Debt

Debt consists of the following:



	2013						2012
December 31,	Carrying Amount			Estimated Fair Value			Carrying Amount			Estimated Fair Value
6.35% Senior Notes, $ 200 million par value, maturing April 2016	$	204,028		$	218,750		$	205,754		$	219,500
Capital leases	12,215			12,215			11,837			11,837
Total debt	216,243			230,965			217,591			231,337
Less current maturities	(2,428		)	(2,428		)	(2,208		)	(2,208		)
Long-term debt	$	213,815		$	228,537		$	215,383		$	229,129

At December 31, 2013 and 2012, we had $200 million of 6.35% Senior Notes outstanding, which mature on April 15, 2016 (Senior Notes). Interest on the Senior Notes is payable semi-annually on April 15 and October 15. We may redeem the Senior Notes, in whole or in part, at a redemption price of the greater of 100% of the principal amount of the Senior Notes or the present value of remaining scheduled payments of principal and interest discounted at the applicable Treasury Rate plus 0.25%. The observed yield of the senior notes at December 31, 2013 was 2.12%.

On June 5, 2012, we entered into a five-year $350 million Credit Agreement with Wells Fargo Bank, N.A., JPMorgan Chase Bank, N.A. and a syndicate of financial institutions (the Credit Agreement) expiring June 5, 2017. This agreement replaced an existing $350 million credit agreement that expired June 7, 2013. Under the new credit facility, we have the ability to request two one-year extensions and to request an increase in aggregate commitments by up to $150 million. The interest rate on the new credit facility, which is subject to adjustment quarterly, is based on the London Interbank Offered Rate (LIBOR), the Federal Funds Rate or the Prime Rate, plus an adjustment based on the better of our debt ratings or leverage ratio (Credit Spread) as defined by the Credit Agreement. We are charged a commitment fee of between 17.5 and 42.5 basis points on the unused portion of the facility. The terms of the Credit Agreement limit the amount of indebtedness that we may incur and require us to maintain ratios for leverage and interest coverage, including on a pro forma basis in the event of an acquisition. At December 31, 2013 and 2012, we had no borrowings and letters of credit of $5.0 million outstanding on the revolving credit facility, leaving $345.0 million available for borrowing. We also had a $1.5 million and $1.4 million letter of credit supporting our European leased facilities outstanding as of December 31, 2013 and 2012 not issued under our Credit Agreement.

The Revolving Credit Facility and Senior Notes contain cross-default provisions which could result in the acceleration of payments due in the event of default of either agreement. We believe we were in compliance with our debt covenants at December 31, 2013.

We assumed debt (primarily capitalized lease obligations) of approximately $2.1 million with the acquisition of Movianto.

Cash payments for interest during 2013, 2012 and 2011 were $14.7 million, $14.7 million and $14.1 million.

Based on lease commitments outstanding at December 31, 2013, minimum capital lease payments, excluding interest, are $3.5 million in 2014, $2.9 million in 2015, $2.4 million in 2016, $1.6 million in 2017 and $1.0 million in 2018.