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Short-Term Borrowings | 9 Months Ended
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Sep. 30, 2020
Short-Term Borrowings. |
Short-Term Borrowings | 12. Short-Term Borrowings At September 30, 2020, the Company had a $60 million unsecured revolving line of credit with PNC Bank, National Association ("PNC") that was originally set to expire on November 5, 2020. The line of credit bore interest at the London Interbank Offered Rate (“LIBOR”) plus 0.75%. At September 30, 2020, outstanding borrowings were approximately $5.2 million at an interest rate of 0.90%. The highest balance on the line of credit during the nine months ended September 30, 2020 was $8.5 million. On November 4, 2020, the Company terminated its existing line of credit with PNC and entered into a new $30 million revolving line of credit with Associated Bank, National Association that is secured by a lien against the Company's general corporate assets. The new line of credit bears interest at LIBOR plus 1.35% and expires on November 4, 2021. The related credit agreement contains customary representations, warranties, and covenants (including a minimum tangible net worth financial covenant) for a facility of this type.

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- Definition The entire disclosure for short-term debt. + References Reference 1: 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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