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Debt

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Debt

Debt

The current portion of long-term debt consists of the following:

	September 30, 2019				December 31, 2018
Credit Facility	$	21,684			$	—
Finance leases	95				90
Notes payable	2,161				739
Total current portion of long-term debt	$	23,940			$	829

Long-term debt, net of current portion consists of the following:

	September 30, 2019				December 31, 2018
Credit Facility	$	—			$	44,255
Finance leases	503				547
Notes payable	6,288				3,091
Total long-term debt, net of current portion	$	6,791			$	47,893

Credit Facility

On February 22, 2019, we entered into an agreement with the existing lenders on the Credit Facility to, among other things, (i) extend the maturity date of the Credit Facility to June 30, 2020 and (ii) reduce the total capacity to $50,000 by December 31, 2019. The outstanding balance on the Credit Facility is included in long-term liabilities on our consolidated balance sheet at December 31, 2018. As of September 30, 2019 and December 31, 2018, $22,500 and $44,500, respectively, were outstanding under the Credit Facility and the Company was in compliance with all covenants. As of September 30, 2019, the total borrowing capacity is $52,500 with undrawn availability at $30,000. The Credit Facility matures on June 30, 2020 and as such, the Company has included the balance in the current portion of long-term debt as of September 30, 2019. The Company is currently pursuing plans to refinance the Credit Facility and extend the current obligations beyond one year.

As of September 30, 2019 and December 31, 2018, gross deferred financing fees of $1,815 and $728 are presented as a discount to the carrying value of the debt and the unamortized amount is presented as a reduction of current portion of long term debt as of September 30, 2019 and long-term debt, net of current portion, as of December 31, 2018 on the consolidated balance sheets. Certain deferred financing costs incurred when there was no balance on the Credit Facility are included in Other assets line item on the consolidated balance sheet. Accretion of debt discount of $186 and $65 for the three months ended September 30, 2019 and 2018, respectively, and $517 and $181 for the nine months ended September 30, 2019 and 2018, respectively, is included in interest expense. Amortization expense of the deferred financing charges of $54 and $85 for the three months ended September 30, 2019 and 2018, respectively, and $172 and $223 for the nine months ended September 30, 2019 and 2018, respectively, is included in interest expense.

	September 30, 2019				December 31, 2018
Revolving credit facility	$	22,500			$	44,500
Less: Debt discount, net	(816		)		(245		)
Revolving credit facility, net	$	21,684			$	44,255

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- References

No definition available.

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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

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