Short-Term Borrowings and Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Short-term Debt

Details of carrying amounts of short-term borrowings were as follows:

(in thousands)				Borrowing Limit		June 30, 2021		December 31, 2020
Maturity Date	Interest rate (%)
January 07, 2022	CD interest rate (91 days) + 3.25			$	132,744	$	132,744	$	137,868
December 06, 2021 – June 25, 2022	3.25	–	4.00	43,672		39,955		19,117
Total principal short-term borrowings				$	176,416	$	172,699	$	156,985
Less: unamortized discounts						(331)		(307)
Total short-term borrowings						$	172,368	$	156,678

Schedule of Long-term Debt

Details of carrying amounts of long-term debt were as follows:

(in thousands)						June 30, 2021		December 31, 2020
Maturity Date	Interest rate (%)			Borrowing Limit
February 27, 2024(1)	(5)			$	1,000,000	$	—	$	—
July 21, 2021 – March 26, 2023(2)	3.10	–	5.10	45,335		34,357		50,713
November 28, 2021(3)	5.20			8,402		8,402		19,199
December 23, 2021 – April 4, 2022(4)	3.50	–	8.50	478,762		433,982		354,963
Total principal long-term debt				$	1,532,499	$	476,741	$	424,875
Less: current portion of long-term debt						(470,404)		(67,576)
Less: unamortized discounts						(2,205)		(3,957)
Total long-term debt						$	4,132	$	353,342

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(1)Relates to the Company’s new revolving credit facility as described below.

(2)The Company entered into various loan agreements with fixed interest rates for general operating purposes.

(3)In November 2019, the Company entered into a fixed-rate term loan facility agreement, secured by certain of the Company’s accounts receivable. At June 30, 2021, the Company had $3 million deposited in a trust account for repayment guarantee purposes, which is classified as short-term restricted cash on the condensed consolidated balance sheets. Principal and interest are to be paid on a monthly basis.

(4)In March 2017, the Company entered into a term loan facility agreement. As of June 30, 2021, the Company was required to pledge $345 million of certain land, building, inventories, and short-term financial instruments as collateral against any borrowed amounts. However, as a result of the FC Fire, the building and inventories were extensively damaged, and on August 4, 2021, the Company amended the agreement to be a cash-secured loan. Interest accrues at fixed rates on outstanding borrowings under separate tranches within the term loan facility. Additionally, as of June 30, 2021, the Company had deposited $7 million into time deposits, which is classified as short-term restricted cash. Principal is to be paid at maturity and interest is to be paid on a quarterly basis.

(5)Borrowings under the new revolving credit facility bear interest, at the Company’s option, at a rate per annum equal to (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds rate or a composite overnight bank borrowing rate plus 0.50%, or (C) an adjusted LIBOR for a one-month interest period plus 1.00% or (ii) an adjusted LIBOR plus a margin equal to 1.00%.

Schedule of Maturities of Long-term Debt

Future principal payments for long-term debt as of June 30, 2021 were as follows:

(in thousands)	Long-term debt
Remainder of 2021	$	39,128
2022	437,380
2023	233
2024	—
2025	—
Thereafter	—
Total	$	476,741