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Short-Term Borrowings | 9 Months Ended
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Sep. 30, 2021
Short-Term Borrowings |
Short-Term Borrowings | 12. Short-Term Borrowings At September 30, 2021, the Company had a $30 million revolving line of credit with a bank that is secured by a lien against the Company’s general corporate assets. The line of credit bears interest at LIBOR plus 1.35%. The related credit agreement contains customary representations, warranties, and covenants (including a minimum tangible net worth financial covenant) for a facility of this type. At September 30, 2021, and during the nine-months then ended, there were no amounts outstanding under the line of credit. On November 4, 2021, the Company renewed the line of credit agreement , with an increased borrowing limit of $40 million. The new agreement expires on November 4, 2022. The other principal terms of the new agreement are substantially unchanged.

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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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