Debt

9 Months Ended

Sep. 30, 2021

Debt [Abstract]

Debt

7. Debt

On May 5, 2021, the Company entered into a Third Amended and Restated Credit Agreement (Credit Agreement) and terminated the $145 million term loan facility (which had no amounts outstanding). The Credit Agreement provides for a $350 million senior unsecured revolving credit facility, with up to $20 million of the facility being available as a sub-facility for standby and commercial letters of credit and sub-limits of up to $50 million on swing line loans. The Credit Agreement also extended the maturity of the Company’s revolving credit facility from May 2022 to May 2026 and modified certain other provisions. Funds are available in U.S. dollars, Canadian dollars, Euros, Swiss Francs, and other major currencies. Proceeds from the facility will be used to refinance existing indebtedness of the Company, for working capital, and other general corporate purpose needs of the Company. On May 6, 2021, the Company also amended its note purchase agreements to make substantially conforming changes as were made to the Credit Agreement. On October 1, 2021, the Company amended its existing accounts receivable securitization program. See Note 15, Subsequent Events, for further details.