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Borrowings Under Line of Credit Arrangements and Related Items
 6 Months Ended
Jun. 30, 2014
Borrowings Under Line of Credit Arrangement and Related Items [Abstract]  
Borrowings Under Line of Credit Arrangements and Related Items

9. Borrowings Under Line of Credit Arrangements and Related Items

     Please see Note 19 regarding our new unsecured credit facility entered into subsequent to June 30, 2014. At June 30, 2014, we had a $2,250,000,000 unsecured line of credit arrangement with a consortium of 30 banks. We have an option to upsize the facility by up to an additional $1,000,000,000 through an accordion feature, allowing for the aggregate commitment of up to $3,250,000,000. The arrangement also allows us to borrow up to $500,000,000 in alternate currencies (none outstanding at June 30, 2014). The revolving credit facility is scheduled to expire March 31, 2017, but can be extended for an additional year at our option. Borrowings under the revolver are subject to interest payable in periods no longer than three months at either the agent bank’s prime rate of interest or the applicable margin over LIBOR interest rate, at our option (1.32% at June 30, 2014). The applicable margin is based on certain of our debt ratings and was 1.175% at June 30, 2014. In addition, we pay a facility fee annually to each bank based on the bank’s commitment amount. The facility fee depends on certain of our debt ratings and was 0.225% at June 30, 2014. Principal is due upon expiration of the agreement.

     The following information relates to aggregate borrowings under the unsecured line of credit arrangement for the periods presented (dollars in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2014201320142013
Balance outstanding at quarter end$ -$ -$ -$ -
Maximum amount outstanding at any month end$ 637,000$ 600,000$ 637,000$ 780,000
Average amount outstanding (total of daily
principal balances divided by days in period)$ 375,824$ 299,011$ 331,602$ 510,055
Weighted average interest rate (actual interest
expense divided by average borrowings outstanding) 1.37%1.38%1.36%1.38%