Debt (Tables)

12 Months Ended

Dec. 31, 2019

The Company has long-term debt as follows:



	At December 31,
	2019		2018
In thousands
Revolving credit agreement	$	—	$	38,500
Term loan	—		76,875
Convertible notes	186,060		183,749
Total	186,060		299,124
Less current portion	—		9,375
Total excluding current portion	$	186,060	$	289,749

Schedule of maturities of long-term debt

The aggregate annual maturities of long-term debt for each of the next five years are approximately as follows:



In thousands
2020	$	—
2021	$	—
2022	$	—
2023	$	—
2024	$	199,500

Schedule of line of credit facilities

The following table shows the amounts available for borrowing under the Company's revolving credit facility:



	At December 31,
	2019		2018
In thousands
Total facility	$	800,000	$	600,000
Amounts outstanding, excluding letters of credit	—		38,500
Amounts available for borrowing, excluding letters of credit	800,000		561,500
Letters of credit under the credit facility⁽¹⁾	152,614		152,613
Amounts available for borrowing	$	647,386	$	408,887

Amounts available for borrowing subject to EBITDA, as defined by the Credit Agreement⁽²⁾	$	322,900	$	323,532

Interest rate on credit facility

The interest rate for the outstanding amounts on both the revolving credit facility and term loan commitment are as follows:

2024 Notes

Debt Instrument

Schedule of changes in conversion rate for convertible notes

The following table illustrates the conversion rate at the date of issuance of the 2024 Notes:



2024 Notes
Conversion Rate per $1,000 principal amount ⁽¹⁾	15.3227
Conversion Price ⁽²⁾	$	65.2626
Contingent Conversion Price ⁽³⁾	$	84.8413
Aggregate shares to be issued upon conversion ⁽⁴⁾	3,056,879

⁽¹⁾ Represents the number of shares of Common Stock hypothetically issuable per each $1,000 principal amount of 2024 Notes, subject to adjustments upon the occurrence of certain specified events in accordance with the terms of the Indenture.

⁽²⁾ Represents $1,000 divided by the conversion rate as of such date. The conversion price reflects the strike price of the embedded option within the 2024 Notes. If the Company's share price exceeds the conversion price at conversion, the noteholders would be entitled to receive additional consideration either in cash, shares or a combination thereof, the form of which is at the sole discretion of the Company.

⁽³⁾ Prior to November 1, 2023, the notes are convertible only in the following circumstances: (1) during any fiscal quarter commencing after July 1, 2017, and only during any such fiscal quarter, if the last reported sale price of the Company's common stock was greater than or equal to 130% of the applicable conversion price for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter, (2) during the five consecutive business day period following any ten consecutive trading day period (the "measurement period") in which the trading price per $1,000 principal amount of 2024 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the conversion rate on each such trading day or (3) upon the occurrence of specified corporate events. On or after November 1, 2023, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time, regardless of the foregoing circumstances. If the Company undergoes a fundamental change (as defined in the Indenture), holders of the notes may require the Company to repurchase all or a portion of their notes for cash at a repurchase price equal to 100% of the principal amount to be repurchased, plus any accrued and unpaid interest. As of December 31, 2019, none of the conditions permitting the holders of the 2024 Notes to convert had been met. Therefore, the 2024 Notes are classified as long-term debt.

⁽⁴⁾ This represents the number of shares hypothetically issuable upon conversion of 100% of the outstanding aggregate principal amount of the 2024 Notes at each date; however, the terms of the 2024 Notes state that the Company may pay or deliver, as the case may be, cash, shares of the Company's common stock or a combination of cash and shares of common stock, at the Company's election. The Company currently intends to settle the aggregate principal amount in cash. Amounts due in excess of the principal, if any, also may be settled in cash, shares of the Company's common stock or a combination of cash and shares of common stock, at the Company's election.

Schedule of equity and liability components in convertible debt

The carrying amount of the equity component and the principal amount of the liability component, the unamortized discount and the net carrying value of the liability are as follows:



	2024 Notes
	December 31, 2019		December 31, 2018
In thousands
Principal amount of liability	$	199,500	$	200,000
Unamortized discount	13,440		16,251
Carrying value of liability	$	186,060	$	183,749

Equity component	$	20,408	$	20,459

Interest expense associated with convertible notes

Interest expense associated with the 2024 Notes consisted of the following:



	For the year ended December 31,
	2019		2018		2017
In thousands
Contractual coupon rate of interest	$	6,503	$	6,500	$	4,207
Accretion of convertible notes discount	2,753		2,596		1,612
Interest expense - convertible notes	$	9,256	$	9,096	$	5,819

2017 Notes

Debt Instrument

Schedule of equity and liability components in convertible debt

2017 Notes

Schedule of extinguishment of debt

See below for further details on the loss on extinguishment:



In thousands
Carrying value of 2017 Notes	$	113,943

Carrying value of Redeemed Debt	$	102,548
Fair value of consideration transferred allocated to debt component⁽¹⁾	103,637
Loss on extinguishment of 2017 Notes⁽²⁾	$	(1,089	)
Acceleration of the related portion of debt issuance cost⁽³⁾	(297		)
Total loss on extinguishment of 2017 Notes⁽⁴⁾	$	(1,386	)

⁽¹⁾The fair value of consideration transferred was calculated using a discount rate of 3%, representing the Company's borrowing rate at the date of issuance for a similar debt instrument with a remaining expected life of six months (for the 2017 Notes).

⁽²⁾The majority of this balance relates to the write-off of approximately $1.0 million, 90% of the unamortized debt discount.

⁽³⁾The Company determined that in connection with the repurchase of the 2017 Notes, 90% of the unamortized debt issuance costs should be written off, representing the approximate outstanding portion of these costs related to the notes repurchased.

⁽⁴⁾This loss is included in interest expense, net on the Company's Consolidated Statement of Operations in the year ended December 31, 2017.

Interest expense associated with convertible notes

nterest expense associated with the 2017 Notes consisted of contractual coupon rate of interest of $3.3 million and accretion of the convertible notes discount of $1.8 million.

At December 31,

Interest rate ⁽¹⁾