2.2.0.7 false Long-Term Debt 00960 - Disclosure - Long-Term Debt true false false false 1 USD false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 eps Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 2 Disclosure Long-Term Debt 0 us-gaap_LongTermDebtAbstract us-gaap true na duration No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 3 Long-Term Debt 1 us-gaap_LongTermDebtTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false terselabel false 1 false false false false 0 0 5. Long-Term DebtThe Company's long-term debt instruments and balances outstanding at June 30, 2010 and 2009, and December 31, 2009 were as follows (in thousands): <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 358px; text-align:left;border-color:#000000;min-width:358px;"> </td><td style="width: 27px; text-align:left;border-color:#000000;min-width:27px;"> </td><td colspan="5" style="width: 281px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:281px;">Balance at</td></tr><tr style="height: 17px"><td style="width: 358px; text-align:left;border-color:#000000;min-width:358px;"> </td><td style="width: 27px; text-align:left;border-color:#000000;min-width:27px;"> </td><td colspan="3" style="width: 183px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:183px;">June 30,</td><td style="width: 20px; text-align:left;border-color:#000000;min-width:20px;"> </td><td style="width: 78px; text-align:left;border-color:#000000;min-width:78px;">December 31,</td></tr><tr style="height: 18px"><td style="width: 358px; text-align:left;border-color:#000000;min-width:358px;"> </td><td style="width: 27px; text-align:left;border-color:#000000;min-width:27px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;">2010</td><td style="width: 27px; text-align:center;border-color:#000000;min-width:27px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;">2009</td><td style="width: 20px; text-align:center;border-color:#000000;min-width:20px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;">2009</td></tr><tr style="height: 18px"><td style="width: 358px; text-align:left;border-color:#000000;min-width:358px;">USD line of credit up to $300,000 due 2012 </td><td style="width: 27px; text-align:right;border-color:#000000;min-width:27px;">$</td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">139,799</td><td style="width: 27px; text-align:right;border-color:#000000;min-width:27px;">$</td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">183,296</td><td style="width: 20px; text-align:right;border-color:#000000;min-width:20px;">$</td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">189,663</td></tr><tr style="height: 18px"><td style="width: 358px; text-align:left;border-color:#000000;min-width:358px;">GBP line of credit up to £7,500 due 2009 </td><td style="width: 27px; text-align:right;border-color:#000000;min-width:27px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">0</td><td style="width: 27px; text-align:right;border-color:#000000;min-width:27px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">8,226</td><td style="width: 20px; text-align:right;border-color:#000000;min-width:20px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">0</td></tr><tr style="height: 18px"><td style="width: 358px; text-align:left;border-color:#000000;min-width:358px;">6.21% senior unsecured notes due 2021 </td><td style="width: 27px; text-align:right;border-color:#000000;min-width:27px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">25,000</td><td style="width: 27px; text-align:right;border-color:#000000;min-width:27px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">25,000</td><td style="width: 20px; text-align:right;border-color:#000000;min-width:20px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">25,000</td></tr><tr style="height: 18px"><td style="width: 358px; text-align:left;border-color:#000000;min-width:358px;">6.09% senior unsecured notes due 2016 </td><td style="width: 27px; text-align:right;border-color:#000000;min-width:27px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">35,000</td><td style="width: 27px; text-align:right;border-color:#000000;min-width:27px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">35,000</td><td style="width: 20px; text-align:right;border-color:#000000;min-width:20px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">35,000</td></tr><tr style="height: 18px"><td style="width: 358px; text-align:left;border-color:#000000;min-width:358px;">6.12% senior unsecured notes due 2012 </td><td style="width: 27px; text-align:right;border-color:#000000;min-width:27px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">40,000</td><td style="width: 27px; text-align:right;border-color:#000000;min-width:27px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">40,000</td><td style="width: 20px; text-align:right;border-color:#000000;min-width:20px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">40,000</td></tr><tr style="height: 18px"><td style="width: 358px; text-align:left;border-color:#000000;min-width:358px;">7.26% senior unsecured notes due 2017</td><td style="width: 27px; text-align:right;border-color:#000000;min-width:27px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">25,000</td><td style="width: 27px; text-align:right;border-color:#000000;min-width:27px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">0</td><td style="width: 20px; text-align:right;border-color:#000000;min-width:20px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">0</td></tr><tr style="height: 18px"><td style="width: 358px; text-align:left;border-color:#000000;min-width:358px;">Variable rate senior unsecured note due 2012 </td><td style="width: 27px; text-align:right;border-color:#000000;min-width:27px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">31,920</td><td style="width: 27px; text-align:right;border-color:#000000;min-width:27px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">38,000</td><td style="width: 20px; text-align:right;border-color:#000000;min-width:20px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;">38,000</td></tr><tr style="height: 18px"><td style="width: 358px; text-align:left;border-color:#000000;min-width:358px;">5.25% convertible senior unsecured notes due 2029</td><td style="width: 27px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:27px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;">102,818</td><td style="width: 27px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:27px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;">100,275</td><td style="width: 20px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:20px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;">101,520</td></tr><tr style="height: 18px"><td style="width: 358px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:358px;"> Total debt </td><td style="width: 27px; text-align:right;border-color:#000000;min-width:27px;">$</td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;">399,537</td><td style="width: 27px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:27px;">$</td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;">429,797</td><td style="width: 20px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:20px;">$</td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;">429,183</td></tr><tr style="height: 18px"><td style="width: 358px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:358px;">Less current portion </td><td style="width: 27px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:27px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;">25,493</td><td style="width: 27px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:27px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;">14,306</td><td style="width: 20px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:20px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;">25,493</td></tr><tr style="height: 18px"><td style="width: 358px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:left;border-color:#000000;min-width:358px;"> Total long-term debt </td><td style="width: 27px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:27px;">$</td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;">374,044</td><td style="width: 27px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:27px;">$</td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;">415,491</td><td style="width: 20px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:20px;">$</td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;">403,690</td></tr></table></div>The Company's $300.0 million domestic line of credit (the "USD Line of Credit") matures in March 2012. Interest on the USD Line of Credit is charged, at the Company's option, at either the London Interbank Offered Rate ("LIBOR") plus a margin or at the agent's base rate.  The margin on the USD Line of Credit varies from 0.875% to 1.875% (1.125% at June 30, 2010), depending on the Company's cash flow leverage ratios as defined in the amended agreement.  The Company also pays a fee on the unused portion ranging from 0.25% to 0.30% (0.25% at June 30, 2010) based on the Company's cash flow leverage ratios. The weighted average interest rate (including margin) on the USD Line of Credit at June 30, 2010 and 2009 and December 31, 2009 was 1.67%, 1.77% and 1.91% respectively. At June 30, 2010 and 2009, borrowings under the Company's USD Line of Credit consisted of three pricing tranches with maturity dates ranging from one to 30 days, respectively.  However, pursuant to the credit agreement, the Company routinely refinances these borrowings within this long-term facility.  Therefore, these borrowings are reported as part of the line of credit and as long-term debt. The Company had outstanding letters of credit of $15.9 million at June 30, 2010, which are considered usage under the Company's USD Line of Credit for purposes of determining available borrowings under that line of credit, but are excluded from the long-term debt balance in the consolidated balance sheet. In December 2008, the Company issued $38.0 million of senior unsecured long-term variable rate notes, due in November 2012 pursuant to a Credit Agreement dated November 21, 2008.  Interest is charged, at the Company's option, at either LIBOR plus a margin of 3.50% or at the agent's base rate plus a margin of 3.50%.  Beginning March 31, 2010, the notes became payable in quarterly installments of $3.0 million, and any outstanding principal will be due at maturity in November 2012.  The notes may be prepaid at the Company's option anytime after November 20, 2009 without penalty.  The weighted average interest rate (including margin) on the $38.0 million term notes at both June 30, 2010 and 2009 was 3.88% and at December 31, 2009 was 3.75%. On May 19, 2009, the Company completed the offering of $115.0 million aggregate principal amount of 5.25% Convertible Senior Notes due May 15, 2029 (the "2009 Convertible Notes"). The 2009 Convertible Notes are senior unsecured obligations of the Company. The 2009 Convertible Notes bear interest at a rate of 5.25% per year, payable semi-annually on May 15 and November 15 of each year. The 2009 Convertible Notes will be convertible, in certain circumstances, at an initial conversion rate of 39.2157 shares per $1,000 aggregate principal amount of 2009 Convertible Notes (which is equivalent to a conversion price of approximately $25.50 per share), subject to adjustment upon the occurrence of certain events, into either, at the Company's election: (i) shares of common stock or (ii) cash up to their principal amount and shares of its common stock with respect to the remainder, if any, of the conversion value in excess of the principal amount. The Company may not redeem the 2009 Convertible Notes prior to May 14, 2014. The Company may, at its option, redeem some or all of the 2009 Convertible Notes on or after May 15, 2014 solely for cash. Holders of the 2009 Convertible Notes will have the right to require the Company to repurchase some or all of the outstanding 2009 Convertible Notes, solely for cash, on May 15, 2014, May 15, 2019 and May 15, 2024 at a price equal to 100% of the principal amount plus any accrued and unpaid interest.  As of June 30, 2010, the principal amount of the 2009 Convertible Notes was $115.0 million, the carrying amount was $102.8 million, and the unamortized discount was $12.2 million. As of June 30, 2010, the carrying amount of the equity component recorded as additional paid-in capital was $9.4 million, net of deferred taxes and equity issuance costs. Accumulated amortization related to the 2009 Convertible Notes was $3.6 million as of June 30, 2010. The 2009 Convertible Notes have an effective interest rate of 8.46%. The non-cash interest expense recognized in the Company's consolidated statements of income was $0.8 million and $1.6 million for the three and six months ended June 30, 2010, respectively, and $0.4 million for both the three and six months ended June 30, 2009. In connection with the issuance of the 2009 Convertible Notes, the Company incurred approximately $3.9 million in issuance costs, which primarily consisted of underwriting fees, legal and other professional expenses. These costs are being amortized to interest expense over five years. The unamortized balance of these costs at June 30, 2010 is included in the Company's consolidated balance sheet. On January 28, 2010, the Company issued and sold $25.0 million aggregate principal amount of its 7.26% senior unsecured notes (the "2017 Notes") due January 28, 2017 in a private placement pursuant to a note purchase agreement dated January 28, 2010 by and among the Company and certain purchasers listed therein (the "Note Purchase Agreement"). The 2017 Notes are senior unsecured obligations of the Company. The 2017 Notes are payable in five annual installments of $5.0 million beginning January 28, 2013.  See Note 10 for a discussion of the Company's interest rate cap agreements. Each of the Company's credit facility agreements and senior unsecured notes require the Company to maintain certain financial ratios.  As of June 30, 2010, the Company is in compliance with all covenants or other requirements set forth in its debt agreements. 5. Long-Term DebtThe Company's long-term debt instruments and balances outstanding at June 30, 2010 and 2009, and December 31, 2009 were as follows (in false false false us-types:textBlockItemType textblock This element may be used as a single block of text to encapsulate the entire disclosure for long-term borrowings including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 false 1 2 false UnKnown UnKnown UnKnown false true