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Long Term Debt | 12 Months Ended
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Dec. 31, 2015
Debt Disclosure [Abstract] |
Debt Disclosure Text Block | Note 6—Borrowing Facilities Long-term debt and capital lease obligations outstanding as of December 31, 2015 and 2014 consists of the following:
|  | December 31,
(in thousands) |  | 2015 |  |  | 2014
Term loan | $ | 230,000 |  | $ | —
Capital lease obligations |  | 8,845 |  |  | 9,521
Other |  | 24 |  |  | —
Total principal amount |  | 238,869 |  |  | 9,521
Less unamortized debt issuance costs |  | 3,676 |  |  | —
Long-term debt and capital lease obligations | $ | 235,193 |  | $ | 9,521
|  |  |  |  | Unamortized
|  |  |  |  | Debt
|  |  |  |  | Issuance
(in thousands) |  | Principal |  |  | Costs
Term loan, due in 2020 | $ | 230,000 |  | $ | 3,676
Capital lease obligations, due in 2023 |  | 8,845 |  |  | —
Other |  | 24 |  |  | —
Total | $ | 238,869 |  | $ | 3,676
On November 12, 2015, the Company entered into a $430 million Credit Agreement (the Credit Agreement) by and among Benchmark, JPMorgan Chase Bank, N.A. as administrative agent and collateral agent (the Administrative Agent) and the financial institutions acting as lenders from time to time. This Credit A greement provides for a five-year $200 million revolving credit facility and a five-year $230 million term loan facility (the Term Loan), both with a maturity date of Novembe r 12, 2020. The proceeds of the $230 million term loan facility were used to finance the purchase price of the acquisition of Secure Technology. The revolving credit facility is available for general corporate purposes, may be drawn in foreign currencies u p to an amount equivalent to $20 million, and may be used for letters of credit up to $20 million. The Credit Agreement includes an accordion feature, pursuant to which total commitments under the facility may be increased by an additional $150 million, su bject to satisfaction of certain conditions. The Term Loan must be repaid in 20 consecutive quarterly installments beginning March 31, 2016, with the balance payable on the maturity date. Interest on outstanding borrowings under the Credit Agreement accr ues, at our option, at (a) the adjusted London interbank offered rate as administered by the ICE Benchmark Administration (LIBO) plus 1.25% to 2.25%, or (b) the alternative base rate plus 0.25% to 1.25%, and is payable quarterly in arrears. The alternative base rate is equal to the highest of (i) the Administrative Agent’s prime rate, (ii) the federal funds rate plus 0.50% and (iii) the adjusted LIBO rate plus 1.00%. The margin on the interest rates fluctuates based upon the ratio of Benchmark’s debt to its consolidated EBITDA (the Total Leverage Ratio). As of December 31, 2015, $172.5 million of the outstanding d ebt under the Credit Agreement wa s effectively at a fixed interest rate as a result of a $172.5 million notional amount of interest rate swap contr act discussed in Note 11. A commitment fee of 0.30% to 0.40% per annum (based on the Total Leverage Ratio) on the unused portion of the revolving credit line is payable quarterly in arrears. The Credit Agreement is generally secured by a pledge o f (a) all the capital stock of Benchmark’s domestic subsidiaries and 65% of the capital stock of Benchmark’s foreign subsidiaries, (b) any indebtedness owed to Benchmark and its subsidiaries and (c) all or substantially all other personal property of Bench mark and its domestic subsidiaries (including, accounts receivable, inventory and fixed assets of Benchmark and its domestic subsidiaries), in each case, subject to customary exceptions and limitations. The Credit Agreement contains financial covenants as to debt leverage and interest coverage, and certain customary affirmative and negative covenants, including restrictions on our ability to incur additional debt and liens, pay dividends, repurchase shares, sell assets and merge or consolidate with other pe rsons. Amounts due under the Credit Agreement may be accelerated upon specified events of default, including a failure to pay amounts due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject, in some cases, to cure periods. As of December 31, 2015, the Company was in compliance with all of these covenants and restrictions. As of December 31, 2015, the Company had $230.0 million in borrowings outstanding under the Term Loan facility and $1.6 million in letters of credit outstanding under the revolving credit facility. $198.4 million remains available for future borrowings under the revolving credit facility. The Company’s Thailand subsidiary has a multi-purpose credit facility with Kasikornba nk Public Company Limited (the Thai Credit Facility) that provides for 350 million Thai baht working capital availability. The Thai Credit Facility is secured by land and buildings in Thailand owned by the Company’s Thailand subsidiary. Availability of fun ds under the Thai Credit Facility is reviewed annually and is currently accessible through October 2016. As of both December 31, 2015 and 2014, there were no working capital borrowings outstanding under the facility. The aggregate maturities of lo ng-term debt and capital lease obligations for each of the five years subsequent to December 31, 2015 are as follows: 2016, $12.3 million; 2017, $12.4 million; 2018, $18.3 million; 2019, $24.2 million; and 2020, $168.1 million.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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