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Long-Term Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 9 – LONG-TERM DEBT

Long-term debt consists of the following:

(in millions)		September 30, 2020				December 31, 2019
Revolving credit facility		$	0.0			$	60.0
Deferred finance costs			0.0				(1.4	)
		$	0.0			$	58.6

On September 16, 2020, Innospec and certain of its subsidiaries agreed to extend the term of its revolving credit facility until September 25, 2024. The costs of $0.3 million for extending the term have been capitalized on the balance sheet.

As at September 30, 2020, the Company had repaid all of its borrowings under the revolving credit facility and as a result, the related deferred finance costs asset of $1.4 million is now included within other non-current assets at the balance sheet date.

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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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