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LONG-TERM OBLIGATIONS | 9 Months Ended
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Sep. 30, 2024
LONG-TERM OBLIGATIONS |
LONG-TERM OBLIGATIONS | 5. LONG-TERM OBLIGATIONS Credit Facility The Company’s loan agreement with First Horizon Bank, which governs its $100.0 million amended 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. T he 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. In the absence of default, all borrowings under the credit facility bear interest at the one-month Term SOFR Rate plus 1.00% or 1.25% per annum. We were in compliance with all covenants under the credit facility throughout 2023 and the first nine months of 2024. T he Company pays a quarterly 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. For the three months ended September 30, 2024 and 2023, interest expense on the credit facility was $1.1 million and $1.0 million, respectively. For the nine months ended September 30, 2024 and 2023, interest expense on the credit facility was $3.2 million and $2.4 million, respectively. The Company had outstanding borrowings of $65.0 million and $60.0 million under the credit facility as of September 30, 2024 and December 31, 2023, respectively.

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- 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
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