XML 26 R14.htm IDEA: XBRL DOCUMENT
v3.21.2

Senior Debt | 6 Months Ended
--- | ---
Jun. 30, 2021
Debt Disclosure [Abstract] |
Senior Debt |
7. | Senior Debt
Debt consisted of the following:
(table only in thousands) |  | June 30, 2021 |  |  | December 31, 2020 |
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 |  | $ | 45,000 |  |  | $ | 46,250 |
- Revolving credit loan |  |  | 23,600 |  |  |  | 27,700 |
- Unamortized debt discount |  |  | (1,130 | ) |  |  | (1,334 | )
Total outstanding borrowings under the Credit Facility |  |  | 67,470 |  |  |  | 72,616 |
Less: current portion |  |  | (3,750 | ) |  |  | (3,125 | )
Total debt, less current portion |  | $ | 63,720 |  |  | $ | 69,491 |
Scheduled principal payments under our Credit Facility are $1.9 million remaining in 2021, $3.7 million in 2022, $4.4 million in 2023, and $58.6 million in 2024. United States Debt As of June 30, 2021 and December 31, 2020, $11.2 million and $7.6 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 (collectively, the “Credit Facility”) was $45.6 million and $60.8 million at June 30, 2021 and December 31, 2020, 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 2.22% and 2.31% at June 30, 2021 and December 31, 2020, respectively. 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, 2021, the maximum Consolidated Net Leverage Ratio is 3.50, after which time the Consolidated Net Leverage Ratio will then decrease to 3.25 until the end of the term of the Credit Facility. As of June 30, 2021 and December 31, 2020, the Company was in compliance with all related financial and other restrictive covenants under the Credit Facility. 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 June 30, 2021, $22.8 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 $3.0 million in bank guarantees were outstanding as of June 30, 2021. As of June 30, 2021, the borrowers of these facilities and agreements were in compliance with all related financial and other restrictive covenants.

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