Credit Facilities

9 Months Ended

Sep. 30, 2018

As of September 30, 2018, we had unsecured committed credit facilities with three banks as well as a term commitment with one of these banks. We had with Wells Fargo Bank, N.A., a $100.0 million credit facility which will expire on July 12, 2020, and a $75.0 million term commitment with principal due and payable on September 15, 2019. We had an unsecured line of credit of $75.0 million with U.S. Bank, N.A., which will expire on July 13, 2020. We also had a $75.0 million credit facility with BMO Harris Bank, N.A., which will expire on March 5, 2020. Borrowings under these credit facilities and term note bear variable interest based on the London Interbank Offered Rate (“LIBOR”).

As of September 30, 2018, and December 31, 2017, our outstanding debt totaled $125.0 million and $75.0 million, respectively. We had $75.0 million outstanding under the term commitment at a variable rate of 2.76% as of September 30, 2018, which is effectively fixed at 2.5% with an interest rate swap agreement, and we had an additional $50.0 million outstanding under the credit facilities at a variable interest rate of 2.68%. The $325.0 million of borrowing capacity under our credit facilities at September 30, 2018, is further reduced by $31.3 million in stand-by letters of credit under which we are obligated. Each of the debt agreements includes, among other things, financial covenants requiring us (i) not to exceed a maximum ratio of total debt to total capitalization and/or (ii) not to exceed a maximum ratio of total funded debt to earnings before interest, income taxes, depreciation and amortization (as such terms are defined in each credit facility). At September 30, 2018, we were in compliance with these covenants.

At September 30, 2018, the aggregate future maturities of long-term debt by year are as follows (in thousands):



2018	$	—
2019	75,000
2020	50,000
2021	—
2022	—
Total	$	125,000

The carrying amounts of our long-term debt approximate fair value due to the duration of the notes and the variable interest rates.