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Long-term Debt

3 Months Ended

Mar. 31, 2016

Long-term Debt and Capital Lease Obligations [Abstract]

Long-term Debt

Long-term Debt

(in thousands)		March 31, 2016				December 31, 2015
Senior notes - 4.10% due 2022 (net of related deferred financing costs)		$	346,066			$	345,920
Revolving credit facility		190,000				145,000
Capital lease obligation		5,058				0
		$	541,124			$	490,920

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

The capital lease obligation in the table above is related to the Singapore manufacturing facility. We record our capital lease obligation at the lower of fair market value of the related asset at the inception of the lease or the present value of the total minimum lease payments.

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

(in thousands)		March 31, 2016				December 31, 2015
Maximum borrowing capacity under the revolving credit facility		$	650,000			$	650,000
Outstanding borrowings under the revolving credit facility		190,000				145,000
Outstanding letters of credit		3,685				2,895
Unused portion of revolving credit facility		$	456,315			$	502,105

The average interest rate for borrowings under our revolving credit facility was 2.0% during the first three months of 2016 and 1.9% during the full year of 2015.

We were in compliance with all covenants under our debt agreements at March 31, 2016 and at December 31, 2015.

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- Definition

The entire disclosure for debt and capital lease obligations can be reported. 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. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease.

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