XML 67 R53.htm IDEA: XBRL DOCUMENT v3.24.1
Long-Term Debt - Additional Information (Detail)
12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]      
Principal payments on long -term debt due in 2022 $ 138,900    
Interest expense $ 12,639,000 $ 3,954,000 $ 3,687,000
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    
LIBOR      
Debt Instrument [Line Items]      
Credit agreement, variable rate basis 1.00%    
Credit Agreement      
Debt Instrument [Line Items]      
Total Leverage 0.0246    
Amendment Credit Agreement      
Debt Instrument [Line Items]      
Credit agreement, variable rate description the Company entered into Amendment Number Six to the Third Amended Loan and Security Agreement that provided relief in respect of both financial covenants. Specifically, with respect to the Maximum Total Leverage Ratio, the existing ratio of 3.5 through September 30, 2024 and 3.25 through December 31, 2024 and thereafter was changed to 5.5 through September 30, 2023, 4.5 for the periods ending December 31, 2023 and March 31, 2024, 4.0 for the period ending June 30, 2024, 3.5 through September 30, 2024 and returning to 3.25 from December 31, 2024 and thereafter. In addition, the Minimum Fixed Charge Coverage Ratio was changed from 1.25 to 1.0 for the periods ending September 30, 2023, December 31, 2023 and March 31, 2024 and returning to 1.25 for the period ending June 30, 2024 and thereafter. Further, after the delivery of financial statements and a covenant compliance certificate for the period ending December 31, 2023, the Borrowers may elect to terminate the covenant modification period (“CMP”) and revert to the terms of the existing Credit Agreement, if Total Leverage is less than 2.75. Further, for the duration of the CMP, the Company is restricted from making share repurchases. Finally, the Applicable Margin (SOFR and Adjusted Base Rate) and Letter of Credit fees increase by 0.50 basis points for each tier of interest during CMP. As of December 31, 2023, the Company is in compliance with the terms of the CMP and is considering terminating the related covenant modification. The interest rate on December 31, 2023, was 8.33%. Interest incurred, including amortization of deferred loan fees, was $12,391, $4,238, and $3,781 for the years ended December 31, 2023, 2022 and 2021, respectively.    
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 amended and restated 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 December 31, 2024, and a Fixed Charge Coverage Ratio ("FCCR") 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.    
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”). The Company and the Lenders entered into an amendment to the Credit Agreement, 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 our 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”). Interest payments for SOFR Revolver Loans are payable on the last day of each interest period (either one-, three- or six- month periods, as selected by the Company) and the maturity date, while interest payments for Adjusted Base Rate Revolver Loans are payable on the last business day of each month and the maturity date.    
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 | Base Rate      
Debt Instrument [Line Items]      
Credit agreement, interest payment period, description last business day of each month    
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, 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 our 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]      
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 | Amendment Credit Agreement      
Debt Instrument [Line Items]      
Total Leverage 0.0275    
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 $ 50,000,000    
Capacity to increase borrowings under credit agreement $ 115,002 $ 200,372,000  
Maximum | Senior Secured Revolving Line Of Credit | Amendment Credit Agreement      
Debt Instrument [Line Items]      
Consolidated funded debt ratio 1.25%    
Minimum | Senior Secured Revolving Line Of Credit      
Debt Instrument [Line Items]      
Consolidated funded debt ratio 3.25%    
Minimum | Senior Secured Revolving Line Of Credit | Credit Agreement      
Debt Instrument [Line Items]      
Joint venture, consideration $ 15,000,000    
Minimum | Senior Secured Revolving Line Of Credit | Amendment Credit Agreement      
Debt Instrument [Line Items]      
Consolidated funded debt ratio 1.00%