Financing Arrangements

12 Months Ended

Dec. 31, 2016

Long-term debt consists of the following (in thousands):



	December 31,
	2016		2015
Line of Credit at interest rates ranging from 1.59% to 4.0%	$	251,200	$	90,500

On July 31, 2014, we entered into a five year unsecured credit agreement (“2014 Credit Agreement”), that provides for a $400 million revolving line of credit. The 2014 Credit Agreement includes a $200 million accordion feature for a maximum facility size of $600 million. The 2014 Credit Agreement also allows for additional indebtedness not to exceed $110 million. We anticipate using the 2014 Credit Agreement to fund potential acquisitions, to support our organic growth initiatives and working capital needs, and for general corporate purposes. We capitalized $0.9 million in debt issuance costs that will be amortized over the five year life of the agreement.

On October 13, 2016, to fund the acquisition of CFS described in Note 3, "Business Acquisitions", the Company borrowed $205.0 million under the Company’s existing Credit Agreement. As of December 31, 2016, we had borrowings of $251.2 million outstanding under this 2014 Credit Facility and $53.6 million outstanding under letters of credit. At December 31, 2016, minimum principal payment of $251.2 million is required in 2019.