|9 Months Ended|
Sep. 30, 2022
|Debt Disclosure [Abstract]|
Note 13. Financing Arrangements
On September 27, 2018, the Company entered into a Credit Agreement with Umpqua Bank (the “Umpqua Credit Agreement”), which allowed the Company to borrow up to $10.0 million under a revolving loan facility (the “Revolving Facility”). In August 2020, the Company entered into an amendment to the Umpqua Credit Agreement to increase the size of the available loan facility from $10.0 million to $20.0 million. In September 2022, the Company obtained an extension of the term of the Revolving Facility, originally set to expire in September 2022, through November 27, 2022, while it negotiates for renewal terms. The Revolving Facility is for general working capital purposes. Borrowings under the Umpqua Credit Agreement are secured by substantially all of the assets of the Company and includes a letter of credit sub-facility of up to $5.0 million. Any amounts outstanding under the letter of credit sub-facility reduce the amount available for the Company to borrow under the Revolving Facility.
During the nine months ended September 30, 2022, the Company utilized $5.0 million of the letter of credit sub-facility for letters of credit related to customer contract requirements. The available loan facility as of September 30, 2022 and December 31, 2021 was approximately $15.0 million and $20.0 million, respectively. There were no borrowings outstanding as of September 30, 2022 and December 31, 2021.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef