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Borrowing Facilities | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Borrowing Facilities | Note 7 – Borrowing Facilities On July 20, 2018, the Company entered into a $650 mi llion credit agreement (the Credit Agreement) by and among the Company, certain of i ts subsidiaries, the lenders party thereto and Bank of America, N.A., as Administrative Agent, Swingline Lender and a L/C Issuer. The Credit Agreement is comprised of a five-year $500 million rev olving credit facility (the Revolving Credit Facility) and a five-year $150 mill ion term loan facility (the Term Loan Facility), both with a maturity date of Jul y 20, 2023. The Term Loan Facility proceed s were used to (i) refinance a portion of existing indebtedness and terminate all commitments under the Company’s prior $430 mill ion Credit Agreement and (ii) pay the fees, costs and expenses associated with the foregoing and the negotiation, ex ecution and delivery of the Credit Agreement. The Revolving Credit Facility is available for gene ral corporate purposes. The Credit Agreeme nt includes an accordion feature pursuant to which the Company is permitted to add one or more incremental term loan and/or inc rease commitments under the Revolving Credit Facility in an aggregate amount not exceeding $275 million, subject to the satisfact ion of certain conditions. The Term Loan Facility is payable in quarterly principal installments of $1.9 million commencing June 30, 201 9, with the balance payable on July 20, 2023. Interest on outst anding borrowings under the Credit Agreement (other than swingline loans) accrues, at the Company’s option, at (a) the London Interbank Offered Rate (LIBOR) plus 1.0% to 2.0% or (b) the base rate plus 0.0% to 1.0%. As of September 30, 2018, $145.5 million of the outstanding de bt un der the Credit Agreement i s effectively at a fixed interest rate as a result of a $1 45.5 million notional interest rate swap contract discussed in Note 16. A commitment fee of 0.20% to 0.3 0% per annum (based on the debt to EBITDA r atio) on the unused po rtio n of the revolving credit line i s payable quarterly in arrears. The Cr edit Agreement i s 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 subsid iaries, (b) all or substantially all other personal property of Benchmark and its domestic subsidiaries (including, but not limited to, accounts receivable, contract assets, inventory, intellectual property and fixed assets of Benchmark and its domestic su bsidiaries), in each case, subject to customary exceptions and limitations, and (c) all proceeds and products of the property and assets described in (a) and (b) above. The Credit Agreement contains certain financial covenants as to interest coverage and debt leverage, and certain customary affirmative and negative covenant s, including restrictions on the Company’s ability to incur additional debt and liens, pay dividends, repurchase shares, sell assets and merge or consolidate with other persons. Amounts du e under the Credit Agreement could 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 September 30, 2018, the Company was in compliance with all of these covenants and restrictions. As of September 30, 2018, the Company had $150.0 million in borrowings outstanding under the Term Loan facility and $2.8 million in l etters of credit outstanding under the Revolving Credit F acility. The Company had $497.2 million available f or future borrowings under the Revolving Credit F acility. The Company’s Thailand subsidiary has a multi-purpose credit facility with Kasikornbank P ublic Company Limited (the Thai Credit Facility) that provides for 350 million Thai baht (approximately $10.8 million) working capital availability. The Thai Credit Facility is secured by land 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 2019. As of both September 30, 2018 and December 31, 2017, there were no working capital borrowings outstanding under the facility.

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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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