v3.23.1
Line of Credit
3 Months Ended
Apr. 01, 2023
Line of Credit [Abstract]  
LINE OF CREDIT

NOTE 6 - LINE OF CREDIT

 

On January 7, 2022, the Company entered into a $40 million unsecured revolving line of credit agreement with a bank that expires January 7, 2025. Borrowings under this new facility bear interest at either 1) the Bloomberg short-Term Bank Yield Index – 1 month plus 150 basis points, or 2) a fluctuating rate per annum equal to the greater of (i) the Bank’s prime rate or (ii) the federal funds rate plus 50 basis points. The Company is also charged one-quarter of a percent (0.25%) per year on the unused portion. At April 1, 2023, the Company was in compliance with the terms and covenants of the credit facility and the line of credit was unused.