2.2.0.25falsefalse0209 - Disclosure - Debttruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
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$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000105634duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_LongTermDebtAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse| 1falsefalsefalse00falsefalsefalsefalsefalse | Otherxbrli:stringItemTypestringNo definition available.falsefalse
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<b><font style="font-family: 'Times New Roman', Times">NOTE 9—</font></b>
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<b><font style="font-family: 'Times New Roman', Times">DEBT</font></b>
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<i><font style="font-family: 'Times New Roman', Times">Credit
Facilities</font></i>
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Until February 4, 2010, we had a revolving credit agreement
(the “Old Revolving Credit Facility”) as amended,
which provided for a credit facility of $375.0 million.
Effective February 4, 2010, we replaced the Old Revolving
Credit Facility that was due to expire October 17, 2010
with an amended and restated $550.0 million revolving
credit facility (the “2010 Revolving Credit
Facility”). The 2010 Revolving Credit Facility expires in
February 2013. It permits us to increase our borrowing to
$650.0 million if additional lenders are identified
<font style="white-space: nowrap">and/or</font>
existing lenders are willing to increase their current
commitments. We may allocate up to $175.0 million of the
borrowing capacity under the 2010 Revolving Credit Facility to
letters of credit, which amount compares to $125.0 million
under the Old Revolving Credit Facility. The 2010 Revolving
Credit Facility is guaranteed by certain of our direct and
indirect subsidiaries and is secured by substantially all of our
assets and most of the assets of most of our subsidiaries. The
2010 Revolving Credit Facility contains various covenants
requiring, among other things, maintenance of certain financial
ratios and certain restrictions with respect to payment of
dividends, common stock repurchases, investments, acquisitions,
indebtedness and capital expenditures. A commitment fee is
payable on the average daily unused amount of the 2010 Revolving
Credit Facility. The fee is 0.5% of the unused amount.
Borrowings under the 2010 Revolving Credit Facility bear
interest at (1) a rate which is the prime commercial
lending rate announced by Bank of Montreal from time to time
(3.25% at December 31, 2010) plus 1.75% to 2.25%,
based on certain financial tests or (2) United States
dollar LIBOR (0.26% at December 31, 2010) plus 2.75%
to 3.25%, based on certain financial tests. The interest rate in
effect at December 31, 2010 was 3.01%. Letter of credit
fees issued under this facility range from 2.75% to 3.25% of the
respective face amounts of the letters of credit issued and are
charged based on certain financial tests. We capitalized
approximately $6.0 million of debt issuance costs
associated with the 2010 Revolving Credit Facility. This amount
is being amortized over the life of the facility and is included
as part of interest expense. In connection with the termination
of the Old Revolving Credit Facility, less than
$0.1 million attributable to the acceleration of expense
for debt issuance costs was recorded as part of interest
expense. As of December 31, 2010 and December 31,
2009, we had approximately $82.4 million and
$68.9 million of letters of credit outstanding,
respectively. There were no borrowings under the Old Revolving
Credit Facility as of December 31, 2009. We have borrowings
of $150.0 million outstanding under the 2010 Revolving
Credit Facility at December 31, 2010, which may remain
outstanding at our discretion until the 2010 Revolving Credit
Facility expires.
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<i><font style="font-family: 'Times New Roman', Times">Term
Loan</font></i>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
On September 19, 2007, we entered into an agreement
providing for a $300.0 million term loan (“Term
Loan”). The proceeds of the Term Loan were used to pay a
portion of the consideration for an acquisition and costs and
expenses incident thereto. In connection with the closing of the
2010 Revolving Credit Facility, we proceeded to borrow
$150.0 million under this facility and used the proceeds
along with cash on hand to prepay on February 4, 2010 all
indebtedness outstanding under the Term Loan. In
connection with this prepayment, $0.6 million attributable
to the acceleration of expense for debt issuance costs
associated with the Term Loan was recorded as part of interest
expense.
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</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Long-term debt in the accompanying Consolidated Balance Sheets
consisted of the following amounts as of December 31, 2010
and 2009 (in thousands):
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<td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>2010</b>
</td>
<td>
 
</td>
<td>
 
</td>
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<b>2009</b>
</td>
<td>
 
</td>
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<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
2010 Revolving Credit Facility
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
150,000
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
—
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
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<div style="text-indent: -10pt; margin-left: 10pt">
Term Loan, interest payable in varying amounts through 2010
</div>
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</td>
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</td>
<td nowrap="nowrap" align="right" valign="bottom">
—
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
194,750
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
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<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Capitalized Lease Obligations, at weighted average interest
rates from 5.0% to 9.3% payable in varying amounts through 2014
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
1,649
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
601
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
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<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Other, payable through 2012
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
24
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
—
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
151,673
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
195,351
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Less: current maturities
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
489
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
45,100
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
151,184
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
150,251
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 3px double #000000">
 
</td>
<td style="border-top: 3px double #000000">
 
</td>
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 3px double #000000">
 
</td>
<td style="border-top: 3px double #000000">
 
</td>
<td>
 
</td>
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<div style="margin-top: 18pt; font-size: 1pt"> 
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<div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<i><font style="font-family: 'Times New Roman', Times">Capitalized
Lease Obligations</font></i>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
See Note 16—Commitments and Contingencies of the notes
to consolidated financial statements for additional information.
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<div style="margin-top: 18pt; font-size: 1pt"> 
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<i><font style="font-family: 'Times New Roman', Times">Other
Long-Term Debt</font></i>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
As of December 31, 2010, other long-term debt consisted
primarily of loans for various field equipment.
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5
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