LONG-TERM OBLIGATIONS	12 Months Ended
Dec. 31, 2020
LONG-TERM OBLIGATIONS
LONG-TERM OBLIGATIONS	3.LONG-TERM OBLIGATIONS Long-Term Obligations On December 21, 2020, we amended and restated our loan agreement with First Horizon Bank, which governs our existing $50,000 unsecured revolving credit facility, to (i) renew and extend the maturity date to May 31, 2027 and make certain other conforming changes, (ii) amend the tangible net worth covenant to increase the minimum required compliance level thereunder from $160,000 to $190,000 (the Company’s tangible net worth at December 31, 2020 was approximately $271,000), and (iii) allow for the sale and leaseback of certain equipment. The credit facility contains customary representations and warranties, events of default, and financial, affirmative and negative covenants for loan agreements of this kind. Covenants under the credit facility restrict the payment of cash dividends if the Company would be in violation of the minimum tangible net worth test or the leverage ratio test in the current loan agreement as a result of the dividend, among various restrictions. We have been in compliance with these covenants throughout 2019 and 2020. In the absence of a default, all borrowings under the credit facility bear interest at the LIBOR Rate plus 1.00% or 1.25% per annum. The Company will pay a 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, which fee is paid quarterly. Interest expense on the credit facility was $235, $684, and $512 for the years ended December 31, 2020, 2019, and 2018, respectively. The Company had no outstanding borrowings under the credit facility at December 31, 2020 and $4,998 in outstanding borrowings under the credit facility at December 31, 2019. Our French subsidiary, Jige International S.A., had an agreement with Banque Européenne du Crédit Mutuel for an unsecured fixed rate loan which matured at September 30, 2020. At December 31, 2019, the Company had $368 in outstanding borrowings under the loan agreement, all of which was classified as short-term obligations on the consolidated balance sheets. These borrowings were used primarily for the purchase of land and routine repairs to the operating facilities in France. Interest Rate Sensitivity. Changes in interest rates affect the interest paid on indebtedness under our credit facility because the outstanding amounts of indebtedness under our credit facility are subject to variable interest rates. Under our credit facility, the non-default rate of interest is equal to the LIBOR Market Index Rate plus 1.00% or 1.25% per annum, depending on the leverage ratio (for a rate of interest of 1.14% at December 31, 2020). A one percent change in the interest rate on our variable-rate debt would not have materially impacted our financial position, results of operations or cash flows for the year ended December 31, 2020.

LONG-TERM OBLIGATIONS

12 Months Ended

Dec. 31, 2020

3.LONG-TERM OBLIGATIONS

Long-Term Obligations

On December 21, 2020, we amended and restated our loan agreement with First Horizon Bank, which governs our existing $50,000 unsecured revolving credit facility, to (i) renew and extend the maturity date to May 31, 2027 and make certain other conforming changes, (ii) amend the tangible net worth covenant to increase the minimum required compliance level thereunder from $160,000 to $190,000 (the Company’s tangible net worth at December 31, 2020 was approximately $271,000), and (iii) allow for the sale and leaseback of certain equipment. The credit facility contains customary representations and warranties, events of default, and financial, affirmative and negative covenants for loan agreements of this kind. Covenants under the credit facility restrict the payment of cash dividends if the Company would be in violation of the minimum tangible net worth test or the leverage ratio test in the current loan agreement as a result of the dividend, among various restrictions. We have been in compliance with these covenants throughout 2019 and 2020. In the absence of a default, all borrowings under the credit facility bear interest at the LIBOR Rate plus 1.00% or 1.25% per annum. The Company will pay a 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, which fee is paid quarterly. Interest expense on the credit facility was $235, $684, and $512 for the years ended December 31, 2020, 2019, and 2018, respectively.

The Company had no outstanding borrowings under the credit facility at December 31, 2020 and $4,998 in outstanding borrowings under the credit facility at December 31, 2019.

Our French subsidiary, Jige International S.A., had an agreement with Banque Européenne du Crédit Mutuel for an unsecured fixed rate loan which matured at September 30, 2020. At December 31, 2019, the Company had $368 in outstanding borrowings under the loan agreement, all of which was classified as short-term obligations on the consolidated balance sheets. These borrowings were used primarily for the purchase of land and routine repairs to the operating facilities in France.

Interest Rate Sensitivity. Changes in interest rates affect the interest paid on indebtedness under our credit facility because the outstanding amounts of indebtedness under our credit facility are subject to variable interest rates. Under our credit facility, the non-default rate of interest is equal to the LIBOR Market Index Rate plus 1.00% or 1.25% per annum, depending on the leverage ratio (for a rate of interest of 1.14% at December 31, 2020). A one percent change in the interest rate on our variable-rate debt would not have materially impacted our financial position, results of operations or cash flows for the year ended December 31, 2020.