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Notes Payable and Long Term Debt
3 Months Ended
Jun. 30, 2014
Debt Disclosure [Abstract]  
Notes Payable and Long Term Debt
 
At June 30, 2014, the Company had no outstanding borrowings under the Amended and Restated Credit Agreement and outstanding letters of credit of approximately $100.  As a result, the unused balance under the Amended and Restated Credit Agreement was approximately $399,900 at June 30, 2014.  After applying the asset coverage ratio and adjusted leverage ratio, the amount available to borrow at June 30, 2014 was approximately $256,300.

At June 30, 2014, the Company had approximately $3,200 of outstanding borrowings under the China Credit Facility. Interest is based on the People’s Bank of China rate, which was 6.0% at June 30, 2014. Subsequent to June 30, 2014, the Company borrowed approximately $4,900 resulting in a total outstanding balance of approximately $8,100 under the China Credit Agreement through August 11, 2014.

Subsequent to June 30, 2014, the Company obtained a mortgage on its corporate headquarters property for approximately $33,900.  The mortgage has a fixed interest rate of 4.928%.  The loan is amortized for a 30 year period.  The loan will mature and have a balloon payment due in 15 years.  The loan will be used for working capital and other general corporate purposes. The mortgage contains financial covenants which include:  the asset coverage ratio must be greater than 1.10 to 1.00; the sum of the consolidated annual earnings before interest, taxes, depreciation, and amortization (EBITDA) and annual rental expense, divided by the sum of the annual interest expense and the annual rental expense must be greater than 2.25 to 1.00; and other customary limitations.