Credit Facilities

12 Months Ended

Dec. 31, 2012

Line of Credit Facility [Abstract]

Credit Facilities

CREDIT FACILITIES

Long-term debt consisted of the following at December 31 (in thousands):

	December 31,
	2012		2011
Notes payable to banks under committed credit facilities	$	90,000	$	—
Less current portion	20,000		—
Long-term debt, net	$	70,000	$	—

As of December 31, 2012, we have committed credit facilities with two banks totaling $250 million. On June 1, 2012, we entered into a new credit agreement for a $175 million four-year credit facility which will expire on May 31, 2016 and a credit agreement for a new $75 million five-year credit facility which will expire on May 31, 2017. The new credit facilities replaced our prior two credit facilities. Borrowings under these credit facilities bear variable interest (0.85% at December 31, 2012) based on the London Interbank Offered Rate (“LIBOR”). As of December 31, 2012, we had $90 million outstanding under these credit facilities with banks. In January 2013, we repaid $20.0 million, which we therefore classified as current in the Consolidated Balance Sheets. The $250 million of credit available under these facilities is further reduced by $33.8 million in standby letters of credit under which we are obligated. Each of the debt agreements includes, among other things, two financial covenants requiring us (i) not to exceed a maximum ratio of total debt to total capitalization and (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 December 31, 2012, we were in compliance with these covenants.

At December 31, 2012, the aggregate future maturities of long-term debt by year are as follows (in thousands):

2013	$	20,000
2014	—
2015	—
2016	70,000
Total	$	90,000

The carrying amounts of our long-term debt approximate fair value due to the duration of the notes and the variable interest rates.