CORPORATE BORROWINGS

12 Months Ended

Dec. 31, 2020

Indebtedness Outstanding. The following table presents the Company’s outstanding indebtedness


	December 31,
Description(a)	2020		2019
Credit Agreement - Revolver, 1.15% (variable rate) due 2025	$	—	$	—
Previous Credit Agreement - Revolver, 3.19% (variable rate) due 2022	—		300
Secured Promissory Note, 3.71% (fixed rate) due 2022	—		1,208
Prudential Note Purchase Agreement, 3.53% (fixed rate) due 2027	20,000		20,000
Prudential Note Purchase Agreement, 3.80% (fixed rate) due 2029	20,000		20,000
Total indebtedness outstanding	40,000		41,508
Less unamortized loan fees(b)	(129)		(448)
Total indebtedness outstanding, net	39,871		41,060
Less current maturities of long-term debt	(1,600)		(401)
Long-term debt	$	38,271	$	40,659

(a) Interest rates are as of December 31, 2020, except for the Previous Credit Agreement which is as of December 31, 2019.

(b) Loan fees are being amortized over the life of the Credit Agreement and Note Purchase Agreement.

Credit Agreement and Note Purchase Agreements. On February 14, 2020, the Company entered into a new credit agreement (the "Credit Agreement") with multiple participants led by Wells Fargo Bank, National Association ("Wells Fargo Bank"). The Credit Agreement provides for a $300,000 revolving credit facility. The Company may increase the facility from time to time by an aggregate principal amount of up to $100,000 provided certain conditions are satisfied and at the discretion of the lender. The Credit Agreement matures on February 14, 2025. The Credit Agreement is secured by substantially all assets, excluding real property.

The Credit Agreement includes certain requirements and covenants, which the Company was in compliance with at December 31, 2020. The Company incurred $1,148 new loan fees related to the Credit Agreement during 2020. The unamortized balance of total loan fees related to the Credit Agreement was $1,195 at December 31, 2020, which were included in Other assets, net on the Consolidated Balance Sheet. The unamortized loan fees are being amortized over the life of the Credit Agreement.

As of December 31, 2020, the Company had no outstanding borrowings under the Credit Agreement leaving $300,000 available. The interest rate for the borrowings of the Credit Agreement at December 31, 2020 was 1.2%.

The Credit Agreement replaced the Company's $150,000 Credit Agreement ("Previous Credit Agreement) with Wells Fargo Bank, which was entered into on August 23, 2017. The Previous Credit Agreement was set to mature on August 23, 2022. The Previous Credit Agreement was secured by substantially all assets, excluding real property. The interest rate for borrowings of the Previous Credit Agreement at December 31, 2019 was 3.2%.

On August 23, 2017, the Company also entered into a Note Purchase and Private Shelf Agreement (the "Note Purchase Agreement") with PGIM, Inc. ("Prudential Capital Group"), an affiliate of Prudential Financial, Inc., and certain affiliates of PGIM, Inc. The Note Purchase Agreement was amended by the First Amendment to Private Shelf Agreement as of February 14, 2020 and the Second Amendment to Private Shelf Agreement as of September 30, 2020. The amended agreement provides for the issuance of up to $105,000 of Senior Secured Notes the shelf facility and issuance of up $20,000 Senior Secured Notes. The Company issued $20,000 of Senior Secured Notes with a maturity date of August 23, 2027. The Senior Secured Notes bear interest at a rate of 3.5 percent per year. On April 30, 2019, the Company issued $20,000 of additional Senior Secured

Notes with a maturity date of April 30, 2029. The Senior Secured Notes bear interest at a rate of 3.8 percent per year. The Note Purchase Agreement includes certain requirements and covenants, which the Company was in compliance with at December 31, 2020. The Company incurred no new loan fees related to the Note Purchase Agreement during 2020. The unamortized balance of total loan fees related to the Note Purchase Agreement was $129 at December 31, 2020 and is being amortized over the life of the Note Purchase Agreement. The Note Purchase Agreement is secured by substantially all assets, excluding real property.

Debt Maturities. Aggregate amount of maturities for long-term debt as of December 31, 2020 are as follows:


2021	$	1,600
2022	3,200
2023	5,600
2024	6,400
2025	6,400
Thereafter	16,800
Total	$	40,000