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Borrowing Facilities | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Debt Disclosure Text Block | Note 6—Borrowing Facilities Long-term debt and capital lease obligations outstanding as of December 31, 2017 and 2016 consist s of the following:
|  |  | December 31,
(in thousands) |  | 2017 |  |  |  | 2016
| Term loan | $ | 207,000 |  |  | $ | 218,500
| Capital lease obligations |  | 7,172 |  |  |  | 8,068
| Total principal amount |  | 214,172 |  |  |  | 226,568
| Less unamortized debt issuance costs |  | 2,492 |  |  |  | 2,920
| Long-term debt and capital lease obligations | $ | 211,680 |  |  | $ | 223,648
|  |  |  |  |  | Unamortized
|  |  |  |  |  |  | Debt
|  |  |  |  |  |  | Issuance
(in thousands) |  | Principal |  |  |  | Costs
| Term loan, due in 2020 | $ | 207,000 |  |  | $ | 2,492
| Capital lease obligations, due in 2023 |  | 7,172 |  |  |  | —
| Total | $ | 214,172 |  |  | $ | 2,492
The Company has a $430 million Credit Agreement (the Credit Agreement) with 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 matu rity date of November 12, 2020. The revo lving 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, pu rsuant to which total commitments under the facility may be increased by an additional $150 million, subject to satisfaction of certain conditions. The Term Loan is payable in minimum q uarterly principal installments of $4.3 million in 2018, $5.8 million in 2019, and $8.6 million in 2020, with the balance payable on the maturity date. Interest 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) th e 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 LIBOR rate plus 1.00%. The margin on the interest rates fluctuates based upon the ratio of the Company’s debt to its consolidated EBITDA. As of December 31, 201 7, $155.3 million of the outstanding d ebt under the Credit Agreement wa s effectively at a fixed inter est rate as a result of a $155.3 million notional amount of interest rate swap contract discussed 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 quarte rly in arrears. The Credit Agreement is generally secured by a pledge of (a) all the 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 subsi diaries and (c) all or substantially all other personal property of Benchmark and its domestic subsidiaries (including, accounts receivable, inventory and fixed assets of Benchmark and its domestic subsidiaries), in each case, subject to customary exceptio ns 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 dividen ds, repurchase shares, sell assets and merge or consolidate with other persons. 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, 2017 and 2016, the Company was in compliance with all of these covenants and restrictions. As of December 31, 2017, the Compan y had $207.0 million in borrowings outstanding under the Term Loan facility and $2.6 million in letters of credit outstanding under the revolving credit facility. The Company has $197.4 million available for future borrowings under the revolving credit fac ility. The Company’s Thailand subsidiary has a multi-purpose credit facility 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 l and and buildings in Thailand owned by the Company’s Thailand subsidiary. Availability of funds under the Thai Credit Facility is reviewed annually and is currently accessible through October 2018. As of both December 31, 2017 and 2016, there were no working capital borrowings outstanding under the facility. The aggregate maturities of long-term debt and capital lease obligations for each of the five years subsequent to Decemb er 31, 2017 are as follows: 2018, $18.3 mi llion; 2019, $24.2 million; 2020, $168.1 million; 2021, $1.5 million; and 2022, $1.7 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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