XML 27 R15.htm IDEA: XBRL DOCUMENT
v3.23.3

LONG-TERM OBLIGATIONS | 9 Months Ended
--- | ---
Sep. 30, 2023
LONG-TERM OBLIGATIONS |
LONG-TERM OBLIGATIONS | ​ 7. LONG-TERM OBLIGATIONS Credit Facility The Company’s current loan agreement with First Horizon Bank, which governs its existing $100.0 million unsecured revolving credit facility with a maturity date of May 31, 2027, contains customary representations and warranties, events of default, and financial, affirmative and negative covenants for loan agreements of this kind. The credit facility restricts the payment of cash dividends if the payment would cause the Company to be in violation of the minimum tangible net worth test or the leverage ratio test in the loan agreement, among various other customary covenants. The Company has been in compliance with these covenants throughout 2022 and during the nine months ended September 30, 2023, and it is anticipated that the Company will continue to be in compliance for the foreseeable future. In absence of a default, all borrowings under the credit facility bear interest at the one-month Term SOFR Rate plus 1.00% or 1.25% per annum, depending on the leverage ratio. The Company pays a non-usage fee under the current loan agreement at a rate per annum equal to between 0.15% and 0.35% of the unused amount of the credit facility, which fee is paid quarterly. The Company retained $60.0 million in outstanding borrowings under its credit facility at September 30, 2023. At September 30, 2023 and December 31, 2022, the Company had cash and temporary investments of $26,847 and $40,153, respectively.

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 -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration