XML 18 R13.htm IDEA: XBRL DOCUMENT v2.3.0.15
Subsequent Events
9 Months Ended
Sep. 30, 2011
Subsequent Events [Abstract] 
Subsequent Events

Note 9 Subsequent Events

The Company evaluated subsequent events in order to identify conditions that existed at the date of the balance sheet as well as conditions that arose after the balance sheet date but before the financial statements were issued. The effects of conditions that existed at the date of the balance sheet date are recognized in the financial statements. Events and conditions arising after the balance sheet date but before the financial statements are issued are evaluated to determine if disclosure is required to keep the financial statements from being misleading. To the extent such events and conditions exist, disclosures are made regarding the nature and estimated financial effects of such events and conditions. For purposes of preparing the accompanying consolidated financial statements and the notes to these financial statements, the Company evaluated subsequent events through the date the accompanying financial statements were issued.

In October 2011, the Company renewed its principal line of credit (increasing it from $50.0 million to $65.0 million) for one year. The Company believes that its operating cash flows, available borrowing capacity, and its ability to raise capital provide adequate resources to fund ongoing operating requirements, future capital expenditures and the development of new products. The Company had $58.9 million of unused credit lines available at September 30, 2011.

In October 2011, the Milwaukee union employees voted to accept changes in their contract with the Company effective November 1, 2011. Included in these changes was an agreement to freeze their current defined benefit pension and replace it with a defined contribution plan. This will result in a curtailment charge under ASC 715 “Retirement Benefits Compensation,” which the Company currently estimates to be approximately $1.0 million.