Financing Arrangements

12 Months Ended

Jan. 31, 2015



NOTE 10	FINANCING ARRANGEMENTS

The Company has an uncollateralized credit agreement with Wells Fargo providing a line of credit of $10,500 with a maturity date of November 30, 2016, bearing interest at 1.5% above the daily one-month London Inter-Bank Market Rate. Letters of credit totaling $850 have been issued under the line, primarily to support self-insured workers' compensation bonding requirements. Among the conditions of the credit agreement is a requirement to maintain a current ratio (defined as current assets divided by current liabilities) not less than 2.0 to 1.0 at each fiscal quarter end. No borrowings were outstanding as of January 31, 2015, 2014 or 2013. Net of the outstanding letters of credit, $9,650 was available under the line of credit at January 31, 2015. There have been no borrowings under the credit line with Wells Fargo in the last three fiscal years. The Company is in compliance with all covenants set forth in the credit agreement.

In addition to providing the line of credit, Wells Fargo holds the majority of the Company's cash and cash equivalents. One member of the Company's Board of Directors is also on the Board of Directors of Wells Fargo & Company, the parent company of Wells Fargo.

Pursuant to the acquisition of SBG and Integra as described in Note 5 Acquisitions of and Investments in Businesses and Technologies, the Company assumed liabilities including debts to former owners, a line of credit and long-term notes. Although there was a short-term working capital borrowing under Integra's line of credit, such borrowing and assumed debt was subsequently paid in full and the line of credit was closed. There was no debt outstanding at January 31, 2015.

The changes in the debt balance during the current fiscal year are shown below:



Debt Assumed	Acquired in Business Combination	Debt Assumed at Acquisition		Additional Borrowings		Debt Repayment			Debt Outstanding at January 31, 2015
Line of credit	Integra	$	1,465	$	2,127	$	(3,592	)	$	—
Long-term notes	Integra	9,876		—		(9,876		)	—
Notes with former owners and others	SBG	648		—		(648		)	—
		$	11,989	$	2,127	$	(14,116	)	$	—

The Company leases certain vehicles, equipment and facilities under operating leases. Total rent and lease expense was $1,977, $2,395 and $2,095 in fiscal 2015, 2014 and 2013, respectively.

Future minimum lease payments under non-cancelable operating leases are as follows:



	2016		2017		2018		2019		2020		Thereafter
Minimum lease payments	$	1,913	$	1,616	$	1,407	$	1,200	$	1,224	$	1,327

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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