Credit Facilities

3 Months Ended

Mar. 31, 2021

As of March 31, 2021, we had unsecured committed credit facilities with two banks. We had with Wells Fargo Bank, N.A. a $300.0 million credit facility which will expire on May 14, 2024. We also had a $200.0 million credit facility with BMO Harris Bank N.A., which will expire on May 14, 2024. Borrowings under these credit facilities bear variable interest based on the London Interbank Offered Rate (“LIBOR”).

As of March 31, 2021 and December 31, 2020, our outstanding debt totaled $175.0 million and $200.0 million, respectively. We had $25.0 million outstanding under the credit facilities at a variable interest rate of 0.78% as of March 31, 2021. We had (i) an additional $75.0 million outstanding under the Wells Fargo Bank, N.A. credit facility at a variable rate of 0.78% as of March 31, 2021, which is effectively fixed at 2.32% with an interest rate swap agreement through May 14, 2024 and (ii) an additional $75.0 million outstanding under the BMO Harris Bank N.A. credit facility at a variable rate of 0.81% as of March 31, 2021, which is effectively fixed at 2.36% with an interest rate swap agreement through May 14, 2024. The $500.0 million of borrowing capacity under our credit facilities at March 31, 2021, is further reduced by $50.9 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) to exceed a minimum ratio of earnings before interest, income taxes, depreciation and amortization to interest expense 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 March 31, 2021, we were in compliance with these covenants.

At March 31, 2021, the aggregate future maturities of long-term debt by year are as follows (in thousands):


2021	$	—
2022	—
2023	—
2024	175,000
2025	—
Total	$	175,000

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