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Unsecured Line of Credit
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Unsecured Line of Credit

8.Unsecured Line of Credit

 

On December 16, 2020, the Company entered into an unsecured line of credit (the “Line of Credit”) for $100 million with multiple banks. During July 2021 additional banks were added under the Line of Credit, and the total borrowing capacity was increased to $450 million. The Line of Credit expires on December 16, 2023, at which time the Company may request additional one-year extensions thereafter. Interest under the Line of Credit is determined based on one-month U.S. dollar-denominated LIBOR plus 3.0%. The repayment of the Line of Credit is guaranteed by the Company. As of December 31, 2020, the capacity of the unsecured Line of Credit was $100 million. There was $375 million and no outstanding borrowings on the line of credit as of December 31, 2021 and 2020, respectively.