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Senior Debt | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Senior Debt |
8. | Senior debt
Debt consisted of the following at September 30, 2019 and December 31, 2018:
(table only in thousands) |  | September 30, 2019 |  |  | December 31, 2018 |
Outstanding borrowings under the Credit Facility (defined below). Term loan payable in quarterly principal installments of $0.6 million through June 2021, $0.9 million through June 2023, and $1.3 million thereafter with balance due upon maturity in June 2024. |  |  |  |  |  |  |  |
- Term loan |  | $ | 49,375 |  |  | $ | 76,147 |
- Revolving Credit Loan |  |  | 20,000 |  |  |  | — |
- Unamortized debt discount |  |  | (1,880 | ) |  |  | (1,691 | )
Total outstanding borrowings under the Credit Facility |  |  | 67,495 |  |  |  | 74,456 |
Less: current portion |  |  | (2,500 | ) |  |  | — |
Total debt, less current portion |  | $ | 64,995 |  |  | $ | 74,456 |
Scheduled principal payments under our Credit Facility are $0.6 million remaining in 2019, $2.5 million in 2020, $3.1 million in 2021, $3.8 million in 2022, $4.4 million in 2023, and $35.0 million in 2024. United States Debt On June 11, 2019, the Company entered into a Second Amended and Restated Credit Agreement (the “Credit Facility”). The Credit Facility amended and restated the Company’s credit agreement, dated September 3, 2015. Pursuant to the Credit Facility, the lenders provided a term loan in the aggregate principal amount of $50.0 million and the lenders increased their senior secured revolving credit commitments to the aggregate principal amount of $140.0 million. This revolving credit commitment allows the Company the ability to borrow loans denominated in different currencies. Additionally, the Credit Facility extended the maturity date to June 11, 2024, reduced interest rates, and redefined certain financial covenants. As of September 30, 2019 and December 31, 2018, $11.5 million and $29.3 million of letters of credit were outstanding, respectively. Total unused credit availability under the Company’s senior secured term loan and senior secured revolver loan with sub-facilities for letters of credit, swing-line loans and senior secured multi-currency loans was $108.5 million and $50.7 million at September 30, 2019 and December 31, 2018, respectively. Revolving loans may be borrowed, repaid and reborrowed until June 11, 2024, at which time all outstanding balances of the Credit Facility must be repaid. The weighted average stated interest rate on outstanding borrowings was 4.04% and 5.27% at September 30, 2019 and December 31, 2018, respectively. In connection with the Credit Facility, the Company terminated its existing interest rate swap agreement. The fair value of the interest rate swap was zero and an asset of $0.5 million as of September 30, 2019 and December 31, 2018, respectively, and is classified within the “Deferred charges and other assets” on the Condensed Consolidated Balance Sheets. The Company designated the interest rate swap as an effective hedge until the date of termination; therefore, the changes to the fair value of the interest rate swap were recorded in other comprehensive income, until the date of termination. Upon termination of the swap agreement, zero and $0.2 million previously recognized in other comprehensive income was recognized into income during the three-month and nine-month periods ended September 30, 2019, respectively, and is classified within “Other income (expense), net” on the Condensed Consolidated Statements of Operations. Under the terms of the Credit Facility, the Company is required to maintain certain financial covenants, including the maintenance of a Consolidated Net Leverage Ratio. Through September 30, 2020, the maximum Consolidated Net Leverage Ratio is 3.75, after which time it will decrease to 3.50 through September 30, 2021. The Consolidated Net Leverage Ratio will then decrease to 3.25 until the end of the term of the Credit Facility. As of September 30, 2019 and December 31, 2018, the Company was in compliance with all related financial and other restrictive covenants under the Credit Facility. In connection with the Credit Facility, the Company paid $1.1 million in customary closing fees during the nine-month period ended September 30, 2019 that were deferred and classified as a debt discount. Additionally, during the nine-month period ended September 30, 2019, $0.4 million of the existing debt discount was expensed, and classified as interest expense, as a result of the debt modification. Foreign Debt The Company has a number of bank guarantee facilities and bilateral lines in various countries currently supported by cash, letters of credit or pledged assets and collateral under the Credit Facility. The Credit Facility allows letters of credit and bank guarantee issuances of up to $50.0 million from the bilateral lines secured by pledged assets and collateral under the Credit Facility. As of September 30, 2019, $11.0 million in bank guarantees were outstanding. In addition, a subsidiary of the Company located in the Netherlands has a Euro-denominated bank guarantee agreement secured by local assets under which $3.4 million in bank guarantees were outstanding as of September 30, 2019. As of September 30, 2019, the borrowers of these facilities and agreements were in compliance with all related financial and other restrictive covenants.

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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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