furniture, and leaseholds) and capitalized software for the Prior Year Quarter were $4.2 million and $11.5 million, respectively, as compared to additions for the Current Year Quarter related to hard assets and capitalized software of $6.6 million and $12.9 million, respectively.
During the Prior Year Quarter and the Current Year Quarter, the Company used $11.9 million and $487.6 million, respectively, for the net purchase of "available-for-sale" securities. During the Prior Year Quarter and the Current Year Quarter, the Company used net cash of $0.4 million and $2.4 million, respectively, for investments in other non-consolidated subsidiaries.
Financing Activities. During the Prior Year Quarter, the Company received $80.0 million from borrowings under our revolving line of credit and $10.9 million from the exercise of stock options. In addition, the Company paid $33.3 million under debt obligations, $1.5 million for payments on finance lease obligations and had other net unfavorable items of $1.1 million.
During the Current Year Quarter, the Company paid $104.4 million on debt obligations and $1.1 million on finance lease obligations and had other net unfavorable items of $2.8 million. In addition the Company received $7.5 million from the exercise of stock options.
Outlook—Liquidity and Capital Resources
Liquidity. The Company may draw on the 2017 Credit Agreement (discussed further below) as required to meet working capital needs associated with the timing of receivables and payables, fund share repurchases or support acquisition activities. The Company currently expects to have adequate liquidity to satisfy its existing financial commitments over the periods in which they will become due. At March 31, 2021, the Company had no revolving loans with a borrowing capacity of $400.0 million of the revolving credit facility still available to the Company for additional drawdown. The Company plans to maintain its current investment strategy of investing in a diversified, high quality, liquid portfolio of investments and continues to closely monitor the financial markets. The Company estimates that it has no risk of any material permanent loss on its investment portfolio; however, there can be no assurance the Company will not experience any such losses in the future.
Stock Repurchases. The Company’s board of directors approved, and subsequently amended, a stock repurchase plan which authorizes the Company to purchase up to $400 million of its outstanding common stock through October 22, 2020. On October 27, 2020, the Company’s board of directors extended the Repurchase Program through November 15, 2021. As of March 31, 2021, the remaining capacity under the Repurchase Program was $186.3 million. See Part II, Item 2—“Unregistered Sales of Equity Securities and Use of Proceeds” for more information on the Company’s share repurchase program.
Off-Balance Sheet Arrangements. As of March 31, 2021, the Company had no material off-balance sheet arrangements.
Credit Agreement. On September 22, 2017, the Company entered into the 2017 Credit Agreement with various lenders that provides for a $400.0 million senior unsecured revolving credit facility and a $350.0 million senior unsecured term loan facility to the Company, as the borrower. On August 13, 2018, the Company entered into an amendment to the 2017 Credit Agreement, which extended the maturity date by one year. On February 27, 2019, the Company entered into a second amendment to the 2017 Credit Agreement, which amended the total leverage ratio covenant, and which was necessary in order for the Company to remain in compliance with the terms of the 2017 Credit Agreement. The 2017 Credit Agreement is scheduled to mature on September 22, 2023. See Note A—“General” for more information on the 2017 Credit Agreement.
Restrictive Covenants in Debt Agreements. The 2017 Credit Agreement contains covenants that potentially limit management’s discretion in operating the Company’s business by, in certain circumstances, restricting or limiting the Company’s ability, among other things, to:
|
●
|
incur or guarantee additional indebtedness or issue preferred or redeemable stock;
|
|
●
|
pay dividends and make other distributions;
|