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FORM 10-K
58
The following table identifies the estimated amortization expense and benefit of the Company’s intangibles for each of the next five years
as of December 31, 2013 (in thousands):
Amortization Expense Amortization Benefit Total Amortization (Expense) Benefit
2014 $ (3,109) $ 3,642 $ 533
2015 (2,679) 2,794 115
2016 (2,323) 2,076 (247)
2017 (1,907) 1,493 (414)
2018 (1,444) 923 (521)
Total $ (11,462) $ 10,928 $ (534)
NOTE 5 – FINANCING
The following table identifies the balances of the Company’s financing facilities as of December 31, 2013 and 2012 (in thousands):
December 31,
2013 2012
Revolving Credit Facility ——
4.875% Senior Notes due 2021 (1), effective interest rate of 4.970% 497,525 497,173
4.625% Senior Notes due 2021 (2), effective interest rate of 4.649% 299,598 299,545
3.800% Senior Notes due 2022 (3), effective interest rate of 3.845% 299,011 298,916
3.850% Senior Notes due 2023 (4), effective interest rate of 3.851% 299,976 —
(1) Net of unamortized discount of $2.5 million and $2.8 million as of December 31, 2013 and 2012, respectively.
(2) Net of unamortized discount of $0.4 million and $0.5 million as of December 31, 2013 and 2012, respectively.
(3) Net of unamortized discount of $1.0 million and $1.1 million as of December 31, 2013 and 2012, respectively.
(4) Net of unamortized discount of less than $0.1 million as of December 31, 2013.
The following table identifies the principal maturities of the Company’s financing facilities as of December 31, 2013 (in thousands):
Scheduled Maturities
2014 $ —
2015 —
2016 —
2017 —
2018 —
Thereafter 1,400,000
Total $ 1,400,000
Unsecured revolving credit facility:
In January of 2011, the Company entered into a credit agreement (the "Credit Agreement") for a five-year $750 million unsecured revolving
credit facility (the "Revolving Credit Facility") arranged by Bank of America, N.A. and Barclays Capital, originally scheduled to mature
in January of 2016. In September of 2011, the Company amended the Credit Agreement, decreasing the aggregate commitments under
the Revolving Credit Facility to $660 million, extending the maturity date on the Credit Agreement to September of 2016 and reducing
the facility fee and interest rate margins for borrowings under the Revolving Credit Facility. In conjunction with the amendment, the
Company recognized a one-time charge related to the modification in the amount of $0.3 million, which is included in “Other income
(expense)” on the accompanying Consolidated Statements of Income for the year ended December 31, 2011. In July of 2013, the Company
again amended the Credit Agreement, decreasing the aggregate commitments under the Revolving Credit Facility to $600 million,
extending the maturity date on the Credit Agreement to July of 2018 and reducing the facility fee and interest rate margins for borrowings
under the Revolving Credit Facility. The Credit Agreement includes a $200 million sub-limit for the issuance of letters of credit and a
$75 million sub-limit for swing line borrowings under the Revolving Credit Facility. As described in the Credit Agreement governing
the Revolving Credit Facility, the Company may, from time to time, subject to certain conditions, increase the aggregate commitments
under the Revolving Credit Facility by up to $200 million. As of December 31, 2013 and 2012, the Company had outstanding letters of
credit, primarily to support obligations related to workers’ compensation, general liability and other insurance policies, in the amount of