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LONG-TERM DEBT AND LINES OF CREDIT
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
LONG-TERM DEBT AND LINES OF CREDIT LONG-TERM DEBT AND LINES OF CREDIT
As of June 30, 2022 and December 31, 2021, long-term debt consisted of the following:
June 30, 2022December 31, 2021
(in thousands)
3.750% senior notes due June 1, 2023
$554,650 $557,186 
4.000% senior notes due June 1, 2023
556,042 559,338 
1.500% senior notes due November 15, 2024
497,674 497,185 
2.650% senior notes due February 15, 2025
995,641 994,797 
1.200% senior notes due March 1, 2026
1,092,974 1,092,016 
4.800% senior notes due April 1, 2026
792,374 798,024 
2.150% senior notes due January 15, 2027
744,321 743,695 
4.450% senior notes due June 1, 2028
475,997 478,194 
3.200% senior notes due August 15, 2029
1,238,797 1,238,006 
2.900% senior notes due May 15, 2030
990,781 990,196 
2.900% senior notes due November 15, 2031
742,136 741,716 
4.150% senior notes due August 15, 2049
740,324 740,146 
Unsecured term loan facility1,991,802 1,989,793 
Unsecured revolving credit facility700,000 — 
Finance lease liabilities49,908 64,421 
Other borrowings43 8,601 
Total long-term debt12,163,464 11,493,314 
Less current portion1,279,743 78,505 
Long-term debt, excluding current portion$10,883,721 $11,414,809 

The carrying amounts of our senior notes and unsecured term loan facility in the table above are presented net of unamortized discount and unamortized debt issuance costs, as applicable. At June 30, 2022, unamortized discount on senior notes was $11.0 million, and unamortized debt issuance costs on senior notes and the unsecured term loan facility were $54.6 million. At December 31, 2021, unamortized discount on senior notes was $11.7 million and unamortized debt issuance costs on our senior notes and the unsecured term loan facility were $60.7 million. The portion of unamortized debt issuance costs related to revolving credit facilities is included in other noncurrent assets. At June 30, 2022, unamortized debt issuance costs on the unsecured revolving credit facility were $8.1 million, and at December 31, 2021, unamortized debt issuance costs on the unsecured revolving credit facility were $9.9 million.

At June 30, 2022, future maturities of long-term debt (excluding finance lease liabilities) are as follows by year (in thousands):
Year Ending December 31,
2022$50,000 
20231,300,000 
20242,950,000 
20251,000,000 
20261,850,000 
2027750,000 
2028 and thereafter4,200,000 
Total$12,100,000 
Long-Term Debt

As of June 30, 2022, our senior notes had a total carrying amount of $9.4 billion and an estimated fair value of $8.5 billion. The estimated fair value of our senior notes was based on quoted market prices in an active market and is considered to be a Level 1 measurement of the valuation hierarchy. The fair value of other long-term debt approximated its carrying amount at June 30, 2022.

Compliance with Covenants

The unsecured term loan and revolving credit facilities contain customary conditions to funding, affirmative covenants, negative covenants, financial covenants and events of default. As of June 30, 2022, financial covenants under the term loan facility required a leverage ratio of 3.50 to 1.00 and an interest coverage ratio of 3.00 to 1.00. We were in compliance with all applicable covenants as of June 30, 2022.

Derivative Agreements

We have interest rate swap agreements with financial institutions to hedge changes in cash flows attributable to interest rate risk on a portion of our variable-rate debt instruments. Net amounts to be received or paid under the swap agreements are reflected as adjustments to interest expense. Since we have designated the interest rate swap agreements as portfolio cash flow hedges, unrealized gains or losses resulting from adjusting the swaps to fair value are recorded as components of other comprehensive income (loss). The fair values of our interest rate swaps were determined based on the present value of the estimated future net cash flows using implied rates in the applicable yield curve as of the valuation date. These derivative instruments were classified within Level 2 of the valuation hierarchy.

The table below presents information about our derivative financial instruments, designated as cash flow hedges, included in the consolidated balance sheets:
Fair Values
Derivative Financial InstrumentsBalance Sheet LocationWeighted-Average Fixed Rate of Interest at June 30, 2022Range of Maturity Dates at
June 30, 2022		June 30, 2022December 31, 2021
(in thousands)
Interest rate swaps (Notional of $500 million at June 30, 2022 and $0 at December 31, 2021
Prepaid expenses and other current assets2.51%December 31, 2022$329 $— 
Interest rate swaps (Notional of $750 million at June 30, 2022 and $1,250 million at December 31, 2021)
Accounts payable and accrued liabilities 2.88%December 31, 2022$874 $28,777 
The table below presents the effects of our interest rate swaps on the consolidated statements of income and statements of comprehensive income for the three and six months ended June 30, 2022 and 2021:
Three Months EndedSix Months Ended
June 30, 2022June 30, 2021June 30, 2022June 30, 2021
(in thousands)
Net unrealized gains (losses) recognized in other comprehensive income (loss)$5,051 $(410)$13,985 $584 
Net unrealized losses reclassified out of other comprehensive income (loss) to interest expense$7,534 $9,662 $16,979 $20,500 

As of June 30, 2022, the amount of net unrealized losses in accumulated other comprehensive loss related to our interest rate swaps that is expected to be reclassified into interest expense during the next 12 months was $5.7 million.

Interest Expense

Interest expense was $97.1 million and $79.0 million for the three months ended June 30, 2022 and 2021, respectively, and $186.4 million and $160.5 million for the six months ended June 30, 2022 and 2021, respectively.