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Line of Credit
9 Months Ended
Sep. 28, 2024
Line of Credit [Abstract]  
LINE OF CREDIT

NOTE 6 - LINE OF CREDIT

 

On June 6, 2024, the Company amended its existing $40 million unsecured revolving line of credit agreement with a bank, which now expires January 7, 2028. Borrowings under this new facility bear interest at the applicable Secured Overnight Financing Rate (SOFR), plus 150 basis points, plus an additional adjustment of eight basis points. The Company is also charged one-quarter of a percent (0.25%) per year on the unused portion. At September 28, 2024, the Company was in compliance with the terms and covenants of the credit facility and the line of credit was unused.