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CREDIT FACILITY | 12 Months Ended
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Dec. 31, 2020
CREDIT FACILITY |
CREDIT FACILITY | NOTE 21. CREDIT FACILITY In September 2019, in connection with the Artesyn Acquisition Agreement, the Company entered into a credit agreement ("Credit Agreement") that provided aggregate financing of $500.0 million, consisting of a $350.0 million senior unsecured term loan facility (the "Term Loan Facility") and a $150.0 million senior unsecured revolving facility the ("Revolving Facility"). Both the Term Loan Facility and Revolving Facility mature on September 10, 2024. The Term Loan Facility and Revolving Facility bear interest, at the option of the Company, at a rate based on a reserve adjusted Eurodollar Rate or a Base Rate, as defined in the Credit Agreement, plus an applicable margin. Additionally, the Revolving Facility is subject to an unused line fee. As of December 31, 2020, the effective interest rate for the Revolving Facility and Term Loan Facility was 1.26%, and the effective rate for the unused line fee was 0.10%. As of December 31, 2020, the Company had $150.0 million available to withdraw on the Revolving Facility and was in compliance with all covenants. The fair value of the Company’s outstanding debt approximates the carrying value of $322.0 million as of December 31, 2020. In connection with entering into the Credit Agreement, the Company terminated the Loan Agreement, as amended (the "Loan Agreement") which previously provided a revolving line of credit of up to $150.0 million subject to certain funding conditions. The Company recognized additional interest expense for the remaining unused line of credit fees at the time of termination of the Loan Agreement. ​ The debt obligation on our Consolidated Balance Sheets consists of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ |  | 2020 |  | 2019
Debt: | ​ | ​ | ​ | ​ | ​ | ​
Term Loan Facility | ​ | $ | 323,750 | ​ | $ | 341,250
Less: debt issuance costs | ​ | ​ | (1,704) | ​ | ​ | (2,223)
Total debt | ​ | ​ | 322,046 | ​ | ​ | 339,027
Less current portion of long-term debt | ​ | ​ | (17,500) | ​ | ​ | (17,500)
Total long-term debt | ​ | $ | 304,546 | ​ | $ | 321,527
​ Contractual maturities of the Company’s debt obligations, excluding amortization of debt issuance costs, as of are as December 31, 2020 follows: ​
​ | ​ | ​ | ​
Year Ending December 31, |  | Amount
2021 | ​ | $ | 17,500
2022 | ​ | ​ | 17,500
2023 | ​ | ​ | 17,500
2024 | ​ | ​ | 271,250
Total | ​ | $ | 323,750
​ Interest expense and unused line of credit fees were recorded in Other income (expense), net, in our Consolidated Statements of Operations as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2020 |  | 2019 |  | 2018
Interest expense | ​ | $ | 5,080 | ​ | $ | 2,994 | ​ | $ | —
Amortization of debt issuance costs | ​ | ​ | 519 | ​ | ​ | 186 | ​ | ​ | —
Unused line of credit fees and other | ​ | ​ | 153 | ​ | ​ | 236 | ​ | ​ | 228
Total interest expense | ​ | $ | 5,752 | ​ | $ | 3,416 | ​ | $ | 228
​

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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 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
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