Debt

12 Months Ended

Dec. 31, 2019

Long-term Debt, Unclassified [Abstract]

Debt

DEBT

As of December 31, 2019, the Company had no outstanding debt. At December 31, 2018, the Company's total outstanding debt was $210.4 million, which included $210.0 million of Senior Subordinated 6.25% Notes and $2.0 million of other debt, net of $1.6 million in unamortized debt issuance costs. $208.8 million of total debt at December 31, 2018 was included in current liabilities.

Senior Credit Agreement

On January 24, 2019, the Company entered into the Sixth Amended and Restated Credit Agreement ("Senior Credit Agreement"), which amended and restated the Company’s Fifth Amended and Restated Credit Agreement dated December 9, 2015, and provided a revolving credit facility and letters of credit in an aggregate amount equal to $400 million. The Company can request additional financing to increase the revolving credit facility to $700 million or enter into a term loan of up to $300 million subject to conditions set forth in the Senior Credit Agreement. The Senior Credit Agreement contains three financial covenants. As of December 31, 2019, the Company was in compliance with all three covenants.

Interest rates on the revolving credit facility are based on LIBOR plus an additional margin that ranges from 1.125% to 2.00%. In addition, the revolving credit facility is subject to an undrawn commitment fee ranging between 0.15% and 0.25% based on the Total Leverage Ratio and the daily average undrawn balance. The Senior Credit Agreement terminates on January 23, 2024.

Borrowings under the Senior Credit Agreement are secured by the trade receivables, inventory, personal property, equipment, and general intangibles of the Company’s significant domestic subsidiaries.

Standby letters of credit of $6.0 million have been issued under the Senior Credit Agreement to third parties on behalf of the Company as of December 31, 2019. These letters of credit reduce the amount otherwise available under the revolving credit facility. The Company had $394.0 million and $290.8 million of availability under the revolving credit facility as of December 31, 2019 and 2018, respectively.

Senior Subordinated Notes

On January 31, 2013, the Company issued $210 million of 6.25% Senior Subordinated Notes ("6.25% Notes") due February 1, 2021. On December 20, 2018, the Company announced its redemption of its $210 million outstanding 6.25% Notes, effective February 1, 2019. The 6.25% Notes were redeemed in accordance with the provisions of the indenture governing the 6.25% Notes on February 1, 2019. The Company recorded a charge of $1.1 million for the write-off of deferred financing fees relating to the 6.25% Notes during 2019.

Total cash paid for interest in the years ended December 31 was (in thousands):

	2019			2018			2017
Interest expense, net	$	2,205		$	12,064		$	14,032
Interest income	764			2,156			574
Other non-cash adjustments	$	(380	)	$	(529	)	$	(647	)
Cash paid for interest	$	2,589		$	13,691		$	13,959