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Note 6. Long-Term Debt and Credit Facilities - (Details) - USD ($)
$ in Millions
Jun. 30, 2015
Jun. 30, 2014
Line of Credit Facility    
Credit Facility, Availability to Borrow $ 29.0  
Credit Facility, Borrowings Outstanding 0.0 $ 0.0
Primary Revolving Credit Facility    
Line of Credit Facility    
Credit Facility, Availability to Borrow [1] 29.0  
Credit Facility, Borrowings Outstanding [1] 0.0 0.0
Former EMS segment overdraft facilities    
Line of Credit Facility    
Credit Facility, Availability to Borrow [2] 0.0  
Credit Facility, Borrowings Outstanding [2] $ 0.0 $ 0.0
[1] (1) In connection with the spin-off, on October 31, 2014 Kimball entered into a new credit facility. The new credit agreement, which replaced a previously existing primary credit facility, has a maturity date of October 31, 2019 and allows for up to $30 million in borrowings, with an option to increase the amount available for borrowing to $55 million at the Company's request, subject to participating banks' consent.At June 30, 2015, we had $1.0 million in letters of credit outstanding, which reduced our borrowing capacity on the credit facility.The revolving loans under the Credit Agreement may consist of, at the Company's election, advances in U.S. dollars or advances in any other currency that is agreed to by the lenders. The proceeds of the revolving loans are to be used for general corporate purposes of the Company including acquisitions. A portion of the credit facility, not to exceed $10 million of the principal amount, will be available for the issuance of letters of credit. A commitment fee is payable on the unused portion of the credit facility which was immaterial to our operating results for fiscal year 2015. The commitment fee on the unused portion of principal amount of the credit facility is payable at a rate that ranges from 20.0 to 25.0 basis points per annum as determined by the Company's ratio of consolidated total indebtedness to adjusted consolidated EBITDA. The interest rate is dependent on the type of borrowings and will be one of the following two options: •The adjusted London Interbank Offered Rate (“Adjusted LIBO Rate” as defined in the Credit Agreement) in effect two business days prior to the advance (adjusted upwards to reflect bank reserve costs) for such interest period, plus the Eurocurrency Loans margin which can range from 125.0 to 175.0 basis points based on the Company's ratio of consolidated total indebtedness to adjusted consolidated EBITDA; or•The Alternate Base Rate, which is defined as the highest of the fluctuating rate per annum equal to the higher of a.JPMorgan's prime rate; b.1% per annum above the Adjusted LIBO rate; or c.1/2% per annum above the Federal funds rate;plus the ABR Loans spread which can range from 25.0 to 75.0 basis points based on the Company's ratio of consolidated total indebtedness to adjusted consolidated EBITDA.The Company's financial covenants under the Credit Agreement require:•An adjusted leverage ratio of (a) consolidated total indebtedness minus unencumbered U.S. cash on hand in the U.S. in excess of $15,000,000 to (b) consolidated EBITDA, determined as of the end of each of its fiscal quarters for the then most recently ended four fiscal quarters, to not be greater than 3.0 to 1.0, and•A fixed charge coverage ratio of (a) the sum of (i) consolidated EBITDA, minus (ii) 50% of depreciation expense, minus (iii) taxes paid, minus (iv) dividends and distributions paid, to (b) the sum of (i) scheduled principal payments on indebtedness due and/or paid, plus (ii) interest expense, calculated on a consolidated basis in accordance with GAAP, determined as of the end of each of its fiscal quarters for the trailing four fiscal quarters then ending, to not be less than 1.10 to 1.00. Prior to the October 31, 2014 spin-off, Kimball maintained a primary revolving credit facility which provided for up to $75 million in borrowings
[2] (2)Our former EMS segment, classified as a discontinued operation, also maintained foreign credit facilities which were available to cover bank overdrafts. Bank overdrafts may have been deemed necessary to satisfy short-term cash needs rather than funding from intercompany sources.