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Debt

3 Months Ended

Mar. 31, 2023

Debt

Debt

Note 13. Debt

​

Debt consists of the following:

​

​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​	​	2023		​	2022
​	​	(in thousands)
Term Loan	​	​	​	​	​	​
​	​	​	​	​	​	​
Term loan with Capital One N.A. due August 2026	​	$	67,375	​	$	68,250
​	​	​	​	​	​	​
Mortgage Loans	​	​	​	​	​	​
​	​	​	​	​	​	​
Mortgage payable with East West Bank due June 2027	​	​	8,146	​	​	8,188
​	​	​	​	​	​	​
Other Loans and Payment Obligations	​	​	​	​	​	​
​	​	​	​	​	​	​
French government loans due December 2026	​	​	210	​	​	204
​	​	​	​	​	​	​
Line of Credit Facilities		​			​
​	​	​	​	​	​	​
Line of credit facility with China Merchant Bank	​	​	—	​	​	—
Revolving line of credit facility with Capital One N.A. due August 2026	​	​	—	​	​	—
​	​	​	​	​	​	​
Equipment under Finance Leases	​		739	​		790
Total debt	​		76,470	​		77,432
Less current portion of long-term debt	​		2,168	​		3,046
Less: Loan issuance costs	​	​	1,430	​	​	1,547
Long-term debt, net of current portion and unamortized debt issuance costs	​	$	72,872	​	$	72,839

​

Interest Rate Swap Contracts

​

As of March 31, 2023, the fair value of the loans listed above approximated their carrying amount. The interest rate used in the fair value estimation was determined to be a Level 2 input. For the mortgage loan with East West Bank, as well as the term loan with Capital One N.A., the Company has entered into fixed interest rate swap contracts to exchange the

variable interest rates for fixed interest rates. The interest rate swap contracts are recorded at fair value in the other assets line in the condensed consolidated balance sheets. Changes in the fair values of interest rate swaps were $1.0 million loss and $3.0 million gain for the three months ended March 31, 2023 and 2022, respectively.

​

Covenants

​

At March 31, 2023 and December 31, 2022, the Company was in compliance with all of its debt covenants.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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