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Financing Arrangements (Details)
€ in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Nov. 30, 2018
USD ($)
Rate
Nov. 30, 2017
USD ($)
Nov. 30, 2018
USD ($)
Rate
Nov. 30, 2017
USD ($)
Feb. 28, 2018
USD ($)
Apr. 26, 2016
USD ($)
Jul. 20, 2015
Rate
Jul. 06, 2015
USD ($)
Jan. 03, 2013
Rate
Jan. 09, 2012
Rate
Oct. 23, 2000
EUR (€)
Debt Instrument [Line Items]                      
Long-term Debt $ 5,754   $ 5,754   $ 8,476            
Debt, Current 10,417   10,417   7,730            
Long-term Debt, Excluding Current Maturities 7,797   7,797   11,135            
Debt Issuance Costs, Net 2,043   2,043   2,659            
Long-term Line of Credit 0   0                
Line of Credit Facility, Remaining Borrowing Capacity $ 101,773   $ 101,773                
Debt Instrument, Basis Spread on Variable Rate | Rate     1.54%                
Debt Instrument, Interest Rate, Effective Percentage | Rate 6.00%   6.00%                
Debt Issuance Costs, Gross               $ 332      
Line of Credit Facility, Commitment Fee Amount $ 124 $ 123 $ 396 $ 241              
Long-term Construction Loan               $ 9,995      
Debt Instrument, Description of Variable Rate Basis     0.7                
Derivative, Fixed Interest Rate | Rate             3.48%        
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]                      
Debt Instrument [Line Items]                      
Debt Instrument, Basis Spread on Variable Rate | Rate     1.75%                
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]                      
Debt Instrument [Line Items]                      
Debt Instrument, Basis Spread on Variable Rate | Rate     2.25%                
Base Rate [Member] | Minimum [Member]                      
Debt Instrument [Line Items]                      
Debt Instrument, Basis Spread on Variable Rate | Rate     0.75%                
Base Rate [Member] | Maximum [Member]                      
Debt Instrument [Line Items]                      
Debt Instrument, Basis Spread on Variable Rate | Rate     1.25%                
Debt [Member]                      
Debt Instrument [Line Items]                      
Debt, Long-term and Short-term, Combined Amount 18,214   $ 18,214   18,865            
Mortgages [Member]                      
Debt Instrument [Line Items]                      
Debt Issuance Costs, Net 225   225                
Amortization of Debt Issuance Costs 8 8 23 23              
Revolving Credit Facility [Member]                      
Debt Instrument [Line Items]                      
Debt Issuance Costs, Net 1,817   1,817                
Amortization of Debt Issuance Costs 198 $ 198 593 $ 593              
Corporate, Non-Segment [Member] | Mortgages [Member]                      
Debt Instrument [Line Items]                      
Debt, Long-term and Short-term, Combined Amount [1] 8,236   8,236   8,613            
Corporate, Non-Segment [Member] | Revolving Credit Facility [Member]                      
Debt Instrument [Line Items]                      
Debt, Long-term and Short-term, Combined Amount [2] $ 0   $ 0   0            
Corporate, Non-Segment [Member] | Mortgages [Member]                      
Debt Instrument [Line Items]                      
Debt Instrument, Interest Rate, Effective Percentage | Rate 3.18%   3.18%                
Schwaiger [Member]                      
Debt Instrument [Line Items]                      
Debt Instrument, Interest Rate, Stated Percentage | Rate                   3.75%  
Schwaiger [Member] | Mortgages [Member]                      
Debt Instrument [Line Items]                      
Debt, Long-term and Short-term, Combined Amount [1] $ 294   $ 294   468            
Audiovox Germany [Member]                      
Debt Instrument [Line Items]                      
Debt Instrument, Basis Spread on Variable Rate | Rate     1.60%                
Debt Instrument, Interest Rate, Effective Percentage | Rate 1.24%   1.24%                
Short-term Debt | € [3]                     € 8,000
Debt Instrument, Interest Rate, Stated Percentage | Rate                 2.85%    
Audiovox Germany [Member] | Mortgages [Member]                      
Debt Instrument [Line Items]                      
Debt, Long-term and Short-term, Combined Amount [4] $ 2,777   $ 2,777   3,665            
Audiovox Germany [Member] | Bank Loan Obligations [Member]                      
Debt Instrument [Line Items]                      
Debt, Long-term and Short-term, Combined Amount [3] $ 6,907   $ 6,907   $ 6,119            
Audiovox Germany [Member] | Bank Loan Obligations [Member]                      
Debt Instrument [Line Items]                      
Portion of Accounts Receivable Eligible for Factoring                     60.00%
Long-term Debt [Member]                      
Debt Instrument [Line Items]                      
Line of Credit Facility, Maximum Borrowing Capacity           $ 15,000          
Revolving Credit Facility [Member]                      
Debt Instrument [Line Items]                      
Line of Credit Facility, Current Borrowing Capacity           140,000          
Line of Credit Facility, Maximum Borrowing Capacity           175,000          
Letter of Credit [Member]                      
Debt Instrument [Line Items]                      
Line of Credit Facility, Maximum Borrowing Capacity           15,000          
Loans [Member]                      
Debt Instrument [Line Items]                      
Line of Credit Facility, Maximum Borrowing Capacity           $ 15,000          
Foreign Line of Credit [Member] | Audiovox Germany [Member]                      
Debt Instrument [Line Items]                      
Debt Instrument, Basis Spread on Variable Rate | Rate     2.30%                
Debt Instrument, Interest Rate, Effective Percentage | Rate 1.94%   1.94%                
[1] (d) 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] (a) Domestic Credit Facility The Company has a senior secured credit facility (the "Credit Facility") that provides for a revolving credit facility with committed availability of up to $140,000, which may be increased, at the option of the Company, up to a maximum of $175,000, and a term loan in the amount of $15,000. The Credit Facility also includes a $15,000 sublimit for letters of credit and a $15,000 sublimit for swingline loans. The availability under the revolving credit line within the Credit Facility is subject to a borrowing base, which is based on eligible accounts receivable, eligible inventory and certain real estate, subject to reserves as determined by the lender, and is also limited by amounts outstanding under the Florida Mortgage (see Note 16(b)). In conjunction with the sale of Hirschmann on August 31, 2017 (see Note 2), the Company paid down substantially all of the outstanding balance of the revolving credit facility, as well as the entire outstanding balance of the term loan, which is not renewable. As of November 30, 2018, there was no balance outstanding under the revolving credit facility. The availability under the revolving credit line of the Credit Facility was $101,773 as of November 30, 2018.All amounts outstanding under the Credit Facility will mature and become due on April 26, 2021; however, it is subject to acceleration upon the occurrence of an Event of Default (as defined in the Credit Agreement). The Company may prepay any amounts outstanding at any time, subject to payment of certain breakage and redeployment costs relating to LIBOR Rate Loans. The commitments under the Credit Facility may be irrevocably reduced at any time, without premium or penalty as set forth in the agreement.Generally, the Company may designate specific borrowings under the Credit Facility as either Base Rate Loans or LIBOR Rate Loans, except that swingline loans may only be designated as Base Rate Loans. Loans designated as LIBOR Rate Loans bear interest at a rate equal to the then applicable LIBOR rate plus a range of 1.75 - 2.25%. Loans designated as Base Rate loans bear interest at a rate equal to the applicable margin for Base Rate Loans of 0.75 - 1.25% as defined in the agreement. As of November 30, 2018, the weighted average interest rate on the facility was 6.00%.The Credit Facility requires compliance with a financial covenant calculated as of the last day of each month, consisting of a Fixed Charge Coverage Ratio. The Credit Facility also contains covenants that limit the ability of the loan parties and certain of their subsidiaries which are not loan parties to, among other things: (i) incur additional indebtedness; (ii) incur liens; (iii) merge, consolidate or dispose of a substantial portion of their business; (iv) transfer or dispose of assets; (v) change their name, organizational identification number, state or province of organization or organizational identity; (vi) make any material change in their nature of business; (vii) prepay or otherwise acquire indebtedness; (viii) cause any change of control; (ix) make any Restricted Junior Payment; (x) change their fiscal year or method of accounting; (xi) make advances, loans or investments; (xii) enter into or permit any transaction with an affiliate of any borrower or any of their subsidiaries; (xiii) use proceeds for certain items; (xiv) issue or sell any of their stock; or (xv) consign or sell any of their inventory on certain terms. In addition, if excess availability under the Credit Facility were to fall below certain specified levels, as defined in the agreement, the lenders would have the right to assume dominion and control over the Company's cash. As of November 30, 2018, the Company was in compliance with all debt covenants, including cash dominion.The obligations under the loan documents are secured by a general lien on and security interest in substantially all of the assets of the borrowers and certain of the guarantors, including accounts receivable, equipment, real estate, general intangibles and inventory. The Company has guaranteed the obligations of the borrowers under the Credit Agreement.Charges incurred on the unused portion of the Credit Facility during the three and nine months ended November 30, 2018 totaled $124 and $396, respectively, compared to $123 and $241 during the three and nine months ended November 30, 2017, respectively. These charges are included within interest and bank charges on the Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss). The Company has deferred financing costs related to the Credit Facility and a previous amendment and modification of the Credit Facility. These deferred financing costs are included in long-term debt on the accompanying Consolidated Balance Sheets as a contra-liability balance and are amortized through interest and bank charges in the Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss) over the five-year term of the Credit Facility. During both the three and nine months ended November 30, 2018 and 2017, the Company amortized $198 and $593 of these costs, respectively. The net unamortized balance of these deferred financing costs as of November 30, 2018 is $1,817.
[3] (b) Florida Mortgage On July 6, 2015, VOXX HQ LLC, the Company’s wholly owned subsidiary, closed on a $9,995 industrial development revenue tax exempt bond under a loan agreement in favor of the Orange County Industrial Development Authority (the “Authority”) to finance the construction of the Company's manufacturing facility and executive offices in Lake Nona, Florida. Wells Fargo Bank, N.A. ("Wells Fargo") was the purchaser of the bond and U.S. Bank National Association is the trustee under an Indenture of Trust with the Authority. Voxx borrowed the proceeds of the bond purchase from the Authority during construction as a revolving loan, which converted to a permanent mortgage upon completion of the facility in January 2016 (the "Florida Mortgage"). The Company makes principal and interest payments to Wells Fargo, which began March 1, 2016 and will continue through March of 2026. The Florida Mortgage bears interest at 70% of 1-month LIBOR plus 1.54% (3.18% at November 30, 2018) and is secured by a first mortgage on the property, a collateral assignment of leases and rents and a guaranty by the Company. The financial covenants of the Florida Mortgage are as defined in the Company’s Credit Facility with Wells Fargo dated April 26, 2016. The Company incurred debt financing costs totaling approximately $332 as a result of obtaining the Florida Mortgage, which are recorded as deferred financing costs and included in Long-term Debt as a contra-liability balance on the accompanying Consolidated Balance Sheets and are being amortized through interest and bank charges in the Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss) over the ten-year term of the Florida Mortgage. The Company amortized $8 and $23 of these costs during both the three and nine months ended November 30, 2018 and 2017, respectively. The net unamortized balance of these deferred financing costs as of November 30, 2018 is $225.On July 20, 2015, the Company entered into an interest rate swap agreement in order to hedge interest rate exposure related to the Florida Mortgage and pays a fixed rate of 3.48% under the swap agreement (See Note 4).
[4] (e) Voxx Germany MortgageThis balance represents a mortgage on the land and building housing Voxx 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 September 2019.