Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Note 24. Subsequent Events

We completed the following measures to mitigate the negative financial impacts due to COVID-19:

• On April 20, 2020, we suspended our 401(k) Plan employer match contributions.

• In early April 2020, we borrowed $31 million under the 2018 Credit Facility.

• On May 8, 2020, we entered into an amendment to the 2018 Credit Agreement that waived our financial covenants for the quarter ending June 30, 2020. The amendment, among other things, (i) suspended the testing of the interest coverage ratio and the leverage ratio for the fiscal quarter ending June 30, 2020, (ii) added a new minimum liquidity covenant applicable at all times during the period from the effective date of the amendment until the first business day after we deliver quarterly financial statements and the related compliance certificate for the fiscal quarter ending September 30, 2020, and (iii) extended the deadline for delivery of quarterly financial statements for the fiscal quarter ending March 31, 2020 to 75 days after the close of such fiscal quarter. 

• We availed ourselves of governmental assistance programs for wages and tax relief.

• In May 2020, we terminated our legacy life insurance policies on former employees and received the cash proceeds of $24.8 million.