Borrowing Arrangements

12 Months Ended

Dec. 31, 2011

Borrowing Arrangements [Abstract]

Borrowing Arrangements

Note H. Borrowing Arrangements

Long-term borrowings, in order of preference, consist of:

		Amount Outstanding
	Due Date	December 31, 2011		December 31, 2010
	(In thousands)
Senior credit facility	June 2013	$	80,000	$	95,200
Capital lease obligations	Various		972		1,525
Obligations on Seller notes and other	Various		1,041		1,177
Total debt			82,013		97,902
Less current portion			754		673
Total long-term debt		$	81,259	$	97,229

Future minimum payments of total long-term debt at December 31, 2011 are as follows:

2012	$	2,329
2013		81,268
2014		206
2015		206
2016		206
Thereafter		223
Total minimum payments		84,438
Less: Amounts representing interest		3,397
Present value of minimum payments		81,041
Present value of minimum payments of capital leases(1)		972
Less: Current portion		754
Total long-term portion	$	81,259

(1) Future minimum lease payments under capital leases are included in Note O.

Senior Credit Facility

On July 15, 2008, we amended and restated our credit facility.

The $210,000 revolving senior credit facility will expire on June 29, 2013. The revolving senior credit facility includes a letter of credit sub-facility with a sublimit of $50,000. The $50,000 letter of credit sub-facility does not limit the maximum actual borrowings on the revolving senior credit facility.

This revolving senior credit facility bears interest, at our option, at either (1) LIBOR plus an applicable LIBOR margin of between 2.00% and 3.50% depending on the ratio of our total funded indebtedness to our EBITDA from time to time (“Total Debt Ratio”) or (2) the Base Rate (as defined below) plus an applicable Base Rate Margin of between 0.50% and 2.00% depending on our Total Debt Ratio. We may elect interest periods of one, two, three or six months for LIBOR based borrowings. The Base Rate is the greater of (i) the rate publicly announced from time to time by Bank of America, N.A. as its “prime rate,” or (ii) the overnight federal funds rate plus 0.50%.

Certain financial covenants limit the Company’s capacity to fully draw on its $210,000 revolving credit facility. Our senior credit facility includes a fixed charge ratio covenant, a total debt to EBITDA ratio covenant, a limit on our ability to incur additional indebtedness, issue preferred stock or pay dividends, and certain other restrictions on our activities. We are required to repay borrowings under our senior credit facility out of the proceeds of future issuances of debt or equity securities and asset sales, subject to certain customary exceptions. Our senior credit facility is secured by substantially all of our assets and all assets acquired in the future (including a pledge of 100% of the stock of our existing and future domestic guarantor subsidiaries and 65% of the stock of our existing and future foreign subsidiaries).

We are in compliance with all of our covenants as of December 31, 2011.

The weighted average interest rate on our senior credit facility at December 31, 2011 and 2010 was 2.5% and 2.6%, respectively. The rate includes all outstanding LIBOR contracts, interest rate cap effect and letters of credit. The weighted average interest rate on outstanding borrowings, not including letters of credit, was 2.6% at December 31, 2011 and December 31, 2010.

At December 31, 2011, we had $16,823 of letters of credit outstanding under the senior credit facility, borrowings against the senior credit facility aggregated $80,000, and we had $61,424 available under the senior credit facility.

We have entered into various financing agreements, which were used for the purchase of equipment.