Credit Facilities

12 Months Ended

Dec. 31, 2016

The principal amounts of the Company’s borrowings subject to variable rates totaled approximately $325,000,000 and $125,000,000 at December 31, 2016 and 2015, respectively. The weighted average interest rate on the Company’s outstanding borrowings was approximately 2.39% and 2.76% at December 31, 2016 and 2015, respectively.

The Company maintains a $1,200,000,000 unsecured revolving line of credit with a consortium of financial institutions, which matures in June 2021 with an optional one year extension and bears interest at LIBOR plus a margin, which is based on the Company’s leverage ratio (1.52% at December 31, 2016). The Company also has the option under this agreement to increase its borrowing an additional $350,000,000, as well as an option to decrease the borrowing capacity or terminate the facility with appropriate notice. At December 31, 2016 and 2015, approximately $325,000,000 and $125,000,000 were outstanding under this line of credit, respectively.

Certain borrowings require the Company to comply with a financial covenant with respect to a maximum debt-to-capitalization ratio. At December 31, 2016, the Company was in compliance with all such covenants. Due to the workers’ compensation and insurance reserve requirements in certain states, the Company also had unused letters of credit of $64,930,000 and $62,874,000 outstanding at December 31, 2016 and 2015, respectively.

Amounts outstanding under the Company’s credit facilities consist of the following:



	December 31
	2016		2015
	(In Thousands)
Unsecured revolving line of credit, $1,200,000,000, LIBOR plus 0.75% variable	$	325,000	$	125,000
Unsecured term notes:
November 30, 2011, Series D and E Senior Unsecured Notes, $250,000,000, 3.35% fixed, due November 30, 2016	—		250,000
July 29, 2016, Series G Senior Unsecured Notes, $50,000,000, 2.39% fixed, due July 29, 2021	50,000		—
December 2, 2013, Series F Senior Unsecured Notes, $250,000,000, 2.99% fixed, due December 2, 2023	250,000		250,000
November 30, 2016, Series H Senior Unsecured Notes, $250,000,000, 2.99% fixed, due November 30, 2026	250,000		—
Total debt	875,000		625,000
Less debt due within one year	325,000		375,000
Long-term debt, excluding current portion	$	550,000	$	250,000

Approximate maturities under the Company’s credit facilities are as follows (in thousands):



2017	$	325,000
2018	—
2019	—
2020	—
2021	50,000
Thereafter	500,000
	$	875,000