XML 36 R25.htm IDEA: XBRL DOCUMENT v3.21.2
INTEREST EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION
 6 Months Ended
Jun. 30, 2021
Supplemental Cash Flow Information [Abstract]  
INTEREST EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION INTEREST EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION
Interest expense in our Condensed Consolidated Financial Statements consisted of the following components:
Three months ended June 30,Six months ended June 30,
(in thousands)2021202020212020
Components associated with borrowings from:
Senior Notes$3,459 $— $5,192 $— 
Last Out Term Loans 837 4,828 4,349 8,875 
U.S. Revolving Credit Facility— 3,409 1,416 7,448 
4,296 8,237 10,957 16,323 
Components associated with amortization or accretion of:
Senior Notes298 — 1,766 — 
Last Out Term Loans - discount and financing fees— 1,579 — 3,729 
U.S. Revolving Credit Facility - deferred financing fees and commitment fees1,595 3,629 5,995 12,664 
U.S. Revolving Credit Facility - deferred ticking fee for Amendment 16— 2 — 1,660 
1,893 5,210 7,761 18,053 
Other interest expense1,832 2,035 3,526 3,197 
Total interest expense$8,021 $15,482 $22,244 $37,573 
The following table provides a reconciliation of cash and cash equivalents and restricted cash reporting that sum to the total cash amount in the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows:
(in thousands)June 30, 2021December 31, 2020June 30, 2020
Held by foreign entities$27,822 $38,726 $34,676 
Held by U.S. entities 2,238 18,612 2,139 
Cash and cash equivalents30,060 57,338 36,815 
Reinsurance reserve requirements590 4,551 5,596 
Restricted foreign accounts— 2,869 2,661 
Bank guarantee collateral2,240 2,665 3,044 
Letters of credit collateral110,708 — — 
Restricted cash and cash equivalents113,538 10,085 11,301 
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows$143,598 $67,423 $48,116 

As disclosed above, letters of credit collateral of $110.7 million as of June 30, 2021 represents cash pledged to secure the outstanding and undrawn letters of credit issued under our prior A&R Credit Agreement, most of which are expected to be cancelled and replaced by new letters of credit issued by PNC, as described in Note 15 – Revolving Debt. Subsequent to June 30, 2021 and as of August 12, 2021, we have issued $60.7 million of backstop letters of credit issued by PNC and reclassified this amount from restricted cash and cash equivalents to cash and cash equivalents. We expect to issue new PNC letters of credit to the beneficiaries such that the letters of credit issued under the prior A&R Credit Agreement will be cancelled along with the backstop letters of credit issued by PNC. Further, we expect the completion of the issuance of new letters of credit to cover the remaining collateral balance of $50.0 million by PNC by September 30, 2021 which will alleviate any restricted use of the letters of credit collateral amount by the Company.

The following cash activity is presented as a supplement to our Condensed Consolidated Statements of Cash Flows and is included in Net cash used in activities:
Six months ended June 30,
(in thousands)20212020
Income tax payments, net$3,331 $1,438 
Interest payments on our 8.125% Senior Notes due 2026
$2,911 $— 
Interest payments on our U.S. Revolving Credit Facility5,979 8,110 
Interest payments on our Last Out Term Loans6,140 6,140 
Total cash paid for interest$15,030 $14,250