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Credit Facilities

12 Months Ended

Dec. 31, 2011

3.	Credit Facilities

There were no amounts subject to variable rates at December 31, 2011 and 2010. The weighted average interest rate on the Company’s outstanding borrowings was approximately 4.01% and 5.45% at December 31, 2011 and 2010, respectively.

The Company maintains a $350,000,000 unsecured revolving line of credit with a consortium of financial institutions that matures in December 2012 and bears interest at LIBOR plus 0.30% (0.60% at December 31, 2011). The Company also has the option under this agreement to increase its borrowing an additional $200,000,000. No amounts were outstanding under this line of credit at December 31, 2011 and 2010. Certain borrowings contain covenants related to a maximum debt-to-capitalization ratio and certain limitations on additional borrowings. At December 31, 2011, 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 $53,703,000 and $50,419,000 outstanding at December 31, 2011 and 2010, respectively.

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


	December 31
	2011		2010
	(In thousands)
Unsecured term notes:
November 30, 2001, Series B Senior Notes, $250,000,000, 6.23% fixed, due November 30, 2011	$	—	$	250,000
November 30, 2008, Series C Senior Unsecured Notes, $250,000,000, 4.67% fixed, due November 30, 2013		250,000		250,000
November 30, 2011, Series D and E Senior Unsecured Notes, $250,000,000, 3.35% fixed, due November 30, 2016		250,000		—

Total debt		500,000		500,000
Less debt due within one year		—		250,000

Long-term debt, excluding current portion	$	500,000	$	250,000

- Definition

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.

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