LONG-TERM DEBT, LETTERS OF CREDIT AND DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following (in thousands):

	March 31, 2020		December 31, 2019
	(unaudited)
Credit Facility revolver	$	93,513	$	73,876
Credit Facility term loan1	48,530		49,735
Total Credit Facility	142,043		123,611
Convertible debt2	203,326		201,619
Finance lease obligations	5,289		5,363
Total long-term debt and finance lease obligations	350,658		330,593
Less: current portion of long-term debt and finance lease obligations	5,296		5,294
Total long-term debt and finance lease obligations, less current portion	$	345,362	$	325,299

_________________

1 Comprised of principal amount outstanding, less unamortized discount and issuance costs.

2 Comprised of principal amount outstanding, less unamortized discount and issuance costs. See Convertible Debt section below for additional information.

Credit Facility Financial Covenant Requirements

Fiscal Quarter Ending	Maximum Senior Secured Leverage Ratio
March 31, 2020, June 30, 2020 and September 30, 2020	2.75 to 1.00
December 31, 2020 and each Fiscal Quarter thereafter	2.50 to 1.00
Fiscal Quarter Ending	Maximum Net Leverage Ratio
March 31, 2020	5.50 to 1.00
June 30, 2020	5.25 to 1.00
September 30, 2020	5.00 to 1.00
December 31, 2020 and each Fiscal Quarter thereafter	4.50 to 1.00
Fiscal Quarter Ending	Minimum Debt Service Coverage Ratio
March 31, 2020, June 30, 2020 and September 30, 2020	1.25 to 1.00
December 31, 2020 and each Fiscal Quarter thereafter	1.50 to 1.00

Convertible Debt

The Notes were recorded in our condensed consolidated balance sheets as follows (in thousands):

	March 31, 2020			December 31, 2019
	(unaudited)
Liability component:
Principal	$	230,000		$	230,000
Unamortized issuance costs	(4,470		)	(4,756		)
Unamortized discount	(22,204		)	(23,625		)
Net carrying amount of the liability component1	$	203,326		$	201,619
Equity component:
Carrying amount of the equity component, net of issuance costs2	$	13,912		$	13,912

_________________

1 Included in the “Long-term debt” line of the condensed consolidated balance sheets.

2 Relates to the portion of the Notes accounted for under ASC 470-20 (defined below) and is included in the “Additional paid-in capital” line of the condensed consolidated balance sheets.

The following table sets forth interest expense information related to the Notes (dollars in thousands):

	Three Months Ended March 31,
	(unaudited)			(unaudited)
	2020			2019
Coupon interest	$	2,875		$	2,875
Amortization of debt discount and issuance costs	1,707			1,561
Total interest expense on convertible senior notes	$	4,582		$	4,436
Effective interest rate	9.12		%	9.12		%

Amounts Recognized In Other Comprehensive Income, Reclassified Into Income (Loss) and Amounts Recognized in Income (Loss)

The amounts recognized in other comprehensive income (loss), reclassified into income (loss) and the amounts recognized in income (loss) for the three months ended March 31, 2020 and 2019, are as follows (in thousands):

	Gain (Loss) Recognized in Other Comprehensive Income (Loss)				Gain (Loss) Reclassified from Other Comprehensive Income (Loss) to Earnings
	Three Months Ended March 31,				Three Months Ended March 31,
	(unaudited)				(unaudited)
	2020		2019		2020		2019
Derivatives Classified as Hedging Instruments
Net investment hedge	$	265	$	279	$	—	$	—

Fair Value Totals and Balance Sheet Classification for Derivatives Designated As Hedges and Derivatives Not Designated as Hedges

The following table presents the fair value totals and balance sheet classification for derivatives designated as hedges and derivatives not designated as hedges under ASC 815 (in thousands):

	March 31, 2020					December 31, 2019
	(unaudited)
	Classification	Balance Sheet Location	Fair Value			Classification	Balance Sheet Location	Fair Value
Derivatives Classified as Hedging Instruments
Net investment hedge	Liability	Long-term debt	$	(4,451	)	Liability	Long-term debt	$	(4,186	)