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Note Payable
12 Months Ended
Dec. 31, 2018
Notes Payable, Current [Abstract]  
Note Payable
Note Payable
We had one line of credit through multiple commercial banks with a borrowing capacity of $225 million and an additional $50 million accordion feature. Our unsecured revolving credit facility had a term of five years that was due to expire May 13, 2019. We had no compensating balance requirements on short-term debt for either 2018 or 2017. At December 31, 2018 and 2017, $32 million and $24 million was drawn on the line of credit, respectively. The interest rate charged on our borrowings on this credit agreement ranged from 2.45 percent to 4.75 percent during 2018 and ranged from 1.65 percent to 2.45 percent during 2017.

Effective February 4, 2019, we amended our unsecured revolving line of credit to $300 million with an accordion feature of an additional $300 million. The agreement was extended for five years, amending the expiration to February 4, 2024, with the option of two one-year extensions. Terms and conditions are similar to the former agreement except the net worth covenant has been eliminated and the debt-to-total capital maximum shall not exceed 35 percent.