|9 Months Ended|
Sep. 30, 2019
|Subsequent Events [Abstract]|
|Subsequent Events||SUBSEQUENT EVENTS
In November 2019 we announced the planned shutdown of our commercial production line in our South Gate, California plant. Products currently produced on this line will be transitioned to our other U.S. plants, with an expected shutdown of this line on January 3, 2020. As a result of this shutdown, we expect to record accelerated depreciation on the production line assets of between $5 million and $10 million during the next quarter.
On November 1, 2019, we entered into a First Amendment to our Credit Agreement (the "Amendment"). The Amendment amends the Credit Agreement to, among other things, decrease the size of the Credit Facility to $100 million, consisting of a $75 million revolving facility and a $25 million term loan facility (the "Amended Credit Facility"), and converts term loans outstanding in excess of $25 million to revolver borrowings.
The Amendment also modified certain of the Credit Agreement financial covenants. Specifically, the Amended Credit Facility requires that we and our subsidiaries not:
Permit Consolidated EBITDA (as defined in the Amendment) to be less than (i) $20 million for the period ending December 31, 2019 and (ii) $15 million for the period ending March 31, 2020.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef