XML 30 R17.htm IDEA: XBRL DOCUMENT
v3.21.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2021
Debt [Abstract] |
Debt | 11. Debt On May 8, 2020, we entered into a $600,000 revolving credit facility with JPMorgan Chase Bank (“JPMorgan”) as administrative agent. We pay a commitment fee of 0.625% per year for unused amounts under the credit facility. Interest on borrowings would bear interest at a rate equal to the LIBOR plus 1.50%, which was subject to increase due to changes in our total leverage ratio as defined in the credit agreement. Further, we were subject to certain covenants, which included (i) maintaining a total leverage ratio of less than 3.0 x, (ii) maintaining a consolidated fixed charge coverage ratio of greater than 1.5 x and (iii) limiting us from making investments and capital expenditures in certain circumstances. We had no outstanding borrowings under the credit facility as of March 31, 2021. On April 13, 2021, we terminated the above referenced credit facility and entered into a new 5-year $500,000 revolving credit facility, with JPMorgan as administrative agent. Borrowings on the new credit facility bear interest at a rate equal to LIBOR plus 1.375%, which is subject to increase due to changes in our total leverage ratio as defined in the credit agreement. We are also obligated to pay a commitment fee of 0.175% per year for unused amounts under the credit facility, which also may increase due to changes in our total leverage ratio. Further, we are subject to certain covenants defined in the credit agreement, which include (i) maintaining a total leverage ratio of less than 3.0 x, (ii) maintaining a consolidated fixed charge coverage ratio of greater than 1.5 x, and (iii) limiting us from incurring additional indebtedness in certain circumstances.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration