XML 32 R20.htm IDEA: XBRL DOCUMENT v3.20.2
Subsequent Events (Notes)
6 Months Ended
Jun. 30, 2020
Subsequent Event [Line Items]  
Subsequent Events [Text Block] Subsequent Events

In July 2020, the Company received the fourth and final installment of funds under the Payroll Support Program Agreement (the "PSPA") with the Treasury under the CARES Act. The fourth installment totaled $17.2 million. The proceeds must be used exclusively for wages, salaries and benefits.

In consideration for the fourth installment of the grant, the PSP Note was increased by $5.2 million. See Note 5 for a description of the PSP Note.
  
Also in consideration for the fourth installment of the grant, the Company issued additional PSP Warrants to the Treasury to acquire 6,189 shares of common stock of the Company at a price of $83.33 per share (based on the closing price of the Company’s common stock on The Nasdaq Global Select Market on April 9, 2020). The PSP Warrants issued in July 2020 are valued at $0.3 million. See Note 2 for a description of the PSP Warrants.

In connection with the PSPA, the Company is required to comply with the relevant provisions of the CARES Act, including those prohibiting the repurchase of common stock and the payment of common stock dividends until September 30, 2021, as well as those restricting the payment of certain executive compensation for periods through March 24, 2022.