument [Line Items]                  
Debt Instrument, Basis Spread on Variable Rate | Rate 2.00%                
Alternate Base Rate Loan [Member] | Minimum [Member]                  
Debt Instrument [Line Items]                  
Debt Instrument, Basis Spread on Variable Rate | Rate 0.00%                
Alternate Base Rate Loan [Member] | Maximum [Member]                  
Debt Instrument [Line Items]                  
Debt Instrument, Basis Spread on Variable Rate | Rate 1.00%                
Schwaiger [Member] | Mortgages [Member]                  
Debt Instrument [Line Items]                  
Long-term Debt [1] $ 1,074     1,152          
Debt Instrument, Interest Rate, Stated Percentage | Rate               3.75%  
Hirschmann [Member]                  
Debt Instrument [Line Items]                  
Debt Instrument, Basis Spread on Variable Rate | Rate   2.00%              
Line of Credit Facility, Maximum Borrowing Capacity | €             € 8,000    
Debt Instrument, Interest Rate at Period End | Rate 2.00%                
Hirschmann [Member] | Line of Credit [Member]                  
Debt Instrument [Line Items]                  
Long-term Debt [2] $ 3,480     0          
Klipsch [Member] | Long-term Debt [Member]                  
Debt Instrument [Line Items]                  
Long-term Debt [3] 6,687     6,921          
Klipsch [Member] | Notes Payable to Banks [Member]                  
Debt Instrument [Line Items]                  
Long-term Debt 382                
Audiovox Germany [Member] | Mortgages [Member]                  
Debt Instrument [Line Items]                  
Long-term Debt [4] 5,330     5,627          
Debt Instrument, Interest Rate, Stated Percentage | Rate           2.85%      
Interest Rate Contract [Member]                  
Debt Instrument [Line Items]                  
Mortgage Loans on Real Estate, Interest Rate | Rate     3.92%            
Domestic [Member] | Revolving Credit Facility [Member]                  
Debt Instrument [Line Items]                  
Long-term Debt [5] 66,900     67,700          
Foreign [Member] | Bank Loan Obligations [Member]                  
Debt Instrument [Line Items]                  
Long-term Debt [6] $ 5,051     $ 4,087         € 8,000
Portion of Accounts Receivable Eligible for Factoring                 60.00%
Debt Instrument, Basis Spread on Variable Rate | Rate 1.60%                
Debt Instrument, Interest Rate at Period End | Rate 1.60%                
[1] Schwaiger Mortgage In January 2012, the Company's Schwaiger subsidiary purchased a building, entering into a mortgage note payable. The mortgage note bears interest at 3.75% and will be fully paid by December 2019.
[2] Hirschmann Line of CreditIn December 2014, Hirschmann entered into an agreement for a €8,000 working capital line of credit with a financial institution. The line of credit is payable on demand and is mutually cancelable. The rate of interest is the three month Euribor plus 2% (2.0% at May 31, 2015). Hirschmann and Voxx Germany are joint and severally liable for the line of credit balance, which is also guaranteed by VOXX International Corporation.
[3] Klipsch MortgagesIncluded in this balance is a mortgage on a facility included in the assets acquired in connection with the Klipsch transaction on March 1, 2011 and assumed by Voxx. The balance at May 31, 2015 is $382 and will be fully paid by the end of Fiscal 2018.Also included in this balance is a mortgage on the building which houses Klipsch's headquarters in Indianapolis, IN due in May 2023. The interest rate on the mortgage is equal to the 1-month LIBOR plus 2.25%. The Company has an interest rate swap agreement in order to hedge interest rate exposure related to this mortgage and pays a fixed rate of 3.92% under the swap agreement (see Note 3). The balance of the mortgage at May 31, 2015 was $6,305.
[4] Audiovox Germany LoansIncluded in this balance is a mortgage on the land and building housing Audiovox Germany's headquarters in Pulheim, Germany, which was entered into in January 2013. The mortgage bears interest at 2.85%, payable in twenty-six quarterly installments through June 2019.
[5] {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjNkNDA1OTA3MTU3YTRiZjI4ZTQ0Y2Y3YzQ0OWJjNmE0fFRleHRTZWxlY3Rpb246MThDNzIzOUY5MTk5NjRBNDM1RkVGRDk1RjNFNTY4NUQM}
[6] Foreign bank obligations include a Euro accounts receivable factoring arrangement, which has a credit limit of up to 60% of eligible non-factored accounts receivable and expires on July 31, 2016, and a Euro Asset-Based Lending ("ABL") credit facility, which has a credit limit of €8,000 and expires on October 31, 2016 for the Company's subsidiary, VOXX Germany. The rate of interest for these credit facilities is the three month Euribor plus 1.6% (1.6% at May 31, 2015). As of May 31, 2015, the amounts outstanding under these credit facilities, which are payable on demand, do not exceed their respective credit limits.