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Long-term Debt

3 Months Ended

Mar. 31, 2015

Long-term Debt and Capital Lease Obligations [Abstract]

Long-term Debt

Long-term Debt

(in thousands)		March 31, 2015				December 31, 2014
Senior notes - 4.10% due 2022		$	349,541			$	349,526
Revolving credit facility		24,000				14,000
		$	373,541			$	363,526

The outstanding senior notes have an aggregate principal amount of $350 million and are registered under the Securities Act of 1933.

The following table provides information related to the unused portion of our revolving credit facility:

(in thousands)		March 31, 2015				December 31, 2014
Maximum borrowing capacity under the revolving credit facility		$	650,000			$	650,000
Outstanding borrowings under the revolving credit facility		24,000				14,000
Outstanding letters of credit		2,706				3,271
Unused portion of revolving credit facility		$	623,294			$	632,729

The average interest rate for borrowings under our revolving credit facility was 2.4% during the first three months of 2015 and 2.9% during 2014.

We were in compliance with all covenants under our debt agreements at March 31, 2015 and at December 31, 2014.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19,20,22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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