XML 34 R17.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Short-Term Borrowings and Credit Lines | 12 Months Ended
--- | ---
Dec. 31, 2021
Debt Disclosure [Abstract] |
Short-term Debt [Text Block] |
NOTE 7 — SHORT-TERM BORROWINGS AND CREDIT LINES
DOMESTIC CREDIT FACILITY The Company has an unsecured, committed revolving credit facility that provides for funding up to $500.0 million. This credit agreement matures on December 30, 2025. Interest, payable monthly, is based on the Company's option of either LIBOR plus an applicable margin or a base rate. Base rate is defined as the highest of the following, plus an applicable margin: •the administrative agent's prime rate; •the higher of the federal funds rate or the overnight bank funding rate set by the Federal Reserve Bank of New York, plus 0.50%; or •the one-month LIBOR plus 1.00%. This credit agreement requires the Company to comply with certain financial covenants covering the Company's funded debt ratio and asset coverage ratio. The credit agreement also includes customary covenants that, among other things, limit or restrict the ability of the Company and its subsidiaries to incur additional indebtedness and liens, engage in mergers, acquisitions and dispositions, and engage in transactions with affiliates, as well as restrict certain payments, including dividends and share buybacks. At December 31, 2021 and 2020, the Company was in compliance with all associated covenants and there was no balance outstanding. INTERNATIONAL CREDIT FACILITY The Company's European subsidiary has available an unsecured, committed line of credit, which are guaranteed by the Company, and provides for borrowing up to a maximum of €4.4 million (approximately US$5.0 million) at December 31, 2021, with borrowings to accrue interest at a base rate plus 75 basis points. At December 31, 2021 and 2020, there was no balance outstanding.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for short-term debt. + 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
Name: | us-gaap_ShortTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration