XML 34 R22.htm IDEA: XBRL DOCUMENT

Note 13 - Long-term Debt and Credit Arrangements

6 Months Ended

Jun. 30, 2021

13. Long-Term Debt and Credit Arrangements

(in thousands)	*June 30, 2021*		*December 31, 2020*		*June 30, 2020*
2.75% Convertible Notes	$	203,771	$	200,303	$	196,946
Credit Agreement - term loan		127,500		131,250		135,000
Credit Agreement - revolving credit facility		—		—		75,000
Debt issuance costs and other		8,660		7,247		7,077
Total debt		339,931		338,800		414,023
Less current maturities		8,709		8,278		8,253
Total long-term debt	$	331,222	$	330,522	$	405,770

As of each June 30, 2021, December 31, 2020 and June 30, 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”) was included in current maturities of long-term debt on the condensed consolidated balance sheets and the remaining $120.0 million, $123.8 million and $127.5 million, respectively, was included in long-term debt.

As of June 30, 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 July 2022 and December 2024.

As of June 30, 2021, the Applicable Rate was 1.63% for loans under the Credit Agreement bearing interest based on LIBOR and 0.63% for loans bearing interest at the Base Rate. Accordingly, the effective interest rates at June 30, 2021, for LIBOR and Base Rate loans were 2.38% and 3.88%, respectively. We elected to use LIBOR for the term loan.

As of June 30, 2021, the Consolidated Leverage Ratio (as defined in the Credit Agreement) was 1.69, which did not exceed the maximum of 3.00 and the Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) was 8.26, which exceeded the minimum of 4.00.

As of June 30, 2021, December 31, 2020 and June 30, 2020, the carrying amount of the liability component of the 2.75% Convertible Notes was $203.8 million, $200.3 million and $196.9 million, respectively. As of June 30, 2021, December 31, 2020 and June 30, 2020, the unamortized debt discount was $26.2 million, $29.7 million and $33.1 million, respectively.

During the three and six months ended June 30, 2021, we recorded $1.8 million and $3.5 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 $1.2 million, respectively, of amortization related to debt issuance costs and fees to other (income) expense, net in our condensed consolidated statements of operations. During the three and six months ended June 30, 2020, we recorded $1.6 million and $3.2 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 $0.2 million and $1.1 million, respectively, of amortization related to debt issuance costs and fees to other (income) expense, net 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.