XML 23 R18.htm IDEA: XBRL DOCUMENT
v3.19.3

Long-Term Debt | 9 Months Ended
--- | ---
Sep. 30, 2019
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Total debt consisted of the following:
(in thousands) |  | September 30, 2019 |  | December 31, 2018
Term loan A-1 |  | $ | 265,855 |  |  | $ | 287,699 |
Term loan A-2 |  | 474,715 |  |  | 497,537 |
|  | 740,570 |  |  | 785,236 |
Less: unamortized loan fees |  | 12,558 |  |  | 14,994 |
Total debt, net of unamortized loan fees |  | $ | 728,012 |  |  | $ | 770,242 |
Current maturities of long-term debt, net of current unamortized loan fees |  | $ | 31,634 |  |  | $ | 20,618 |
Long-term debt, less current maturities, net of unamortized loan fees |  | $ | 696,378 |  |  | $ | 749,624 |
As of September 30, 2019, the Company's indebtedness totaled approximately $728.0 million, net of unamortized loan fees of $12.6 million, with an annualized overall weighted average interest rate of approximately 3.63%. In September of 2019, the Company's interest rate decreased by 25 basis points as the net leverage ratio, as defined in the Company's credit facility, dropped below the 2.25 x threshold. As of September 30, 2019, the Term Loan A-1 bears interest at one-month London Interbank Offered Rate ("LIBOR") plus a base rate of 1.50%, while the Term Loan A-2 bears interest at one-month LIBOR plus a base rate of 1.75%. LIBOR resets monthly. The amended Term Loan A-1 requires quarterly principal repayments of $3.6 million, which began on December 31, 2018 and continued through September 30, 2019, increasing to $7.3 million quarterly from December 31, 2019 through September 30, 2022; then increasing to $10.9 million quarterly from December 31, 2022 through September 30, 2023, with the remaining balance due November 8, 2023. The amended Term Loan A-2 requires quarterly principal repayments of $1.2 million which began on December 31, 2018 and continue through September 30, 2025, with the remaining balance due November 8, 2025. In addition to its required quarterly repayments, the Company paid an additional $15.0 million in the first quarter of 2019 and an additional $15.0 million in the third quarter of 2019, with no prepayment penalties. The Company's cash payments for interest were $21.6 million and $25.1 million during the nine months ended September 30, 2019 and 2018, respectively. As shown below, as of September 30, 2019, the Company was in compliance with the financial covenants in its credit agreement.
|  | Actual |  | Covenant Requirement
Total leverage ratio |  | 2.38 |  |  | 3.50 or Lower
Debt service coverage ratio |  | 6.21 |  |  | 2.00 or Higher
Minimum liquidity balance (in millions) |  | $ | 172.2 |  |  | $25.0 or Higher

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration