XML 71 R12.htm IDEA: XBRL DOCUMENT
v3.20.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2020
Debt |
Debt | 6. Debt The table below reflects the Company’s total debt, including borrowings under its credit agreement and master loan agreements for equipment notes:
|  |  |  |  |  |  |  |  |  | Outstanding |  | Outstanding
|  |  |  |  |  |  |  |  |  | Balance as of |  | Balance as of
|  |  |  | Stated Interest |  | Payment |  | Term |  | March 31, |  | December 31,
(dollar amounts in thousands) |  | Inception Date |  | Rate (per annum) |  | Frequency |  | (years) |  | 2020 |  | 2019
Credit Agreement |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revolving loans |  | 9/13/2019 |  | Variable |  | Variable |  | 5 |  | $ | 101,557 |  | $ | 103,820
Equipment Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equipment Note 1 |  | 9/28/2018 |  | 4.16% |  | Semi-annual |  | 5 |  |  | 9,697 |  |  | 10,643
Equipment Note 2 |  | 9/28/2018 |  | 4.23% |  | Semi-annual |  | 7 |  |  | 10,643 |  |  | 11,200
Equipment Note 3 |  | 12/31/2018 |  | 3.97% |  | Semi-annual |  | 5 |  |  | 1,953 |  |  | 1,953
Equipment Note 4 |  | 12/31/2018 |  | 4.02% |  | Semi-annual |  | 7 |  |  | 2,108 |  |  | 2,108
Equipment Note 5 |  | 12/31/2018 |  | 4.01% |  | Semi-annual |  | 7 |  |  | 1,751 |  |  | 1,751
Equipment Note 6 |  | 6/25/2019 |  | 2.89% |  | Semi-annual |  | 7 |  |  | 14,286 |  |  | 14,286
Equipment Note 7 |  | 6/24/2019 |  | 3.09% |  | Semi-annual |  | 5 |  |  | 8,359 |  |  | 9,033
Equipment Note 8 |  | 12/27/2019 |  | 2.75% |  | Semi-annual |  | 5 |  |  | 6,496 |  |  | 6,496
Equipment Note 9 |  | 12/24/2019 |  | 3.01% |  | Semi-annual |  | 7 |  |  | 4,534 |  |  | 4,534
|  |  |  |  |  |  |  |  |  |  | 59,827 |  |  | 62,004
Total debt |  |  |  |  |  |  |  |  |  |  | 161,384 |  |  | 165,824
Less: current portion of long-term debt |  |  |  |  |  |  |  |  |  |  | (8,127) |  |  | (8,737)
Long-term debt |  |  |  |  |  |  |  |  |  | $ | 153,257 |  | $ | 157,087
Credit Agreement On September 13, 2019, the Company entered into a five-year amended and restated credit agreement (the “Credit Agreement”) with a syndicate of banks led by JPMorgan Chase Bank, N.A. and Bank of America, N.A, that provides for a $375 million facility (the “Facility”), not to exceed three times Consolidated EBITDA (as defined in the Credit Agreement) less Consolidated Total Indebtedness (as defined in the Credit Agreement), which can be used for revolving loans and up to $150 million may be used for letters of credit. The Facility also allows for revolving loans and letters of credit in Canadian dollars and other currencies, up to the U.S. dollar equivalent of $75 million. The Company has an expansion option to increase the commitments under the Facility or enter into incremental term loans, subject to certain conditions, by up to an additional $200 million upon receipt of additional commitments from new or existing lenders. Subject to certain exceptions, the Facility is secured by substantially all of the assets of the Company and its domestic subsidiaries, and by a pledge of substantially all of the capital stock of the Company’s domestic subsidiaries and 65% of the capital stock of the direct foreign subsidiaries of the Company. Additionally, subject to certain exceptions, the Company’s domestic subsidiaries also guarantee the repayment of all amounts due under the Credit Agreement. If an event of default occurs and is continuing, on the terms and subject to the conditions set forth in the Credit Agreement, amounts outstanding under the Facility may be accelerated and may become or be declared immediately due and payable. Borrowings under the Credit Agreement are used for refinancing existing indebtedness, working capital, capital expenditures, acquisitions and other general corporate purposes. Amounts borrowed under the Credit Agreement bear interest, at the Company’s option, at a rate equal to either (1) the Alternate Base Rate (as defined in the Credit Agreement), plus an applicable margin ranging from 0.00% to 0.75%; or (2) Adjusted LIBO Rate (as defined in the Credit Agreement) plus an applicable margin ranging from 1.00% to 1.75%. The applicable margin is determined based on the Company’s consolidated leverage ratio (the “Leverage Ratio”) which is defined in the Credit Agreement as Consolidated Total Indebtedness (as defined in the Credit Agreement) divided by Consolidated EBITDA (as defined in the Credit Agreement). Letters of credit issued under the Facility are subject to a letter of credit fee of 1.00% to 1.75% for non-performance letters of credit or 0.50% to 0.875% for performance letters of credit, based on the Company’s consolidated Leverage Ratio. The Company is subject to a commitment fee of 0.15% to 0.25%, based on the Company’s consolidated Leverage Ratio, on any unused portion of the Facility. The Credit Agreement restricts certain types of payments when the Company’s consolidated Leverage Ratio exceeds 2.50 or the Company's consolidated Liquidity (as defined in the Credit Agreement) is less than $50 million. The weighted average interest rate on borrowings outstanding on the Facility for the three months ended March 31, 2020 was 2.94% per annum. Under the Credit Agreement, the Company is subject to certain financial covenants and must maintain a maximum consolidated Leverage Ratio of 3.0 and a minimum interest coverage ratio of 3.0, which is defined in the Credit Agreement as Consolidated EBITDA (as defined in the Credit Agreement) divided by interest expense (as defined in the Credit Agreement). The Credit Agreement also contains covenants including limitations on asset sales, investments, indebtedness and liens. The Company was in compliance with all of its financial covenants under the Credit Agreement as of March 31, 2020. As of March 31, 2020 and December 31, 2019, the Company had letters of credit outstanding under the Facility of approximately $10.6 million, including $10.0 million related to the Company's payment obligation under its insurance programs and approximately $0.6 million related to contract performance obligations. The Company had remaining deferred debt issuance costs totaling $1.4 million as of March 31, 2020, related to the line of credit. As permitted under ASU No. 2015‑15, debt issuance costs have been deferred and are presented as an asset within other assets, which is amortized as interest expense over the term of the line of credit. Equipment Notes The Company has entered into Master Equipment Loan and Security Agreements (the “Master Loan Agreements”) with multiple banks. The Master Loan Agreements may be used for the financing of equipment between the Company and the lending banks pursuant to one or more equipment notes ("Equipment Note"). Each Equipment Note executed under the Master Loan Agreements constitutes a separate, distinct and independent financing of equipment and a contractual obligation of the Company, which may contain prepayment clauses. As of March 31, 2020, the Company had nine Equipment Notes outstanding under the Master Loan Agreements that are collateralized by equipment and vehicles owned by the Company. The following table sets forth our remaining principal payments for the Company’s outstanding Equipment Notes as of March 31, 2020:
|  | Future
|  | Equipment Notes
(in thousands) |  | Principal Payments
Remainder of 2020 |  | $ | 6,560
2021 |  |  | 8,349
2022 |  |  | 8,645
2023 |  |  | 11,906
2024 |  |  | 8,923
2025 |  |  | 8,853
Thereafter |  |  | 6,591
Total future principal payments |  | $ | 59,827
Less: current portion of equipment notes |  |  | (8,127)
Long-term principal obligations |  | $ | 51,700

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