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Long-Term Debt and Other Borrowings | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Debt Disclosure | LONG-TERM DEBT AND OTHER BORROWINGS Consolidated long-term debt as of September 30, 2021 and December 31, 2020, consists of the following:
|  | Scheduled Maturity |  | September 30, 2021 |  | December 31, 2020
|  |  |  | (In Thousands)
Asset-based credit agreement |  | May 31, 2025 |  | $ | — |  |  | $ | — |
Term credit agreement (1) |  | September 10, 2025 |  | 164,228 |  |  | 199,894 |
Total long-term debt |  |  |  | $ | 164,228 |  |  | $ | 199,894 |
(1) Net of unamortized discount of $4.8 million and $5.5 million as of September 30, 2021 and December 31, 2020, respectively, and net of unamortized deferred financing costs of $7.1 million and $8.2 million as of September 30, 2021 and December 31, 2020, respectively. On July 30, 2021, we entered into an amendment to our asset-based credit agreement (“ABL Credit Agreement’) that, among other things, extended the term of the credit facility to May 31, 2025 and revised our commitment to $80.0 million, with a $20.0 million accordion. The amendment increased the availability by adding the value of accrued Unites States receivables, increased the forward rates on accounts receivable for investment grade customers and incorporated a new $15.0 million sub-facility subject to a borrowing base consisting of certain trade receivables and inventory in the United Kingdom. As of September 30, 2021, we had no outstanding balance and $6.2 million in letters of credit against our “ABL Credit Agreement. Because there was no outstanding balance on this ABL Credit Agreement, associated deferred financing costs of $1.7 million as of September 30, 2021, were classified as other long-term assets on the accompanying consolidated balance sheet. As of September 30, 2021, subject to compliance with the covenants, borrowing base, and other provisions of the ABL Credit Agreement that may limit borrowings, we had an availability of $48.2 million under this agreement. Our credit agreements contain certain affirmative and negative covenants, including covenants that restrict the ability to pay dividends or other restricted payments. As of September 30, 2021, we are in compliance with all covenants under the credit agreements. Our term credit agreement requires us to offer to prepay a percentage of Excess Cash Flow (as defined in the term credit agreement) within five business days of filing our Annual Report. The minimum amount of $8.2 million that we would have been required to offer to prepay pursuant to this obligation for the year ending December 31, 2021 was paid on July 30, 2021 in connection with the amendment of our ABL Credit Agreement.

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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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