Table of Contents At  December 31, 2019,  the Company was in compliance with the financial covenants under the Credit Facility. Our leverage ratio was  1.53 and 1.48 as of December 31, 2019 and December 31, 2018, respectively, and our fixed charge coverage ratio was 1.46 and 2. 50 as of  December 31, 2019 and  December 31, 2018,  respectively. If the Company does not meet the covenant requirements in the future, it would be in default under the Credit Facility.  Upon the occurrence of an event of default, the lenders may terminate the loan commitments, accelerate all loans and exercise any of their rights under the Credit Facility and ancillary documents. We are not aware of any additional restrictions placed on us, or being considered to be placed on us, related to our ability to access capital, such as borrowings under the Credit Facility. We do not rely on repurchase agreements or the commercial paper market to meet our short-term or long-term funding needs. For additional information on the key covenants contained in our Credit Facility, see "Other Matters Concerning Liquidity and Capital Resources" below. We continue the ongoing monitoring of our customers' ability to pay us for the services that we provide to them. Based on historical results, we currently believe there is a low likelihood that write-offs of our existing accounts receivable will have a material impact on our financial results. However, if one or more of our key customers files bankruptcy or otherwise becomes unable to make required payments to us, or if overall economic conditions deteriorate, we may need to make material provisions in the future to increase our allowance for accounts receivable. The operations of each of our reporting segments expose us to a number of risks, including foreign currency exchange rate changes that can impact translations of foreign-denominated assets and liabilities into U.S. dollars and future earnings and cash flows from transactions denominated in different currencies, as well as the risk of changes in tax rates or tariffs on earnings or services provided outside the U.S. Changes in the relative values of non-U.S. currencies to the U.S. dollar affect our financial results. Incr eases in the value of the U.S. dollar compared with the other functional currencies in certain of the locations in which we do business negatively impacted our revenues and operating earnings in 2019 and 2017, but a weaker U.S. dollar positively impacted revenues and operating earnings in 2018. We can not predict the impact that foreign currency exchange rates may have on our future revenues or operating earnings. At  December 31, 2019,  our working capital balance (cu rrent assets less current liabilities) was approximately $78.9 million, compared with $95.5 million at December 31, 2018. The decrease in working capital was primarily due to the incremental operating lease liability recorded as part of the implementation of ASC 842. For further discussion of this guidance, refer to Note 1, "Significant Accounting and Reporting Policies" of the audited consolidated financial statements included in Item 8 of this Annual Report on Form 10-K. Cash and cash equivalents at the end of 2019 totaled $51.8 million, compared with $53.1 million at the end of 2018. Cash and cash equivalents as of December 31, 2019 consisted of $16.2 million held in the U.S. and $35.6 million held in our foreign subsidiaries. All of the cash and cash equivalents held by our foreign subsidiaries is available for general corporate purposes. The Company generally does not provide for additional U.S. and foreign income taxes on undistributed earnings of foreign subsidiaries because they are considered to be indefinitely reinvested. The Company's current expectation is that such earnings will be reinvested by the subsidiaries or will be repatriated only when it would be tax effective or otherwise strategically beneficial to the Company, such as if a very unusual event or project generated profits significantly in excess of ongoing business reinvestment needs. If such an event occurs, we would analyze the potential tax impact or our anticipated investment needs in that region and provide for taxes for earnings that are not expected to be permanently reinvested. Other historical earnings and future foreign earnings necessary for business reinvestment are expected to remain permanently reinvested and will be used to provide working capital for these operations, fund defined benefit pension plan obligations, repay non-U.S. debt, fund capital improvements, and fund future acquisitions. We currently believe that funds expected to be generated from our U.S. operations, along with potential borrowing capabilities in the U.S., will be sufficient to fund our U.S. operations and other obligations, including our funding obligations under our U.S. defined benefit pension plan, for the foreseeable future and, therefore, except in limited circumstances such as those described above, do not foresee a need to repatriate cash held by our foreign subsidiaries in a taxable transaction to fund our U.S. operations. 41