in january , may , june , and september 2020 , we repaid a combined $ 52.0 million on the credit agreement . the average debt balance outstanding and average interest rates are summarized in the table below : replace_table_token_7_th 55 foreign currency gains ( losses ) . our canadian subsidiary has certain intercompany payables to our u.s.-based subsidiaries . such intercompany payables and receivables among our consolidated subsidiaries are eliminated in our consolidated balance sheets . we report currency translation adjustments on these intercompany payables and receivables within foreign currency gains ( losses ) in our consolidated statements of operations . the net foreign currency gains during 2020 and 2019 resulted from the appreciation of the canadian dollar relative to the u.s. dollar . other , net . other income in 2019 includes a gain of $ 1.3 million of the settlement of litigation with a former subcontractor . other expense in 2019 includes a loss of $ 0.5 million on the sale of pre-petition accounts receivable from pacific gas and electric company , which is a customer that filed for bankruptcy protection in 2019. other income in 2020 and 2019 also includes royalty income , interest income , and income associated with our 25 % interest in a water treatment facility that we account for under the equity method . income tax expense . we qualify as a partnership for income tax purposes , and therefore we generally do not pay income tax ; instead , each owner reports his or her share of our income or loss on his or her individual tax return . our income tax provision relates primarily to ( 1 ) our u.s. corporate subsidiaries that provide services to public utility customers , which do not appear to fit within the definition of qualified income as it is defined in the internal revenue code , regulations , and other guidance , which subjects this income to u.s. federal and state income taxes , ( 2 ) our canadian subsidiary , which is subject to canadian federal and provincial income taxes , and ( 3 ) certain other state income taxes , including the texas franchise tax . income tax expenses decreased from $ 2.3 million in 2019 to $ 0.5 million in 2020 , primarily due a decrease in income of our u.s. corporate subsidiary that provides services to public utility customers and a decrease in revenue that is subject to the texas franchise tax in our inspection services and pipeline and process services segments . as a publicly-traded partnership , we are subject to a statutory requirement that 90 % of our total gross income represent “ qualifying income ” ( as defined by the internal revenue code , related treasury regulations , and internal revenue service pronouncements ) , determined on a calendar-year basis . income generated by taxable corporate subsidiaries is excluded from this calculation . in 2020 , substantially all our gross income , which consisted of $ 139.0 million of revenue ( exclusive of the income generated by our taxable corporate subsidiaries ) , represented “ qualifying income ” . certain inspection services are not qualifying income and we therefore have separate taxable entities that pay state and federal income tax on these earnings . net income ( loss ) attributable to noncontrolling interests . we own a 51 % interest in cbi and a 49 % interest in cf inspection . the accounts of these subsidiaries are included within our consolidated financial statements . the portion of the net income ( loss ) of these entities that is attributable to outside owners is reported in net income ( loss ) attributable to noncontrolling interests in our consolidated statements of operations . changes in the net income ( loss ) attributable to noncontrolling interests from 2019 to 2020 related primarily to changes in the net income generated by cbi . net income attributable to preferred unitholder . on may 29 , 2018 , we issued and sold $ 43.5 million of preferred equity . the holder of the preferred units is entitled to an annual return of 9.5 % on this investment . this return is reported in net income attributable to preferred unitholder in the consolidated statements of operations . 56 segment operating results inspection services the following table summarizes the operating results of our inspection services segment for the years ended december 31 , 2020 and 2019. replace_table_token_8_th revenue . revenue decreased $ 190.5 million in 2020 compared to 2019 , due to a decrease in the average number of inspectors engaged ( a decrease of 755 inspectors accounting for $ 187.8 million of the revenue decrease ) and a decrease in the average revenue billed per inspector ( accounting for $ 2.7 million of the revenue decrease ) . revenues during 2019 benefited from the largest contract in the 18-year history of tir , which was a single-source inspection services project in texas . this project began in the fourth quarter of 2018 , peaked in the second quarter of 2019 , and continued with declining headcounts into 2020. we generated $ 8.0 million and $ 62.9 million of revenue from this project in 2020 and 2019 , respectively . our revenues during 2020 did not significantly benefit from any other large new projects . during 2020 , the covid-19 pandemic , combined with a significant decrease in crude oil prices resulting from reduced demand and an anticipated increase in supply from saudi arabia and russia , led many of our customers to change their budgets and plans . revenues of our subsidiary that serves public utility companies decreased by $ 19.1 million in 2020 compared to 2019 , due in part to lower activity as a result of the covid-19 pandemic . story_separator_special_tag we expect to fund future capital expenditures from cash flows generated from our operations , borrowings under our credit agreement , the issuance of additional partnership units , or debt offerings . as we expand into new inspection markets such as municipal water , municipal sewer , electrical transmission , bridges , among others , we should be able to use a lot of our nde equipment . however , we will need to invest in additional growth capital for attractive opportunities to enter these new markets . credit agreement we are party to a credit agreement ( the “ credit agreement ” ) with a syndicate of seven banks , with deutsche bank trust company americas ( “ db ” ) serving as the administrative agent . db has served as our agent since 2013. the obligations under the credit agreement are secured by a first priority lien on substantially all of our assets . the credit agreement has been amended several times since inception and most recently in may 2018 and again in march 2021. both recent amendments reduced the borrowing capacity following two industry downturns . after the march 2021 amendment , the credit agreement has a total capacity of $ 75.0 million and matures on may 31 , 2022. outstanding borrowings at december 31 , 2020 and december 31 , 2019 were $ 62.0 million and $ 74.9 million , respectively , and are reported in our consolidated balance sheets as long-term debt . outstanding borrowings less cash and cash equivalents was $ 44.1 million as of december 31 , 2020. the average debt balance outstanding in 2020 and 2019 was $ 80.8 million and $ 81.4 million , respectively . in march and april 2020 , in an abundance of caution , we borrowed a combined $ 39.1 million on the credit agreement to provide substantial liquidity to manage our business in light of the covid-19 pandemic and the significant decline in the price of crude oil . in january , may , june , and september 2020 , we repaid a combined $ 52.0 million on the credit agreement . all borrowings under the credit agreement bear interest , at our option , on a leveraged-based grid pricing at ( i ) a base rate plus a margin of 2.00 % to 3.75 % per annum ( “ base rate borrowings ” ) or ( ii ) an adjusted libor rate plus a margin of 3.00 % to 4.75 % per annum ( “ libor borrowings ” ) . the applicable margin is determined based on our leverage ratio , as defined in the credit agreement . under the march 2021 amendment , the applicable margins are 0.50 % to 0.75 % higher ( depending on the leverage ratio ) than they were prior to the amendment . interest on base rate borrowings is payable monthly . interest on libor borrowings is paid upon maturity of the underlying libor contract , but no less often than quarterly . commitment fees are charged at a rate of 0.50 % on any unused credit and are payable quarterly . interest paid in 2020 and 2019 was $ 3.4 million and $ 4.8 million , respectively , including commitment fees . the interest rate on our borrowings ranged from 3.33 % to 4.80 % in 2020 and 4.70 % to 6.02 % in 2019. the credit agreement contains various customary covenants and restrictive provisions . the credit agreement also requires us to maintain certain financial covenants , including a leverage ratio and an interest coverage ratio . the interest coverage ratio is calculated as the trailing-twelve-month ebitda ( as defined in the credit agreement ) divided by trailing-twelve-month pro forma interest expense ( as defined in the credit agreement ) . the minimum interest coverage ratio is 3.0 at each quarter end . at december 31 , 2020 , our interest coverage ratio was 4.7. the leverage ratio is calculated as the gross debt outstanding ( inclusive of finance leases ) divided by trailing-twelve-month ebitda ( as defined in the credit agreement ) . the maximum leverage ratio is 6.0x at december 31 , 2020 and march 31 , 2021 , 5.3x at june 30 , 2021 , 4.5x at september 30 , 2021 , and 4.0x at december 31 , 2021. at december 31 , 2020 , our leverage ratio was 5.8. as of december 31 , 2020 , we were in compliance with all covenants of the credit agreement ( as amended in march 2021 ) . we currently are forecasting a sufficient level of ebitda to remain in compliance with the financial covenants in the credit agreement throughout the term of the credit agreement . however , maintaining a sufficient level of ebitda will be dependent on the level of activity in the markets we serve and on our ability to win awards for work from our customers , and may require us to sell common units through our at-the-market equity program to raise proceeds to repay debt and or to delay reimbursements to affiliates on a short-term basis . it is reasonably possible that we could fail to meet one or both of the financial covenant ratios . if this were to occur , and if we were unable to obtain from the lenders a waiver of the covenant violation , we would be in default on the credit agreement . upon the occurrence and during the continuation of an event of default , subject to the terms and conditions of the credit agreement , the lenders may declare any outstanding principal , together with any accrued and unpaid interest , to be immediately due and payable and may exercise the other remedies set forth or referred to in the credit agreement . the credit agreement contains significant limitations on our ability to pay cash distributions . we may only pay the following cash distributions : ● distributions to common and preferred unitholders

liquidity and capital resources the working capital needs of the inspection services segment are substantial , driven by payroll costs and reimbursable expenses paid to our inspectors on a weekly basis . please read “ risk factors — risks related to our business — the working capital needs of the inspection services segment are substantial ” , which could require us to seek additional financing that we may not be able to obtain on satisfactory terms , or at all . consequently , our ability to develop and maintain sources of funds to meet our capital requirements is critical to our ability to meet our growth objectives . we expect that our future capital needs will be funded by future borrowings and the issuance of debt and equity securities . however , we may not be able to raise additional funds on desired or favorable terms or at all . at december 31 , 2020 , our sources of liquidity included : ● $ 17.9 million of cash on our consolidated balance sheet at december 31 , 2020 ( $ 5.8 million of which was held by cbi ) ; ● available borrowings under our credit agreement ; and ● issuance of equity securities through our at-the-market equity program . we had outstanding borrowings of $ 62.6 million at december 31 , 2020 ( inclusive of finance lease obligations ) . at each quarter end , our borrowing capacity is limited by a leverage ratio in the credit agreement . the leverage ratio is calculated as the debt outstanding ( inclusive of finance leases ) divided by trailing-twelve-month ebitda ( as defined in the credit agreement ) . the maximum leverage ratio is 6.0 at december 31 , 2020 and march 31 , 2021 , 5.3 at june 30 , 2021 , 4.5 at september 30 , 2021 , and 4.0 at december 31 , 2021. at december 31 , 2020 , our leverage ratio was 5.8. as amended in march 2021 , the credit agreement has a maximum borrowing capacity of $ 75.0 million . in 2020 , in light of the current market conditions , we made the difficult decision to temporarily suspend payment of common unit distributions .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources the working capital needs of the inspection services segment are substantial , driven by payroll costs and reimbursable expenses paid to our inspectors on a weekly basis . please read “ risk factors — risks related to our business — the working capital needs of the inspection services segment are substantial ” , which could require us to seek additional financing that we may not be able to obtain on satisfactory terms , or at all . consequently , our ability to develop and maintain sources of funds to meet our capital requirements is critical to our ability to meet our growth objectives . we expect that our future capital needs will be funded by future borrowings and the issuance of debt and equity securities . however , we may not be able to raise additional funds on desired or favorable terms or at all . at december 31 , 2020 , our sources of liquidity included : ● $ 17.9 million of cash on our consolidated balance sheet at december 31 , 2020 ( $ 5.8 million of which was held by cbi ) ; ● available borrowings under our credit agreement ; and ● issuance of equity securities through our at-the-market equity program . we had outstanding borrowings of $ 62.6 million at december 31 , 2020 ( inclusive of finance lease obligations ) . at each quarter end , our borrowing capacity is limited by a leverage ratio in the credit agreement . the leverage ratio is calculated as the debt outstanding ( inclusive of finance leases ) divided by trailing-twelve-month ebitda ( as defined in the credit agreement ) . the maximum leverage ratio is 6.0 at december 31 , 2020 and march 31 , 2021 , 5.3 at june 30 , 2021 , 4.5 at september 30 , 2021 , and 4.0 at december 31 , 2021. at december 31 , 2020 , our leverage ratio was 5.8. as amended in march 2021 , the credit agreement has a maximum borrowing capacity of $ 75.0 million . in 2020 , in light of the current market conditions , we made the difficult decision to temporarily suspend payment of common unit distributions .
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 Suspicious Activity Report : in january , may , june , and september 2020 , we repaid a combined $ 52.0 million on the credit agreement . the average debt balance outstanding and average interest rates are summarized in the table below : replace_table_token_7_th 55 foreign currency gains ( losses ) . our canadian subsidiary has certain intercompany payables to our u.s.-based subsidiaries . such intercompany payables and receivables among our consolidated subsidiaries are eliminated in our consolidated balance sheets . we report currency translation adjustments on these intercompany payables and receivables within foreign currency gains ( losses ) in our consolidated statements of operations . the net foreign currency gains during 2020 and 2019 resulted from the appreciation of the canadian dollar relative to the u.s. dollar . other , net . other income in 2019 includes a gain of $ 1.3 million of the settlement of litigation with a former subcontractor . other expense in 2019 includes a loss of $ 0.5 million on the sale of pre-petition accounts receivable from pacific gas and electric company , which is a customer that filed for bankruptcy protection in 2019. other income in 2020 and 2019 also includes royalty income , interest income , and income associated with our 25 % interest in a water treatment facility that we account for under the equity method . income tax expense . we qualify as a partnership for income tax purposes , and therefore we generally do not pay income tax ; instead , each owner reports his or her share of our income or loss on his or her individual tax return . our income tax provision relates primarily to ( 1 ) our u.s. corporate subsidiaries that provide services to public utility customers , which do not appear to fit within the definition of qualified income as it is defined in the internal revenue code , regulations , and other guidance , which subjects this income to u.s. federal and state income taxes , ( 2 ) our canadian subsidiary , which is subject to canadian federal and provincial income taxes , and ( 3 ) certain other state income taxes , including the texas franchise tax . income tax expenses decreased from $ 2.3 million in 2019 to $ 0.5 million in 2020 , primarily due a decrease in income of our u.s. corporate subsidiary that provides services to public utility customers and a decrease in revenue that is subject to the texas franchise tax in our inspection services and pipeline and process services segments . as a publicly-traded partnership , we are subject to a statutory requirement that 90 % of our total gross income represent “ qualifying income ” ( as defined by the internal revenue code , related treasury regulations , and internal revenue service pronouncements ) , determined on a calendar-year basis . income generated by taxable corporate subsidiaries is excluded from this calculation . in 2020 , substantially all our gross income , which consisted of $ 139.0 million of revenue ( exclusive of the income generated by our taxable corporate subsidiaries ) , represented “ qualifying income ” . certain inspection services are not qualifying income and we therefore have separate taxable entities that pay state and federal income tax on these earnings . net income ( loss ) attributable to noncontrolling interests . we own a 51 % interest in cbi and a 49 % interest in cf inspection . the accounts of these subsidiaries are included within our consolidated financial statements . the portion of the net income ( loss ) of these entities that is attributable to outside owners is reported in net income ( loss ) attributable to noncontrolling interests in our consolidated statements of operations . changes in the net income ( loss ) attributable to noncontrolling interests from 2019 to 2020 related primarily to changes in the net income generated by cbi . net income attributable to preferred unitholder . on may 29 , 2018 , we issued and sold $ 43.5 million of preferred equity . the holder of the preferred units is entitled to an annual return of 9.5 % on this investment . this return is reported in net income attributable to preferred unitholder in the consolidated statements of operations . 56 segment operating results inspection services the following table summarizes the operating results of our inspection services segment for the years ended december 31 , 2020 and 2019. replace_table_token_8_th revenue . revenue decreased $ 190.5 million in 2020 compared to 2019 , due to a decrease in the average number of inspectors engaged ( a decrease of 755 inspectors accounting for $ 187.8 million of the revenue decrease ) and a decrease in the average revenue billed per inspector ( accounting for $ 2.7 million of the revenue decrease ) . revenues during 2019 benefited from the largest contract in the 18-year history of tir , which was a single-source inspection services project in texas . this project began in the fourth quarter of 2018 , peaked in the second quarter of 2019 , and continued with declining headcounts into 2020. we generated $ 8.0 million and $ 62.9 million of revenue from this project in 2020 and 2019 , respectively . our revenues during 2020 did not significantly benefit from any other large new projects . during 2020 , the covid-19 pandemic , combined with a significant decrease in crude oil prices resulting from reduced demand and an anticipated increase in supply from saudi arabia and russia , led many of our customers to change their budgets and plans . revenues of our subsidiary that serves public utility companies decreased by $ 19.1 million in 2020 compared to 2019 , due in part to lower activity as a result of the covid-19 pandemic . story_separator_special_tag we expect to fund future capital expenditures from cash flows generated from our operations , borrowings under our credit agreement , the issuance of additional partnership units , or debt offerings . as we expand into new inspection markets such as municipal water , municipal sewer , electrical transmission , bridges , among others , we should be able to use a lot of our nde equipment . however , we will need to invest in additional growth capital for attractive opportunities to enter these new markets . credit agreement we are party to a credit agreement ( the “ credit agreement ” ) with a syndicate of seven banks , with deutsche bank trust company americas ( “ db ” ) serving as the administrative agent . db has served as our agent since 2013. the obligations under the credit agreement are secured by a first priority lien on substantially all of our assets . the credit agreement has been amended several times since inception and most recently in may 2018 and again in march 2021. both recent amendments reduced the borrowing capacity following two industry downturns . after the march 2021 amendment , the credit agreement has a total capacity of $ 75.0 million and matures on may 31 , 2022. outstanding borrowings at december 31 , 2020 and december 31 , 2019 were $ 62.0 million and $ 74.9 million , respectively , and are reported in our consolidated balance sheets as long-term debt . outstanding borrowings less cash and cash equivalents was $ 44.1 million as of december 31 , 2020. the average debt balance outstanding in 2020 and 2019 was $ 80.8 million and $ 81.4 million , respectively . in march and april 2020 , in an abundance of caution , we borrowed a combined $ 39.1 million on the credit agreement to provide substantial liquidity to manage our business in light of the covid-19 pandemic and the significant decline in the price of crude oil . in january , may , june , and september 2020 , we repaid a combined $ 52.0 million on the credit agreement . all borrowings under the credit agreement bear interest , at our option , on a leveraged-based grid pricing at ( i ) a base rate plus a margin of 2.00 % to 3.75 % per annum ( “ base rate borrowings ” ) or ( ii ) an adjusted libor rate plus a margin of 3.00 % to 4.75 % per annum ( “ libor borrowings ” ) . the applicable margin is determined based on our leverage ratio , as defined in the credit agreement . under the march 2021 amendment , the applicable margins are 0.50 % to 0.75 % higher ( depending on the leverage ratio ) than they were prior to the amendment . interest on base rate borrowings is payable monthly . interest on libor borrowings is paid upon maturity of the underlying libor contract , but no less often than quarterly . commitment fees are charged at a rate of 0.50 % on any unused credit and are payable quarterly . interest paid in 2020 and 2019 was $ 3.4 million and $ 4.8 million , respectively , including commitment fees . the interest rate on our borrowings ranged from 3.33 % to 4.80 % in 2020 and 4.70 % to 6.02 % in 2019. the credit agreement contains various customary covenants and restrictive provisions . the credit agreement also requires us to maintain certain financial covenants , including a leverage ratio and an interest coverage ratio . the interest coverage ratio is calculated as the trailing-twelve-month ebitda ( as defined in the credit agreement ) divided by trailing-twelve-month pro forma interest expense ( as defined in the credit agreement ) . the minimum interest coverage ratio is 3.0 at each quarter end . at december 31 , 2020 , our interest coverage ratio was 4.7. the leverage ratio is calculated as the gross debt outstanding ( inclusive of finance leases ) divided by trailing-twelve-month ebitda ( as defined in the credit agreement ) . the maximum leverage ratio is 6.0x at december 31 , 2020 and march 31 , 2021 , 5.3x at june 30 , 2021 , 4.5x at september 30 , 2021 , and 4.0x at december 31 , 2021. at december 31 , 2020 , our leverage ratio was 5.8. as of december 31 , 2020 , we were in compliance with all covenants of the credit agreement ( as amended in march 2021 ) . we currently are forecasting a sufficient level of ebitda to remain in compliance with the financial covenants in the credit agreement throughout the term of the credit agreement . however , maintaining a sufficient level of ebitda will be dependent on the level of activity in the markets we serve and on our ability to win awards for work from our customers , and may require us to sell common units through our at-the-market equity program to raise proceeds to repay debt and or to delay reimbursements to affiliates on a short-term basis . it is reasonably possible that we could fail to meet one or both of the financial covenant ratios . if this were to occur , and if we were unable to obtain from the lenders a waiver of the covenant violation , we would be in default on the credit agreement . upon the occurrence and during the continuation of an event of default , subject to the terms and conditions of the credit agreement , the lenders may declare any outstanding principal , together with any accrued and unpaid interest , to be immediately due and payable and may exercise the other remedies set forth or referred to in the credit agreement . the credit agreement contains significant limitations on our ability to pay cash distributions . we may only pay the following cash distributions : ● distributions to common and preferred unitholders

