XML 25 R11.htm IDEA: XBRL DOCUMENT
v3.22.4

LONG-TERM OBLIGATIONS | 12 Months Ended
--- | ---
Dec. 31, 2022
LONG-TERM OBLIGATIONS |
LONG-TERM OBLIGATIONS | 3.LONG-TERM OBLIGATIONS Credit Facility On December 21, 2020, we amended and restated our loan agreement with First Horizon Bank (successor in interest to First Tennessee Bank National Association) (“First Horizon”). The loan agreement provided for a $50,000 unsecured revolving credit facility with a maturity date of May 31, 2027. Borrowings under the credit facility bore interest at the LIBOR Rate (as defined in the loan agreement) plus 1.00% or 1.25% per annum, and we are required to pay a quarterly non-usage fee at a rate per annum equal to between 0.15% and 0.35% of the unused amount of the credit facility. The credit facility contains customary representations and warranties, events of default, and financial affirmative and negative covenants for loan agreements of this kind. Covenants under the credit facility restrict the payment of cash dividends if we would be in violation of the minimum tangible net worth test or the leverage ratio test as a result of the dividend, among other restrictions. On October 28, 2022, we entered into a first amendment to the loan agreement with First Horizon. Among other things, the amendment increased availability under the credit facility to a maximum principal amount of $100,000, made certain technical and operational adjustments necessary to implement the one month Term SOFR Rate (as defined in the loan agreement) as the primary interest rate index under the facility, and added a new asset coverage financial covenant test. All other material terms and conditions of the credit facility remained unchanged. From and after the amendment, all borrowings under the credit facility bear interest at the one month Term SOFR Rate plus 1.00% or 1.25% per annum. Interest expense on the credit facility was $1,088, $75, and $235 for the years ended December 31, 2022, 2021, and 2020, respectively. We were in compliance with all covenants under the credit facility as of December 31, 2022. The Company had outstanding borrowings of $45,000 under the credit facility at December 31, 2022. The Company had no outstanding borrowings under the credit facility at December 31, 2021. Interest Rate Sensitivity Changes in interest rates affect the interest paid on indebtedness under our credit facility because the outstanding amounts of indebtedness under our credit facility are subject to variable interest rates. Under our credit facility, the non-default rate of interest is equal to the one month Term SOFR Rate plus 1.00% or 1.25% per annum, depending on the leverage ratio (for a rate of interest of 5.47% at December 31, 2022). A one percent change in the interest rate on our variable-rate debt would not have materially impacted our financial position, results of operations or cash flows for the year ended December 31, 2022.

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

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration