Credit Facilities

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Credit Facilities

3. Credit Facilities

The principal amounts of the Company’s borrowings subject to variable rates totaled approximately $125,000,000 and $265,466,000 at December 31, 2015 and 2014, respectively. The weighted average interest rate on the Company’s outstanding borrowings was approximately 2.76% and 2.46% at December 31, 2015 and 2014, respectively.

The Company maintains a $1,200,000,000 unsecured revolving line of credit with a consortium of financial institutions, which matures in June 2020 with two optional one year extensions and bears interest at LIBOR plus a margin, which is based on the Company’s leverage ratio (1.17% at December 31, 2015). 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, 2015 and 2014, approximately $125,000,000 and $265,466,000 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, 2015, 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 $62,874,000 and $62,515,000 outstanding at December 31, 2015 and 2014, respectively.

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

	December 31
	2015		2014
	(In Thousands)
Unsecured revolving line of credit, $1,200,000,000, LIBOR plus 0.75% variable	$	125,000	$	265,466
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		250,000
December 2, 2013, Series F Senior Unsecured Notes, $250,000,000, 2.99% fixed, due December 2, 2023		250,000		250,000
Total debt		625,000		765,466
Less debt due within one year		375,000		265,466
Long-term debt, excluding current portion	$	250,000	$	500,000

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

2016	$	375,000
2017		—
2018		—
2019		—
2020		—
Thereafter		250,000
	$	625,000