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Notes Payable | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Notes Payable | Notes Payable The Company has a promissory note payable with a balance of $0.2 million at December 31, 2020, and $0.5 million at December 31, 2019, which bears interest at a fixed interest rate of 9.0% per annum and will mature in October 2021. 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 $17.0 million in debt support standby letters of credit as of December 31, 2020, and $16.8 million as of December 31, 2019. Of the debt support standby letters of credit outstanding, $16.8 million as of December 31, 2020, and $16.3 million as of December 31, 2019, satisfies workers’ compensation insurer’s collateral requirements. There is a service fee of 1.5% on the used portion of the facility. The facility is subject to certain financial covenants and expires on August 31, 2021. The Company was in compliance with these covenants as of December 31, 2020. The Company intends to renew this facility prior to its August 31, 2021 expiration. In May 2020 the Company entered into a new $100 million unsecured revolving credit facility (the “364-Day Credit Agreement”). Borrowings under the 364-Day Credit Agreement will bear interest in accordance with the terms of the borrowing, which typically will be calculated according to the LIBOR plus an applicable margin. The 364-Day Credit Agreement is subject to certain financial covenants and the Company was in compliance with these covenants as of December 31, 2020. There were no borrowings under the 364-Day Credit Agreement as of December 31, 2020.

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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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