December 31,
December 31,
2019
2018
Americas (principally the U.S.)
$125,309
$110,385
Europe, Middle East and Africa
50,477
45,884
Asia Pacific
6,871
6,611
Total cash, cash equivalents and short-term investments
$182,657
$162,880
liquidity .
cash and liquidity .
as of december 31 2019 our principal sources of liquidity included cash cash equivalents and short-term investments of $ 182 .
7 million compared to $ 162 .
9 million as of december 31 2018 .
we generally invest our excess cash balances in low-risk short-term investments to limit our exposure to market and credit risks .
during the first quarter of 2018 we refinanced our 2015 credit agreement which extended the term of the loan to march 2023 as well as obtained a reduction in the interest rate and other fees .
the 2018 credit agreement increased our liquidity and capital resources position by approximately $ 30 million .
as part of our 2018 credit agreement we have a $ 200 million senior secured revolving loan facility with a syndicate of financial institutions that expires in march 2023 .
as of december 31 2019 there were no borrowings outstanding on the 2018 revolver .
the 2018 credit agreement contains customary affirmative covenants and financial covenants .
as of december 31 2019 and the date of this filing we believe that we are in compliance with the provisions of the 2018 credit agreement .
our cash cash equivalents and short-term investment balances as of the end of the indicated periods were located in the following geographical regions -in thousands : .
we generally have ready access to substantially all of our cash cash equivalents and short-term investment balances but may face limitations on moving cash out of certain foreign jurisdictions due to currency controls and potential negative economic consequences .
as of december 31 2019 we had $ 2 .
7 million of cash restricted as to use to collateralize outstanding letters of credit .
cash flows from operating activities .
we calculate our cash flows from operating activities beginning with net income adding back the impact of non-cash items or nonoperating activity -e .
g .
depreciation amortization amortization of oid impairments gain / loss from debt extinguishments deferred income taxes stock-based compensation etc .
and then factoring in the impact of changes in operating assets and liabilities .
our primary source of cash is from our operating activities .
our current business model consists of a significant amount of recurring revenue sources related to our long-term cloud-based and managed services arrangements -mostly billed monthly payment process transaction services -mostly billed monthly and software maintenance agreements -billed monthly quarterly or annually .
this recurring revenue base provides us with a reliable and predictable source of cash .
in addition software license fees and professional services revenues are sources of cash but the payment streams for these items are less predictable .
the primary use of our cash is to fund our operating activities .
over half of our total operating costs relate to labor costs -both employees and contracted labor for the following : -i compensation ; -ii related fringe benefits ; and -iii reimbursements for travel and entertainment expenses .
the other primary cash requirements for our operating expenses consist of : -i computing capacity and related services and communication lines for our outsourced cloud-based business ; -ii paper envelopes and related supplies for our statement processing solutions ; -iii transaction fees paid in conjunction with the delivery of services under our payment services contracts ; -iv hardware and software ; and -v rent and related facility costs .
these items are purchased under a variety of both short-term and long-term contractual commitments .
a summary of our material contractual obligations is provided below .

Question: What did the company do as part of its 2018 Credit Agreement?
Answer: refinanced our 2015 Credit Agreement which extended the term of the loan to March 2023 as well as obtained a reduction in the interest rate and other fees