Note 15 - Long-term Debt and Credit Arrangements

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Long-Term Debt [Text Block]

15.  Long-Term Debt and Credit Arrangements

(in thousands)	March 31, 2022		December 31, 2021		March 31, 2021
2.75% Convertible Notes	$	230,000	$	207,354	$	202,018
Credit Agreement - term loan		60,938		123,750		129,375
Debt issuance costs and other		8,346		8,814		8,954
Total debt	$	299,284	$	339,918	$	340,347
Less current maturities		8,735		8,727		8,700
Total long-term debt	$	290,549	$	331,191	$	331,647

During the three months ended March 31, 2022, $60.9 million of our term loan was repaid prior to its stated maturity.

As of each  March 31, 2022, December 31, 2021 and March 31, 2021, $7.5 million of the term loan balance of the Credit Agreement was included in current maturities of long-term debt on the condensed consolidated balance sheets and the remaining $53.4 million, $116.3 million and $121.9 million, respectively, was included in long-term debt.

As of  March 31, 2022, the total unused availability under the Credit Agreement was $242.1 million resulting from $32.9 million in issued and outstanding letters of credit and no amount drawn under the revolving credit facility. The letters of credit had expiration dates between June 2022 and  December 2025. 

As of March 31, 2022, the Applicable Rate was 2.00% for loans under the Credit Agreement bearing interest based on LIBOR and 1.00% for loans bearing interest at the Base Rate. Accordingly, the effective interest rates at  March 31, 2022 for LIBOR and Base Rate loans were 3.01% and 4.50%, respectively. We elected to use LIBOR for the term loan.

As of March 31, 2022, the Consolidated Leverage Ratio (as defined in the Credit Agreement) was 2.58, which did not exceed the maximum of 3.00 and the Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) was 6.07, which was above the minimum of 4.00.

Effective January 1, 2022, we implemented ASU 2020-06 (see Note 2), which updated our accounting for the 2.75% Convertible Notes.

As of March 31, 2022,  December 31, 2021 and March 31, 2021, the carrying amount of the 2.75% Convertible Notes was $230.0 million, $207.4 million and $202.0 million, respectively. During the three months ended Mach 31, 2022, we did not record amortization of the debt discount due to the implementation of ASU 2020-06, and during the three months ended March 31, 2021, we recorded $1.7 million of amortization of the debt discount. During each of the three months ended March 31, 2022 and 2021, we recorded $0.3 million of amortization related to debt issuance costs.