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Long-Term Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

LONG-TERM DEBT

LONG-TERM DEBT

The components of long-term debt are as follows:

						December 31,
(in thousands)						2019						2018
Bank revolving credit facility						$	145,000					$	85,000
Term debt						298,717						—
Capital lease obligations						264						298
Total debt						443,981						85,298
Less current maturities						18,840						119
Total long-term debt						$	425,141					$	85,179

On October 24, 2019, the Company, as Borrower, and each of its domestic subsidiaries as guarantors, entered into a Second Amended and Restated Credit Agreement (the Credit Agreement) with Bank of America, N.A., as Administrative Agent. The Credit Agreement provides the Company with the ability to request loans and other financial obligations in an aggregate amount of up to $650,000,000 and, subject to certain conditions, the Company has the option to request an increase in aggregate commitments of up to an additional $200,000,000. Pursuant to the Credit Agreement, the Company has borrowed $300,000,000 pursuant to a Term Facility repayable with interest quarterly at a percentage of the initial principal amount of the Term Facility of 5.0% per year with the remaining principal due in 5 years. Up to $350,000,000 is available under the Credit Agreement pursuant to a Revolver Facility which terminates in 5 years. The Agreement requires the Company to maintain two financial covenants, a maximum leverage ratio and a minimum asset coverage ratio. The Agreement also contains various covenants relating to limitations on indebtedness, limitations on investments and acquisitions, limitations on sale of properties and limitations on liens and capital expenditures. The Agreement also contains other customary covenants, representations and events of defaults. The expiration date of the Term Facility and the Revolver Facility is October 24, 2024. As of December 31, 2019, $443,717,000 was outstanding under the Credit Agreement. Of the total outstanding, $298,717,000 was on the Term Facility at a rate of 4.19% and $145,000,000 was on the Revolver Facility at a weighted average rate of 4.32%. On December 31, 2019, $3,025,000 of the revolver capacity was committed to irrevocable standby letters of credit issued in the ordinary course of business as required by vendors' contracts resulting in $201,975,000 in available borrowings. The Company is in compliance with the covenants under the Agreement.

The aggregate maturities of long-term debt, as of December 31, 2019, are as follows: $18,840,000 in 2020; $15,078,000 in 2021; $15,043,000 in 2022; $15,021,000 in 2023; and $379,985,000 in 2024; and $14,000 thereafter.

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- References

No definition available.

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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

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