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Debt | 3 Months Ended
--- | ---
Mar. 31, 2021
Debt Disclosure [Abstract] |
Debt | Note 6. DEBT Our balances for long-term debt and finance lease obligations were as follows (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
Revolving credit facility |  | $ | 526,141 |  |  | $ | 513,180 |
Finance lease obligations |  |  | 19,374 |  |  |  | 20,007 |
Total debt and finance lease obligations |  |  | 545,515 |  |  |  | 533,187 |
Current portion |  |  | 2,677 |  |  |  | 2,631 |
Noncurrent portion |  |  | 542,838 |  |  |  | 530,556 |
Deferred financing costs, net |  |  | 2,997 |  |  |  | 3,257 |
Noncurrent portion, net of deferred financing costs |  | $ | 539,841 |  |  | $ | 527,299 |
Our revolving credit facility is secured by substantially all of our assets. Letters of credit outstanding at March 31, 2021 and December 31, 2020 totaled $4.0 million. The amount of availability under the credit facility at March 31, 2021, after taking into consideration debt covenant restrictions, was $115.4 million. Financial Covenants and Interest Rate The credit facility contains certain financial covenants. We are required to maintain a consolidated leverage ratio for the most recently completed four fiscal quarters of 4.75 to 1.00. Such threshold is increased to 5.50 to 1.00 for the quarter during a specified acquisition period (as defined in the credit facility). Upon the occurrence of a qualified note offering (as defined in the credit facility), the consolidated leverage ratio when not in a specified acquisition period is increased to 5.25 to 1.00, while the specified acquisition period threshold remains 5.50 to 1.00. Upon the occurrence of a qualified note offering, we are also required to maintain a consolidated senior secured leverage ratio (as defined in the credit facility) for the most recently completed four fiscal quarter period of not greater than 3.75 to 1.00. Such threshold is increased to 4.00 to 1.00 for the quarter during a specified acquisition period. We are also required to maintain a consolidated interest coverage ratio (as defined in the credit facility) of at least 2.50 to 1.00. As of March 31, 2021, we were in compliance with these financial covenants. Our borrowings under the revolving credit facility had a weighted-average interest rate of 2.1% as of March 31, 2021 (LIBOR plus an applicable margin, which was 2.0% as of March 31, 2021). See Note 7 for information related to our interest rate swap contracts.

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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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