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CORPORATE BORROWINGS | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
CORPORATE BORROWINGS | CORPORATE BORROWINGS Indebtedness Outstanding. The following table presents the Company’s outstanding indebtedness
| December 31, |  |
Description(a) | 2020 |  | 2019 |  |
Credit Agreement - Revolver, 1.15% (variable rate) due 2025 | $ | — |  |  | $ | — |  |  |
Previous Credit Agreement - Revolver, 3.19% (variable rate) due 2022 | — |  |  | 300 |  |  |
Secured Promissory Note, 3.71% (fixed rate) due 2022 | — |  |  | 1,208 |  |  |
Prudential Note Purchase Agreement, 3.53% (fixed rate) due 2027 | 20,000 |  |  | 20,000 |  |  |
Prudential Note Purchase Agreement, 3.80% (fixed rate) due 2029 | 20,000 |  |  | 20,000 |  |  |
Total indebtedness outstanding | 40,000 |  |  | 41,508 |  |  |
Less unamortized loan fees(b) | (129) |  |  | (448) |  |  |
Total indebtedness outstanding, net | 39,871 |  |  | 41,060 |  |  |
Less current maturities of long-term debt | (1,600) |  |  | (401) |  |  |
Long-term debt | $ | 38,271 |  |  | $ | 40,659 |  |  |
(a) Interest rates are as of December 31, 2020, except for the Previous Credit Agreement which is as of December 31, 2019. (b) Loan fees are being amortized over the life of the Credit Agreement and Note Purchase Agreement. Credit Agreement and Note Purchase Agreements. On February 14, 2020, the Company entered into a new credit agreement (the "Credit Agreement") with multiple participants led by Wells Fargo Bank, National Association ("Wells Fargo Bank"). The Credit Agreement provides for a $300,000 revolving credit facility. The Company may increase the facility from time to time by an aggregate principal amount of up to $100,000 provided certain conditions are satisfied and at the discretion of the lender. The Credit Agreement matures on February 14, 2025. The Credit Agreement is secured by substantially all assets, excluding real property. The Credit Agreement includes certain requirements and covenants, which the Company was in compliance with at December 31, 2020. The Company incurred $1,148 new loan fees related to the Credit Agreement during 2020. The unamortized balance of total loan fees related to the Credit Agreement was $1,195 at December 31, 2020, which were included in Other assets, net on the Consolidated Balance Sheet. The unamortized loan fees are being amortized over the life of the Credit Agreement. As of December 31, 2020, the Company had no outstanding borrowings under the Credit Agreement leaving $300,000 available. The interest rate for the borrowings of the Credit Agreement at December 31, 2020 was 1.2%. The Credit Agreement replaced the Company's $150,000 Credit Agreement ("Previous Credit Agreement) with Wells Fargo Bank, which was entered into on August 23, 2017. The Previous Credit Agreement was set to mature on August 23, 2022. The Previous Credit Agreement was secured by substantially all assets, excluding real property. The interest rate for borrowings of the Previous Credit Agreement at December 31, 2019 was 3.2%. On August 23, 2017, the Company also entered into a Note Purchase and Private Shelf Agreement (the "Note Purchase Agreement") with PGIM, Inc. ("Prudential Capital Group"), an affiliate of Prudential Financial, Inc., and certain affiliates of PGIM, Inc. The Note Purchase Agreement was amended by the First Amendment to Private Shelf Agreement as of February 14, 2020 and the Second Amendment to Private Shelf Agreement as of September 30, 2020. The amended agreement provides for the issuance of up to $105,000 of Senior Secured Notes the shelf facility and issuance of up $20,000 Senior Secured Notes. The Company issued $20,000 of Senior Secured Notes with a maturity date of August 23, 2027. The Senior Secured Notes bear interest at a rate of 3.5 percent per year. On April 30, 2019, the Company issued $20,000 of additional Senior Secured Notes with a maturity date of April 30, 2029. The Senior Secured Notes bear interest at a rate of 3.8 percent per year. The Note Purchase Agreement includes certain requirements and covenants, which the Company was in compliance with at December 31, 2020. The Company incurred no new loan fees related to the Note Purchase Agreement during 2020. The unamortized balance of total loan fees related to the Note Purchase Agreement was $129 at December 31, 2020 and is being amortized over the life of the Note Purchase Agreement. The Note Purchase Agreement is secured by substantially all assets, excluding real property. Debt Maturities. Aggregate amount of maturities for long-term debt as of December 31, 2020 are as follows:
2021 | $ | 1,600 |
2022 | 3,200 |
2023 | 5,600 |
2024 | 6,400 |
2025 | 6,400 |
Thereafter | 16,800 |
Total | $ | 40,000 |

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- Definition The entire disclosure for debt and capital lease obligations can be reported. 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. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 Reference 2: 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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