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Notes Payable and Other Indebtedness | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Notes Payable and Other Indebtedness | Notes Payable The Company issued promissory notes in connection with certain acquisitions and other payment obligations. These notes are due in varying installments and, in aggregate, amounted to $0.5 million at December 31, 2019, and $0.7 million at December 31, 2018. At December 31, 2019, $0.5 million of the notes were collateralized by a standby letter of credit. The following table shows the schedule of maturities for notes payable at December 31, 2019 (in thousands):
2020 | $ | 218 |
2021 | 239 |
| $ | 457 |
At December 31, 2019, the notes carried fixed rates and the weighted average interest rate for the above was 9.0% for each of the years ended December 31, 2019, 2018 and 2017. The Company has an uncommitted letter of credit facility (the “facility”) of up to $35.0 million, which is available to cover the issuance of debt support standby letters of credit. The Company had used $16.8 million in debt support standby letters of credit as of December 31, 2019, and $14.4 million as of December 31, 2018. Of the debt support standby letters of credit outstanding, $16.3 million as of December 31, 2019, and $13.7 million as of December 31, 2018, satisfies workers’ compensation insurer’s collateral requirements. There is a service fee of 1.125% on the used portion of the facility. The facility is subject to certain financial covenants and expires on August 31, 2020. The Company was in compliance with these covenants as of December 31, 2019. The Company intends to renew this facility prior to its August 31, 2020 expiration. In March 2019, the Company entered into an uncommitted credit facility (the “Credit Agreement”) of up to $100 million. The Company may request borrowings under the Credit Agreement that are denominated in U.S. dollars and each request is subject to approval by the lender. The Company must repay the aggregate principal amount of loans outstanding under the Credit Agreement on the termination date of each borrowing. Borrowings under the Credit Agreement will bear interest in accordance with the terms of the borrowing, which typically will be calculated according to the London Interbank Offered Rate plus an applicable margin. There were no borrowings under the Credit Agreement as of December 31, 2019. The Company intends to renew this facility prior to its March 19, 2020, expiration.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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