Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

During the first quarter of 2022, our Chief Executive Officer, who is also our chief operating decision maker, changed the manner in which he reviews financial information for purposes of assessing business performance and allocating resources. In response, we are in the process of modifying our internal reporting and supporting systems to reflect these changes and are evaluating the future impact on our reporting of segments.

In February 2022, we amended and extended our ABL Credit Agreement. The ABL Amendment increased the commitment amount under the ABL Revolver to $250.0 million from $200.0 million and extended the maturity to February 17, 2027 from September 26, 2024, and permits us to further increase the commitment amount to up to $300 million. The ABL Amendment provides that the ABL Revolver will bear interest at either the base rate or term Secured Overnight Financing Rate (“Term SOFR”), at our election, plus a margin of 0.25% or 0.50% for base rate advances or 1.25% or 1.50% for Term SOFR advances (in each case based on a measure of availability under the ABL Credit Agreement). The amendment also provides us with the ability to reduce drawn and unused fees based on sustainability-linked key performance indicator targets and makes other modifications to the ABL Credit Agreement.

On February 24, 2022, we announced that our board of directors approved a special annual dividend, payable on March 31, 2022 to stockholders of record on March 15, 2022 at a rate of 90 cents per share. In addition, we recently announced that our board of directors declared a quarterly dividend, payable on March 31, 2022 to stockholders of record on March 15, 2022 at a rate of 31.5 cents per share.

On February 24, 2022, we announced that our board of directors authorized an extension of our stock repurchase program through March 1, 2023 and concurrently authorized an increase in the total amount of our outstanding common stock we can purchase up to $200.0 million. For more information about our stock repurchase program, see Note 12, Stockholders' Equity.