XML 54 R35.htm IDEA: XBRL DOCUMENT v3.22.0.1
Short-Term Borrowings and Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Short-Term Borrowings
Details of carrying amounts of short-term borrowings were as follows:
(in thousands)Borrowing LimitDecember 31, 2021December 31, 2020
Maturity DateInterest rate (%)
January 2022
CD interest rate (91 days) + 3.25
$126,529 $— $137,868 
June 20223.207,887 7,887 19,117 
Total principal short-term borrowings$134,416 $7,887 $156,985 
Less: unamortized discounts(76)(307)
Total short-term borrowings$7,811 $156,678 
Schedule of Long-Term Debt
Details of carrying amounts of long-term debt were as follows:
(in thousands)December 31, 2021December 31, 2020
Maturity DateInterest rate (%)Borrowing Limit
February 2024(1)
(5)
$1,000,000 $— $— 
January 2022 – October 2023(2)
2.65 –5.1030,460 20,952 50,713 
November 2021(3)
5.20— — 19,199 
March 2022 – November 2026(4)
2.87 –8.50867,818 605,229 354,963 
Total principal long-term debt$1,898,278 $626,181 $424,875 
Less: current portion of long-term debt(341,717)(67,576)
Less: unamortized discounts(1,274)(3,957)
Total long-term debt$283,190 $353,342 
_____________
(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. As of December 31, 2021, there was no outstanding balance on the fixed-rate term loan facility and the agreement was terminated.
(4)Relates to the Company’s term loan facility agreements as described below.
(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 Long-Term Debt Maturities
Future principal payments for long-term debt as of December 31, 2021 were as follows:
(in thousands)
Long-term debt
2022$342,202 
202344,586 
2024191,902 
2025— 
202647,491 
Thereafter— 
Total$626,181