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LINE OF CREDIT
3 Months Ended
Mar. 28, 2020
Line of Credit Facility [Abstract]  
LINE OF CREDIT

NOTE 6 — LINE OF CREDIT

The Company has a $40 million revolving line of credit with a bank. This facility is renewable annually and terminates on September 30, 2020. Borrowings under this facility bear interest at the one-month LIBOR rate (1.016% at March 28, 2020) plus 150 basis points. The Company is charged one-quarter of a percent (0.25%) per year on the unused portion. At March 28, 2020 and December 31, 2019, the Company was in compliance with the terms and covenants of the credit facility, which remains unused.