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Credit Facilities | 9 Months Ended
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Sep. 30, 2020
Line of Credit Facility [Abstract] |
Credit Facilities | Credit Facilities As of September 30, 2020, 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. Our unsecured line of credit with U.S. Bank, N.A. expired on July 13, 2020. Borrowings under these credit facilities bear variable interest based on the London Interbank Offered Rate (“LIBOR”). As of September 30, 2020 and December 31, 2019, our outstanding debt totaled $175.0 million and $300.0 million, respectively. We had $25.0 million outstanding under the credit facilities at a variable interest rate of 0.83% as of September 30, 2020. We had (i) an additional $75.0 million outstanding under the Wells Fargo Bank, N.A. credit facility at a variable rate of 0.83% as of September 30, 2020, 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 0.86% as of September 30, 2020, 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 September 30, 2020, is further reduced b y $44.6 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 September 30, 2020, we were in compliance with these covenants. At September 30, 2020, the aggregate future maturities of long-term debt by year are as follows (in thousands):
2020 | $ | — |
2021 | — |
2022 | — |
2023 | — |
2024 | 175,000 |
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.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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