Note 13 - Long-term Debt and Credit Arrangements

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Long-term Debt [Text Block]

13.  Long-Term Debt and Credit Arrangements

(in thousands)	September 30, 2021		December 31, 2020		September 30, 2020
2.75% Convertible Notes	$	205,543	$	200,303	$	198,606
Credit Agreement - term loan		125,625		131,250		133,125
Credit Agreement - revolving credit facility		—		—		75,000
Debt issuance costs and other		8,742		7,247		7,166
Total debt		339,910		338,800		413,897
Less current maturities		8,718		8,278		8,253
Total long-term debt	$	331,192	$	330,522	$	405,644

As of each  September 30, 2021, December 31, 2020 and September 30, 2020, $7.5 million of the term loan portion of the Credit Agreement was included in current maturities of long-term debt on the condensed consolidated balance sheets and the remaining $118.1 million, $123.8 million and $125.6 million, respectively, was included in long-term debt.

As of  September 30, 2021, the total unused availability under the Credit Agreement was $227.9 million resulting from $47.1 million in issued and outstanding letters of credit and no amount drawn under the revolving credit facility. The letters of credit had expiration dates between October 2021 and  December 2024. 

As of September 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  September 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 September 30, 2021, the Consolidated Leverage Ratio (as defined in the Credit Agreement) was 1.73, which did not exceed the maximum of 3.00 and the Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) was 8.52, which exceeded the minimum of 4.00.

As of September 30, 2021,  December 31, 2020 and September 30, 2020, the carrying amount of the liability component of the 2.75% Convertible Notes was $205.5 million, $200.3 million and $198.6 million, respectively. As of September 30, 2021, December 31, 2020 and September 30, 2020, the unamortized debt discount was $24.5 million, $29.7 million and $31.4 million, respectively.

During the three months ended September 30, 2021 and 2020, we recorded $1.7 million 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 $0.5 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 nine months ended September 31, 2021 and 2020, we recorded $5.2 million and $4.9 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 $1.8 million and $1.6 million, respectively, of amortization related to debt issuance costs and fees to other (income) expense, net in our condensed consolidated statements of operations. These nine-month amounts were presented as amortization related to the 2.75% Convertible Notes on our condensed consolidated statements of cash flows.