LONG-TERM DEBT, LETTERS OF CREDIT AND DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following (in thousands):

	September 30, 2020		December 31, 2019
	(unaudited)
Credit Facility revolver	$	86,028	$	73,876
Credit Facility term loan1	46,117		49,735
Total Credit Facility	132,145		123,611
Convertible debt2	206,843		201,619
Finance lease obligations	5,207		5,363
Total debt and finance lease obligations	344,195		330,593
Less: current portion of long-term debt and finance lease obligations	5,323		5,294
Total long-term debt and finance lease obligations, less current portion	$	338,872	$	325,299

_________________

1        Comprised of principal amount outstanding, less unamortized discount and issuance costs of $132 thousand as of September 30, 2020 and $265 thousand as of December 31, 2019.

2        Comprised of principal amount outstanding, less unamortized discount and issuance costs. See Convertible Debt section below for additional information.

Convertible Debt

The Notes were recorded in our condensed consolidated balance sheets as follows (in thousands):

	September 30, 2020		December 31, 2019
	(unaudited)
Liability component:
Principal	$	230,000	$	230,000
Unamortized issuance costs	(3,880)		(4,756)
Unamortized discount	(19,277)		(23,625)
Net carrying amount of the liability component1	$	206,843	$	201,619
Equity component:
Carrying amount of the equity component, net of issuance costs2	$	13,912	$	13,912

_________________

1        Included in the “Long-term debt” line of the condensed consolidated balance sheets.

2        Relates to the portion of the Notes accounted for under ASC 470-20 (defined below) and is included in the “Additional paid-in capital” line of the condensed consolidated balance sheets.

The following table sets forth interest expense information related to the Notes (dollars in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
	2020			2019			2020			2019
Coupon interest	$	2,875		$	2,875		$	8,625		$	8,625
Amortization of debt discount and issuance costs	1,785			1,633			5,224			4,778
Total interest expense on convertible senior notes	$	4,660		$	4,508		$	13,849		$	13,403
Effective interest rate	9.12		%	9.12		%	9.12		%	9.12		%

Amounts Recognized In Other Comprehensive Income, Reclassified Into Income (Loss) and Amounts Recognized in Income (Loss)

The amounts recognized in other comprehensive income (loss), reclassified into income (loss) and the amounts recognized in income (loss) for the three and nine months ended September 30, 2020 and 2019, are as follows (in thousands): 

	Gain (Loss) Recognized in Other Comprehensive Income (Loss)				Gain (Loss) Reclassified from Other Comprehensive Income (Loss) to Earnings				Gain (Loss) Recognized in Other Comprehensive Income (Loss)				Gain (Loss) Reclassified from Other Comprehensive Income (Loss) to Earnings
	Three Months Ended September 30,				Three Months Ended September 30,				Nine Months Ended September 30,				Nine Months Ended September 30,
	(unaudited)				(unaudited)				(unaudited)				(unaudited)
	2020		2019		2020		2019		2020		2019		2020		2019
Derivatives Classified as Hedging Instruments
Net investment hedge	$	(610)	$	556	$	—	$	—	$	(627)	$	651	$	—	$	—

Fair Value Totals and Balance Sheet Classification for Derivatives Designated As Hedges and Derivatives Not Designated as Hedges

The following table presents the fair value totals and balance sheet classification for derivatives designated as hedges and derivatives not designated as hedges under ASC 815 (in thousands): 

	September 30, 2020				December 31, 2019
	(unaudited)
	Classification	Balance Sheet Location	Fair Value		Classification	Balance Sheet Location	Fair Value
Derivatives Classified as Hedging Instruments
Net investment hedge	Liability	Long-term debt	$	(3,559)	Liability	Long-term debt	$	(4,186)