XML 68 R56.htm IDEA: XBRL DOCUMENT v3.22.4
Long-Term Debt - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 01, 2022
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]      
Principal payments on long -term debt due in 2022   $ 52,300  
Credit Spread Adjustment      
Debt Instrument [Line Items]      
Description Of Credit Spread Adjustement   effective March 9, 2023, whereby LIBOR was replaced by SOFR with a credit spread adjustment of 10.0 bps for all SOFR periods.  
Senior Secured Revolving Line Of Credit      
Debt Instrument [Line Items]      
Aggregate principal amount   $ 275,000  
Credit agreement, covenant description   The Credit Agreement consists of a line of credit of up to $275,000, an accordion feature of up to $150,000, a letter of credit and swingline sub-facility (each having limits of $25,000) and has a maturity date of August 5, 2026. The Credit Agreement amends and restates the previous credit facility, which had a maturity date of June 30, 2022. With respect to key financial covenants, the Credit Agreement contains two: namely, borrowers are required to maintain a Total Leverage (“TL”) Ratio of no more than 3.5-to-1, during the first three years, stepping down to 3.25-to-1 as of September 30, 2024, and a Fixed Charge Coverage Ratio of at least 1.25-to-1. In addition, to the extent that it completes acquisitions totaling $15 million or more in any 90-day period, AMVAC may step-up the TL Ratio by 0.5-to-1, not to exceed 4.00-to-1, for the next three full consecutive quarters.  
Consolidated funded debt ratio   3.25%  
Senior secured credit facility, maturity date Aug. 05, 2026    
Credit agreement, variable rate description   Under the Credit Agreement, revolving loans bear interest at a variable rate based, at borrower’s election with proper notice, on either (i) LIBOR plus the “Applicable Margin” which is based upon the Total Leverage (“TL”) Ratio (“LIBOR Revolver Loan”) or (ii) the greater of (x) the Prime Rate, (y) the Federal Funds Rate plus 0.5%, and (z) the Daily One-Month LIBOR Rate plus 1.00%, plus, in the case of (x), (y) or (z) the Applicable Margin (“Adjusted Base Rate Revolver Loan”). Interest payments for LIBOR Revolver Loans are payable on the last day of each interest period (either one-, three- or six- months, as selected by the borrower)  
Credit agreement, interest rate   5.67%  
Senior Secured Revolving Line Of Credit | Fed Funds Effective Rate Overnight Index Swap Rate      
Debt Instrument [Line Items]      
Credit agreement, variable rate basis   0.50%  
Senior Secured Revolving Line Of Credit | London Interbank Offered Rate (LIBOR)      
Debt Instrument [Line Items]      
Credit agreement, variable rate basis   1.00%  
Senior Secured Revolving Line Of Credit | Base Rate      
Debt Instrument [Line Items]      
Credit agreement, interest payment period, description   last business day of each  
Senior Secured Revolving Line Of Credit | SOFR      
Debt Instrument [Line Items]      
Credit agreement, variable rate basis   1.10%  
Senior Secured Revolving Line Of Credit | SOFR | Lender      
Debt Instrument [Line Items]      
Credit agreement, variable rate description   The Company and the Lenders entered into an amendment to the Credit Agreement (“Amendment”), effective March 9, 2023, whereby LIBOR was replaced by SOFR with a credit spread adjustment of 10.0 bps for all SOFR periods. The revolving loans now bear interest at a variable rate based at borrower’s election with proper notice, on either (i) SOFR plus 0.1% per annum and the “Applicable Margin” or (ii) the greater of (x) the Prime Rate, (y) the Federal Funds Rate plus 0.5%, and (z) the Daily One-Month SOFR Rate plus 1.10%, plus, in the case of (x), (y) or (z) the Applicable Margin (“Adjusted Base Rate Revolver Loan”).  
Senior Secured Revolving Line Of Credit | Term Loan      
Debt Instrument [Line Items]      
Accordion feature   $ 150,000  
Senior Secured Revolving Line Of Credit | Credit Agreement      
Debt Instrument [Line Items]      
Available borrowings capacity under credit agreement     $ 178,705
Consolidated funded debt ratio   0.50%  
Senior Secured Revolving Line Of Credit | Credit Agreement | SOFR      
Debt Instrument [Line Items]      
Credit agreement, variable rate basis   0.10%  
Maximum | Senior Secured Revolving Line Of Credit      
Debt Instrument [Line Items]      
Available borrowings capacity under credit agreement   $ 25,000  
Consolidated funded debt ratio   3.50%  
Maximum | Senior Secured Revolving Line Of Credit | Credit Agreement      
Debt Instrument [Line Items]      
Consolidated funded debt ratio   4.00%  
Joint venture, consideration   $ 50,000  
Capacity to increase borrowings under credit agreement   $ 200,372  
Minimum | Senior Secured Revolving Line Of Credit      
Debt Instrument [Line Items]      
Consolidated funded debt ratio   1.25%  
Minimum | Senior Secured Revolving Line Of Credit | Credit Agreement      
Debt Instrument [Line Items]      
Joint venture, consideration   $ 15,000