Financing Arrangements (Details) € in Thousands | 3 Months Ended | 9 Months Ended | | | | | | | | | | | |
Nov. 30, 2015USD ($)Rate | Nov. 30, 2014USD ($) | May. 31, 2013Rate | Nov. 30, 2015USD ($)Rate | Nov. 30, 2014USD ($)Rate | Jul. 20, 2015Rate | Jul. 06, 2015USD ($) | Feb. 28, 2015USD ($) | Feb. 28, 2014USD ($) | Jan. 09, 2014USD ($) | Jun. 03, 2013Rate | Apr. 30, 2013Rate | Jan. 03, 2013Rate | Jul. 15, 2012EUR (€) | Jan. 09, 2012Rate | Oct. 23, 2000EUR (€) |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Long-term Debt | | $ 102,477,000 | | | $ 102,477,000 | | | | $ 85,487,000 | | | | | | | | |
Current portion of long-term debt | | 85,179,000 | | | 85,179,000 | | | | 6,032,000 | | | | | | | | |
Long-term Debt, Excluding Current Maturities | | $ 17,298,000 | | | 17,298,000 | | | | 79,455,000 | | | | | | | | |
Line of Credit Facility, Maximum Borrowing Capacity | | | | | | | | $ 9,995,000 | | | | | | | | | |
Debt Instrument, Description of Variable Rate Basis | | 0.7 | | | | | | | | | | | | | | | |
Amortization of Financing Costs | | $ 70,000 | $ 73,000 | | 235,000 | $ 212,000 | | | | | | | | | | | |
Deferred Finance Costs, Net | | | | | | | | $ 332,000 | | | $ 8,200,000 | | | | | | |
Line of Credit Facility, Amount Outstanding | | $ 77,400,000 | | | 77,400,000 | | | | | | | | | | | | |
Debt Instrument, Basis Spread on Variable Rate | Rate | | 1.54% | | | | | | | | | | | | | | | |
Derivative, Fixed Interest Rate | Rate | | | | | | | 3.48% | | | | | 3.92% | | | | | |
Line of Credit Facility, Maximum Borrowing Capacity | | | | | | | | | | | 200,000,000 | | | | | | |
Payments to Acquire Property, Plant, and Equipment | | | | | 16,625,000 | $ 9,862,000 | | | | | | | | | | | |
Mortgage Loans on Real Estate | | $ 5,915,000 | | | $ 5,915,000 | | | | | | | | | | | | |
Debt Instrument, Interest Rate at Period End | Rate | | 2.26% | | | 2.26% | | | | | | | | | | | | |
Percentage of Credit Facility Held by Wells Fargo | Rate | | 27.50% | | | 27.50% | | | | | | | | | | | | |
Percentage of Total Debt Holders Required for Waiver | Rate | | 51.00% | | | 51.00% | | | | | | | | | | | | |
Mortgages [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Accumulated Amortization, Deferred Finance Costs | | $ 5,000 | | | $ 9,000 | | | | | | | | | | | | |
Revolving Credit Facility [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Accumulated Amortization, Deferred Finance Costs | | $ 279,000 | $ 279,000 | | 838,000 | | | | | | | | | | | | |
Letter of Credit [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Line of Credit Facility Sublimit | | | | | | | | | | | 25,000,000 | | | | | | |
Loans [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Line of Credit Facility Sublimit | | | | | | | | | | | 10,000,000 | | | | | | |
United States of America, Dollars | Revolving Credit Facility [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Line of Credit Facility, Maximum Borrowing Capacity | | | | | | | | | | | 200,000,000 | | | | | | |
Multicurrency [Member] | Revolving Credit Facility [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Line of Credit Facility, Maximum Borrowing Capacity | | | | | | | | | | | $ 30,000,000 | | | | | | |
Maximum [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Debt Covenant, Leverage Ratio | | | | | 3.50 | | | | | | | | | | | | |
Debt Covenant, Interest Coverage Ratio | | | | | 3 | | | | | | | | | | | | |
Base Rate [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Debt Covenant, Leverage Ratio | | | | | 1 | | | | | | | | | | | | |
Debt Covenant, Interest Coverage Ratio | | | | | 1 | | | | | | | | | | | | |
Scenario, Actual [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Debt Covenant, Leverage Ratio | | | | | 4.14 | | | | | | | | | | | | |
Debt Covenant, Interest Coverage Ratio | | | | | 1.80 | | | | | | | | | | | | |
LIBOR Rate Loan [Member] | Mortgages [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Debt Instrument, Basis Spread on Variable Rate | Rate | | | | 2.25% | | | | | | | | | | | | | |
LIBOR Rate Loan [Member] | Commercial Loan [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Derivative, Fixed Interest Rate | Rate | | | | | | | | | | | | | 0.515% | | | | |
LIBOR Rate Loan [Member] | United States of America, Dollars | Revolving Credit Facility [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Derivative, Fixed Interest Rate | Rate | | | | | | | | | | | | | 0.518% | | | | |
LIBOR Rate Loan [Member] | Minimum [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Debt Instrument, Basis Spread on Variable Rate | Rate | | 1.00% | | | | | | | | | | | | | | | |
LIBOR Rate Loan [Member] | Maximum [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Debt Instrument, Basis Spread on Variable Rate | Rate | | 2.00% | | | | | | | | | | | | | | | |
Alternate Base Rate Loan [Member] | Minimum [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Debt Instrument, Basis Spread on Variable Rate | Rate | | 0.00% | | | | | | | | | | | | | | | |
Alternate Base Rate Loan [Member] | Maximum [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Debt Instrument, Basis Spread on Variable Rate | Rate | | 1.00% | | | | | | | | | | | | | | | |
Corporate and Other [Member] | Mortgages [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Long-term Debt | [1] | $ 7,658,000 | | | $ 7,658,000 | | | | | $ 0 | | | | | | | |
Debt Instrument, Interest Rate at Period End | Rate | | 1.43% | | | 1.43% | | | | | | | | | | | | |
Schwaiger [Member] | Mortgages [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Long-term Debt | [1] | $ 922,000 | | | $ 922,000 | | | | 1,152,000 | | | | | | | | |
Debt Instrument, Interest Rate, Stated Percentage | Rate | | | | | | | | | | | | | | | | 3.75% | |
Hirschmann [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Debt Instrument, Basis Spread on Variable Rate | Rate | | | | | | 2.00% | | | | | | | | | | | |
Line of Credit Facility, Maximum Borrowing Capacity | € | | | | | | | | | | | | | | | € 8,000 | | |
Debt Instrument, Interest Rate at Period End | Rate | | 1.89% | | | 1.89% | | | | | | | | | | | | |
Hirschmann [Member] | Line of Credit [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Long-term Debt | [2] | $ 0 | | | $ 0 | | | | 0 | | | | | | | | |
Klipsch [Member] | Long-term Debt [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Long-term Debt | [3] | 6,217,000 | | | 6,217,000 | | | | 6,921,000 | | | | | | | | |
Klipsch [Member] | Notes Payable to Banks [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Long-term Debt | | 302,000 | | | 302,000 | | | | | | | | | | | | |
Audiovox Germany [Member] | Mortgages [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Long-term Debt | [4] | 4,763,000 | | | 4,763,000 | | | | 5,627,000 | | | | | | | | |
Debt Instrument, Interest Rate, Stated Percentage | Rate | | | | | | | | | | | | | | 2.85% | | | |
Interest Rate Contract [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Mortgage Loans on Real Estate, Interest Rate | Rate | | | | 3.92% | | | | | | | | | | | | | |
Corporate and Other [Member] | Revolving Credit Facility [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Long-term Debt | [5] | 77,400,000 | | | 77,400,000 | | | | 67,700,000 | | | | | | | | |
Foreign [Member] | Bank Loan Obligations [Member] | | | | | | | | | | | | | | | | | |
Debt Instrument [Line Items] | | | | | | | | | | | | | | | | | |
Long-term Debt | [6] | $ 5,517,000 | | | $ 5,517,000 | | | | $ 4,087,000 | | | | | | | | € 8,000 |
Portion of Accounts Receivable Eligible for Factoring | | | | | | | | | | | | | | | | | 60.00% |
Debt Instrument, Basis Spread on Variable Rate | Rate | | 1.60% | | | | | | | | | | | | | | | |
Debt Instrument, Interest Rate at Period End | Rate | | 1.49% | | | 1.49% | | | | | | | | | | | | |
| |
[1] | 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] | Hirschmann Line of CreditIn December 2014, Hirschmann entered into an agreement for a €8,000 working capital line of credit with a financial institution. The line of credit is payable on demand and is mutually cancelable. The rate of interest is the three month Euribor plus 2% (1.89% at November 30, 2015). Hirschmann and Voxx Germany are joint and severally liable for the line of credit balance, which is also guaranteed by VOXX International Corporation. | |
[3] | Klipsch MortgagesIncluded in this balance is a mortgage on a facility included in the assets acquired in connection with the Klipsch transaction on March 1, 2011 and assumed by Voxx. The balance at November 30, 2015 is $302 and will be fully paid by the end of Fiscal 2018.Also included in this balance is a mortgage on the building which houses Klipsch's headquarters in Indianapolis, IN due in May 2023. The interest rate on the mortgage is equal to the 1-month LIBOR plus 2.25%. The Company has an interest rate swap agreement in order to hedge interest rate exposure related to this mortgage and pays a fixed rate of 3.92% under the swap agreement (see Note 4). The balance of the mortgage at November 30, 2015 was $5,915. | |
[4] | Germany MortgageIncluded in this balance is 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 June 2019. | |
[5] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjhmMThjNTNmMWM0NjRiNDQ5Y2RkZjIwZmVhZGI1ODU1fFRleHRTZWxlY3Rpb246MjAzRUQyRjBCNDI0MThBRDYxODU2QzRBQTQ1QzlGQjkM} | |
[6] | Foreign bank obligations include a Euro accounts receivable factoring arrangement, which has a credit limit of up to 60% of eligible non-factored accounts receivable and expires on July 31, 2016, and a Euro Asset-Based Lending ("ABL") credit facility, which has a credit limit of €8,000 and expires on October 31, 2016 for the Company's subsidiary, VOXX Germany. The rate of interest for these credit facilities is the three month Euribor plus 1.6% (1.49% at November 30, 2015). As of November 30, 2015, the amounts outstanding under these credit facilities, which are payable on demand, do not exceed their respective credit limits. | |