XML 32 R20.htm IDEA: XBRL DOCUMENT v3.19.2
Debt
6 Months Ended
Jun. 30, 2019
Debt [Abstract]  
Debt Disclosure [Text Block] Note 14 – DebtOn August 1, 2019, the Company’s then existing credit facility (“the Old Credit Facility”) was replaced by the New Credit Facility. See Note 2 of Notes to Condensed Consolidated Financial Statements. The Old Credit Facility was a $300.0 million syndicated multicurrency revolving credit facility with a group of lenders. The maximum amount available under the Old Credit Facility could have been increased to $400.0 million at the Company’s option if the lenders agreed and the Company satisfied certain conditions. Borrowings under the Old Credit Facility generally bore interest at a base rate or LIBOR rate plus a margin. The Old Credit Facility had certain financial and other covenants, with the key financial covenant requiring that the Company’s consolidated total debt to adjusted EBITDA ratio could not exceed 3.50 to 1. As of June 30, 2019 and December 31, 2018, the Company’s total debt to adjusted EBITDA ratio was below 1.0 to 1, and the Company was also in compliance with all of its other covenants. During July 2019, the Old Credit Facility was amended and restated to extend the maturity date to August 31, 2020. As of June 30, 2019, the Company had no Old Credit Facility borrowings outstanding. As of December 31, 2018, the Company had Old Credit Facility borrowings of $24.0 million. The Company’s other debt obligations are primarily industrial development bonds and municipality-related loans, which totaled $12.5 million as of June 30, 2019 and $12.6 million as of December 31, 2018.