XML 21 R10.htm IDEA: XBRL DOCUMENT
v3.19.2

CREDIT FACILITIES | 6 Months Ended
--- | ---
Jun. 30, 2019
Debt Disclosure [Abstract] |
CREDIT FACILITIES | CREDIT FACILITIES Credit Agreemen t We have a $40.0 million revolving credit facility with Hancock Whitney Bank ("Credit Agreement") that can be used for borrowings or letters of credit. On May 1, 2019, we amended our Credit Agreement to extend its maturity date from June 9, 2020 to June 9, 2021 and amend certain financial covenants. Our amended quarterly financial covenants at June 30, 2019, and for the remaining term of the Credit Agreement, are as follows:
• | Ratio of current assets to current liabilities of not less than 2.00:1.00;
• | Minimum tangible net worth of at least the sum of $170.0 million, plus 100% of the net proceeds from any issuance of stock or other equity after deducting any fees, commissions, expenses and other costs incurred in such offering; and
• | Ratio of funded debt (which includes outstanding letters of credit) to tangible net worth of not more than 0.50:1.00.
Our Credit Agreement also includes restrictions regarding our ability to: (i) grant liens; (ii) make certain loans or investments; (iii) incur additional indebtedness or guarantee other indebtedness in excess of specified levels; (iv) make any material change to the nature of our business or undergo a fundamental change; (v) make any material dispositions; (vi) acquire another company or all or substantially all of its assets; (vii) enter into a merger, consolidation, or sale leaseback transaction; or (viii) declare and pay dividends if any potential default or event of default occurs. Interest on borrowings under the Credit Agreement may be designated, at our option, as either the Wall Street Journal published Prime Rate (5.5% at June 30, 2019) or LIBOR (2.4% at June 30, 2019) plus 2.0% per annum. Commitment fees on the unused portion of the Credit Agreement are 0.4% per annum, and interest on outstanding letters of credit is 2.0% per annum. The Credit Agreement is secured by substantially all our assets (with a negative pledge on our real property). At June 30, 2019, we had no outstanding borrowings under our Credit Agreement and $10.7 million of outstanding letters of credit, providing $29.3 million of available capacity. At June 30, 2019, we were in compliance with all of our financial covenants, with a tangible net worth of $191.3 million (as defined by the Credit Agreement), a ratio of current assets to current liabilities of 2.26 to 1.0, and a ratio of funded debt to tangible net worth of 0.06:1.0. Surety Bonds We issue surety bonds in the ordinary course of business to support our projects. At June 30, 2019, we had $375.9 million of outstanding surety bonds.

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