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Borrowing Facilities | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
Debt Disclosure Text Block | Note 6—Borrowing Facilities Long-term debt and capital lease obligations outstanding as of December 31, 2016 and 2015 consist s of the following:
|  |  | December 31,
(in thousands) |  | 2016 |  |  |  | 2015
| Term loan | $ | 218,500 |  |  | $ | 230,000
| Capital lease obligations |  | 8,068 |  |  |  | 8,845
| Other |  | — |  |  |  | 24
| Total principal amount |  | 226,568 |  |  |  | 238,869
| Less unamortized debt issuance costs |  | 2,920 |  |  |  | 3,676
| Long-term debt and capital lease obligations | $ | 223,648 |  |  | $ | 235,193
|  |  |  |  |  | Unamortized
|  |  |  |  |  |  | Debt
|  |  |  |  |  |  | Issuance
(in thousands) |  | Principal |  |  |  | Costs
| Term loan, due in 2020 | $ | 218,500 |  |  | $ | 2,920
| Capital lease obligations, due in 2023 |  | 8,068 |  |  |  | —
| Total | $ | 226,568 |  |  | $ | 2,920
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 thereunder from time to time. This Credit Agreement 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 November 12, 2020. The proc eeds of the Term Loan 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 up 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, subject to satisfaction of certain condition s. The Term Loan is payable in minimum quarterly principal installments, which began in March 2016, of $2.9 million in 2016 and 2017, $4.3 million in 2018, $5.8 million in 2019, and $8.6 million in 2020, with the balance payable on the maturity date. I nterest on outstanding borrowings under the Credit Agreement accrues, at our option, at (a) the adjusted London interbank offered rate (LIBOR) plus 1.25% to 2.25%, or (b) the alternative base rate plus 0.25% to 1.25%, and is payable quarterly in arrears. T he 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 LIBOR rate plus 1.00%. The margin on the interest rates fluctuates based upon the ratio of the Comp any’s debt to its consolidated EBITDA. As of December 31, 201 6, $163.9 million of the outstanding d ebt under the Credit Agreement wa s effectively at a fixed inter est rate as a result of a $163.9 million notional amount of interest rate swap contract discus sed in Note 11. A commitment fee of 0.30% to 0.40% per annum (based on the debt to EBITDA ratio) on the unused portion of the revolving credit line is payable quarterly in arrears. The Credit Agreement is generally secured by a pledge of (a) all t he capital stock of the Company’s domestic subsidiaries and 65% of the capital stock of its directly owned foreign subsidiaries, (b) any debt owed to Benchmark and its subsidiaries and (c) all or substantially all other personal property of Benchma rk 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 pers ons. 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 s ome cases, to cure periods. As of December 31, 2016 and 2015, the Company was in compliance with all of these covenants and restrictions. As of December 31, 2016, the Company had $218.5 million in borrowings outstanding under the Term Loan facility and $2.1 million in letters of credit outstanding under the revolving credit facility. The Company has $197.9 million available for future borrowings under the revolving credit facility. The Company’s Thailand subsidiary has a multi-purpose credit facili ty with Kasikornbank 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. A vailability of funds under the Thai Credit Facility is reviewed annually and is currently accessible through October 2017. As of both December 31, 2016 and 2015, there were no working capital borrowings outstanding under the facility. The aggregat e maturities of long-term debt and capital lease obligations for each of the five years subsequent to December 31, 2016 are as follows: 2017, $12.4 million; 2018, $18.3 mi llion; 2019, $24.2 million; 2020, $168.1 million; and 2021, $1.5 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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