Napa Auto Parts 2014 Annual Report Download - page 60

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Genuine Parts Company and Subsidiaries
Notes to Consolidated Financial Statements — (Continued)
December 31, 2014
3. Credit Facilities
The principal amounts of the Company’s borrowings subject to variable rates totaled approximately
$265,466,000 and $264,658,000 at December 31, 2014 and 2013, respectively. The weighted average interest
rate on the Company’s outstanding borrowings was approximately 2.46% and 2.82% at December 31, 2014 and
2013, respectively.
The Company maintains an $850,000,000 unsecured revolving line of credit with a consortium of financial
institutions that matures in September 2017 and bears interest at LIBOR plus a margin, which is based on the
Company’s leverage ratio (.92% at December 31, 2014). The Company also has the option under this agreement
to increase its borrowing an additional $350,000,000, as well as an option to decrease the borrowing capacity or
terminate the Syndicated Facility with appropriate notice. At December 31, 2014 and 2013, approximately
$265,466,000 and $264,658,000 were outstanding under this line of credit, respectively.
Certain borrowings require the Company to comply with a financial covenant with respect to a maximum debt-
to-capitalization ratio. At December 31, 2014, the Company was in compliance with all such covenants. Due to the
workers’ compensation and insurance reserve requirements in certain states, the Company also had unused letters of
credit of $62,515,000 and $61,617,000 outstanding at December 31, 2014 and 2013, respectively.
Amounts outstanding under the Company’s credit facilities consist of the following:
December 31
2014 2013
(In Thousands)
Unsecured revolving line of credit, $850,000,000, LIBOR plus 0.75%
variable ..................................................... $265,466 $264,658
Unsecured term notes:
November 30, 2011, Series D and E Senior Unsecured Notes,
$250,000,000, 3.35% fixed, due November 30, 2016 ................ 250,000 250,000
December 2, 2013, Series F Senior Unsecured Notes, $250,000,000,
2.99% fixed, due December 2, 2023 ............................. 250,000 250,000
Total debt ...................................................... 765,466 764,658
Less debt due within one year ...................................... 265,466 264,658
Long-term debt, excluding current portion ............................ $500,000 $500,000
4. Leased Properties
Future minimum payments, by year and in the aggregate, under the noncancelable operating leases with ini-
tial or remaining terms of one year or more was approximately the following at December 31, 2014
(in thousands):
2015 .................................................................... $214,000
2016 .................................................................... 167,600
2017 .................................................................... 121,000
2018 .................................................................... 81,500
2019 .................................................................... 53,400
Thereafter ................................................................ 155,300
Total minimum lease payments ............................................... $792,800
F-16