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Debt and Finance Leases
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt and Finance Leases Debt and Finance Leases
The Company’s debt and finance leases include the following for the years ended December 31:
20212020
ABL Credit Facility due 2025, $103 million available, bearing interest at 0.25% LIBOR floor plus 2.25%, interest rate of 2.50% at December 31, 2021
$— $— 
Senior Secured Notes due 2026 at a fixed interest rate of 7.625%
475,000 500,000 
   Senior Notes due 2024 at a fixed interest rate of 5.50%
369,185 495,647 
Canadian dollar based, fixed rate term loans with interest rates ranging from 5.50% to 6.86% and maturity dates ranging from July 2022 through April 2028
65,451 73,791 
   Other loans18,280 18,193 
   Short-term factoring facility-France7,118 5,089 
   Finance lease obligations2,138 2,489 
Total principal payments due937,172 1,095,209 
Less: debt premium, original issue discount and issuance costs(8,461)(11,272)
Total debt928,711 1,083,937 
Less: debt due within one year(37,680)(17,100)
Long-term debt$891,031 $1,066,837 
Debt and finance lease payments due during the next five years and thereafter are as follows:
Finance Lease
Minimum Lease PaymentsLess: InterestNet Present ValueDebt Principal Payments
2022$515 $138 $377 $37,302 
2023515 110 405 10,298 
2024515 81 434 379,974 
2025515 50 465 10,829 
2026472 15 457 485,170 
Thereafter— — — 11,462 
Total payments$2,532 $394 $2,138 $935,035 
Asset Backed Loan due 2025
On December 23, 2020, the Company entered into a 5-year senior secured asset-based revolving credit facility with an initial committed amount of $200 million (the “ABL Credit Facility”). The outstanding letters of credit issued thereunder were reissued under the ABL Credit Facility. The ABL Credit Facility is secured by certain U.S. and Canadian assets, including a first priority lien on inventory, accounts receivable and bank accounts. The ABL Credit Facility also is secured by second priority lien on certain of the assets securing the Senior Secured Notes.

Availability under the ABL Credit Facility fluctuates based on eligible accounts receivable and inventory levels. As of December 31, 2021, the Company had $143 million of gross availability under the ABL Credit Facility and net available borrowings of $103 million taking into account $40 million used to secure outstanding letters of credit. Additionally. the Company is subject to cash dominion if availability falls below a certain threshold, currently $25 million. In connection with entering into this agreement, the Company incurred and capitalized fees totaling $9 million.

The credit agreement governing the ABL Credit Facility does not contain an ongoing financial maintenance covenant. However, the agreement requires the Company to meet a fixed charge coverage ratio of not less than 1.0 if availability falls below a certain threshold, currently $40 million. The agreement also contains various customary covenants that limit the ability of the Company and its restricted subsidiaries, as defined by the ABL Credit Facility, to take certain specified actions, subject to certain exceptions, including: creating liens; incurring indebtedness; making investments and acquisitions; engaging
in mergers and other fundamental changes; making dispositions; making restricted payments, including dividends and distributions; and consummating transactions with affiliates. Additionally, the ABL Credit Facility contains customary affirmative covenants and customary events of default (subject, in certain cases, to customary grace or cure periods), including, without limitation, payment defaults, breach of covenant defaults, bankruptcy defaults, judgment defaults, defaults under certain other indebtedness and changes in control. At December 31, 2021, the Company was in compliance with all covenants under the ABL Credit Facility.

7.625% Senior Secured Notes due 2026
On December 23, 2020, the Company issued $500 million in aggregate principal amount of 7.625 percent senior secured notes due 2026 (the “Senior Secured Notes”), at an offering price of 100 percent of the principal amount thereof. The Company used the net proceeds from the sale of the Senior Secured Notes, together with cash on hand, to repay all outstanding obligations under its previous Senior Secured Credit Facility. In connection with this issuance, the Company incurred and capitalized fees totaling $10 million.
The Senior Secured Notes were issued and sold in a private placement to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and non-U.S. persons pursuant to Regulation S under the Securities Act.
The lenders under the Senior Secured Notes have a first priority security interest in substantially all of the Company’s current and future U.S. and Canadian material assets. The ABL Credit Facility is also secured by certain U.S. and Canadian assets, including a first priority lien on inventory, accounts receivable and bank accounts, while the Senior Secured Notes will have second priority liens on certain of the assets securing the ABL Credit Facility.
In connection with the early repayment of the outstanding obligations of the previous Senior Secured Credit Facility, during fiscal year 2020, the Company recorded a loss from early extinguishment of long-term debt of $8 million, primarily from writing off unamortized deferred financing fees.
During the third quarter of 2021, pursuant to a notice previously provided to the trustee under the indenture governing its 7.625% Senior Secured Notes due 2026 , the Company redeemed $25 million of the Secured Notes at a redemption price of 103 percent. In connection with the repurchases, a net loss of $1 million is recorded in the Gain (loss) on debt extinguishment line item in the Consolidated Statements of Income and Comprehensive Income.
The indenture governing the Senior Secured Notes contains various customary covenants that limit the ability of the Company and its restricted subsidiaries, as defined by the Senior Secured, to take certain specified actions, subject to certain exceptions, including: creating liens; incurring indebtedness; making investments and acquisitions; engaging in mergers and other fundamental changes; making dispositions; making restricted payments, including dividends and distributions; and consummating transactions with affiliates. Additionally, the Senior Secured Notes contain customary affirmative covenants and customary events of default (subject, in certain cases, to customary grace or cure periods), including, without limitation, payment defaults, breach of covenant defaults, bankruptcy defaults, judgment defaults, defaults under certain other indebtedness and changes in control.

At December 31, 2021, the Company was in compliance with all covenants under the Senior Secured Notes.
5.50% Senior Notes due 2024
On May 22, 2014, the Company issued $550 million in aggregate principal amount of 5.50 percent senior notes due 2024 (the “Senior Notes”). The Senior Notes were issued and sold in a private placement to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and non-U.S. persons pursuant to Regulation S under the Securities Act.
During the third quarter of fiscal 2021, the Company repurchased approximately $127 million of the Senior Notes through open-market transactions and retired them for approximately $124 million in cash. In connection with the retirement of these Senior Notes, the Company recorded a net gain of $2 million including the impact of $1 million of deferred financing fees in Gain (loss) on debt extinguishment in the Consolidated Statements of Income and Comprehensive Income.
The indenture governing the Senior Notes contains various customary covenants that limit the ability of the Company and its restricted subsidiaries, as defined by the Senior Notes, to take certain specified actions, subject to certain exceptions, including: creating liens; incurring indebtedness; making investments and acquisitions; engaging in mergers and other fundamental changes; making dispositions; making restricted payments, including dividends and distributions; and consummating transactions with affiliates. Additionally, the Senior Notes contain customary affirmative covenants and
customary events of default (subject, in certain cases, to customary grace or cure periods), including, without limitation, payment defaults, breach of covenant defaults, bankruptcy defaults, judgment defaults, defaults under certain other indebtedness and changes in control. At December 31, 2021, the Company was in compliance with all covenants under the Senior Notes.
Senior Secured Credit Facility
In December 2020, all outstanding liabilities under the Senior Secured Credit Facility were paid in full and the related agreements terminated. The terminated senior secured credit facilities (collectively, the “ Prior Credit Facility”) consisted of a $230 million senior secured term loan and a multi-currency revolving credit facility in a U.S. Dollar equivalent amount of $150 million. The lenders under the Credit Facilities had a first priority security interest in substantially all the Company’s current and future U.S. and Canadian material assets. Through its termination in December 2020, the Company was in compliance with all covenants under the Prior Credit Facility.
Short-term Factoring Facility-France
The Company’s subsidiary in France entered into a factoring agreement with BNP-Paribas Factor ("BNP") pursuant to which it submits the value of eligible receivables up to USD $3 million and €24 million for immediate payment. Eligibility of receivables is based on invoices issued to the Company’s subsidiary from customers previously approved by BNP. Upon collection of these receivables, on average no longer than 60 days, amounts outstanding under this agreement are paid off. The Company pays interest on a monthly basis for these borrowings based on the value of factored invoices at Euribor 3-month rate (with floor at zero) plus 0.55 percent. The weighted-average interest rate on total short-term borrowings associated with this agreement at December 31, 2021 was 0.55 percent as Euribor 3-month rate was negative for the period.
Other Loans
The Company has various other fixed rate loans with financial institutions primarily related to energy projects in France. There was $18 million outstanding on these loans as of December 31, 2021 at a weighted average interest rate of 1.11 percent. As of December 31, 2020, there was $18 million outstanding on these loans at weighted average interest rate of 1.36 percent.