XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
LINE OF CREDIT
9 Months Ended
Sep. 29, 2018
Line of Credit Facility [Abstract]  
LINE OF CREDIT

NOTE 5 - LINE OF CREDIT

 

The Company has a $40 million revolving line of credit with a bank. This facility is renewable annually and terminates on August 31, 2019. Borrowings under this facility bear interest at the one-month LIBOR rate (2.256% at September 28, 2018) plus 150 basis points. The Company is charged one-quarter of a percent (0.25%) per year on the unused portion. At September 29, 2018, the Company was in compliance with the terms and covenants of the credit facility, which remains unused. At December 31, 2017, the Company was in compliance with the terms and covenants of a previous credit facility.