Note 13 - Long-term Debt and Credit Arrangements

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Long-term Debt [Text Block]

13.  Long-Term Debt and Credit Arrangements

(in thousands)	March 31, 2021		December 31, 2020		March 31, 2020
2.75% Convertible Notes	$	202,018	$	200,303	$	195,295
Credit Agreement - term loan		129,375		131,250		136,875
Credit Agreement - revolving credit facility		—		—		25,000
Debt issuance costs and other		8,954		7,247		6,994
Total debt		340,347		338,800		364,164
Less current maturities		8,700		8,278		8,253
Total long-term debt	$	331,647	$	330,522	$	355,911

As of each  March 31, 2021, December 31, 2020 and March 31, 2020, $7.5 million of the term loan portion of the Third Amended and Restated Credit Agreement dated May 31, 2018 (as subsequently amended, the “Credit Agreement”) balance was included in current maturities of long-term debt on the condensed consolidated balance sheets and the remaining $121.9 million, $123.8 million and $129.4 million, respectively, was included in long-term debt.

As of  March 31, 2021, the total unused availability under the Credit Agreement was $226.6 million resulting from $48.4 million in issued and outstanding letters of credit and no amount was drawn under the revolving credit facility. The letters of credit had expiration dates between June 2021 and  December 2024. 

The applicable margin was 3.00% for loans under the Credit Agreement bearing interest based on LIBOR and 2.00% for loans bearing interest at the base rate at  March 31, 2021. Accordingly, the effective interest rate at  March 31, 2021, using three-month LIBOR and the base rate was 2.38% and 3.88%, respectively, and we elected to use LIBOR for the term loan.

As of March 31, 2021, the Consolidated Leverage Ratio (as defined in the Credit Agreement) was 1.94, which did not exceed the maximum of 3.00 and the Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) was 6.79, which exceeded the minimum of 4.00.

As of March 31, 2021,  December 31, 2020 and March 31, 2020 the carrying amount of the liability component of the 2.75% convertible senior notes due 2024 (the “2.75% Convertible Notes”) was $202.0 million, $200.3 million and $195.3 million, respectively. As of March 31, 2021, December 31, 2020 and March 31, 2020, the unamortized debt discount was $28.0 million, $29.7 million and $34.7 million, respectively.

During the three months ended March 31, 2021 and 2020, we recorded $1.7 million and $1.6 million, respectively, of amortization related to the debt discount on the 2.75% Convertible Notes to interest expense in our condensed consolidated statements of operations and $0.6 million and $0.9 million, respectively, of amortization related to debt issuance costs and fees to other expense in our condensed consolidated statements of operations. These amounts were presented as amortization related to the 2.75% Convertible Notes on our condensed consolidated statements of cash flows.