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Line of Credit
12 Months Ended
Dec. 31, 2019
Line of Credit Facility [Abstract]  
Line of Credit

9. Line of Credit

The Company has a $40 million unsecured revolving line of credit with a bank. This facility is renewable annually and terminates on September 30, 2020. Borrowings under this facility bear interest at the one-month LIBOR rate (1.754% at December 31, 2019) plus 150 basis points. The Company is charged one-quarter of a percent (0.25%) per year on the unused portion. At December 31, 2019, the Company was in compliance with the terms and covenants of the credit facility, which remains unused. At December 31, 2018, the Company was in compliance with the terms and covenants of a previous credit facility.