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Debt
9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Debt
Debt
 
The Company has revolving lines of credit with various banks in the United States and Europe. Total available credit at September 30, 2016, was $303.9 million including revolving credit lines and an irrevocable standby letter of credit in support of various insurance deductibles.
 
The Company’s primary credit facility is a revolving line of credit with $300 million in available credit. On July 25, 2016, the Company entered into a second amendment (the "Amendment") to the credit facility. For additional information about the Amendment, see the Company's Current Report on Form 8-K dated July 28, 2016. As amended, this credit facility expires on July 23, 2021. Amounts borrowed under this credit facility will bear interest at an annual rate equal to either, at the Company’s option, (a) the rate for Eurocurrency deposits for the corresponding deposits of U.S. dollars appearing on Reuters LIBOR1screen page (the “LIBOR Rate”), adjusted for any reserve requirement in effect, plus a spread of 0.60% to 1.45%, determined quarterly based on the Company’s leverage ratio (at September 30, 2016, the LIBOR Rate was 0.53%), or (b) a base rate, plus a spread of 0.00% to 0.45%, determined quarterly based on the Company’s leverage ratio. The base rate is defined in a manner such that it will not be less than the LIBOR Rate. The Company will pay fees for standby letters of credit at an annual rate equal to the applicable spread described above, and will pay market-based fees for commercial letters of credit. The Company is required to pay an annual facility fee of 0.15% to 0.30% of the available commitments under the credit facility, regardless of usage, with the applicable fee determined on a quarterly basis based on the Company’s leverage ratio. The Company was also required to pay customary fees as specified in a separate fee agreement to the agent under the credit facility.
 
The Company’s unused borrowing capacity under other revolving credit lines and a term note totaled $3.9 million at September 30, 2016. The other revolving credit lines and term note charge interest ranging from 0.50% to 7.50% have maturity dates from December 2016 to July 2017, and had no outstanding balances at September 30, 2016 and 2015 or December 31, 2015. The Company was in compliance with its financial covenants at September 30, 2016.