Long-Term Debt

6 Months Ended

Jun. 30, 2020

Long-Term Debt [Abstract]

Long-Term Debt

(6) Long-Term Debt

The Company has an amended and restated credit agreement (the “Credit Agreement”) with a group of commercial banks, with JPMorgan Chase Bank, N.A. as the administrative agent bank, allowing for an $850,000,000 unsecured revolving credit facility (“Revolving Credit Facility”) and an unsecured term loan (“Term Loan”) with a maturity date of March 27, 2024. The Term Loan is repayable in quarterly installments currently scheduled to commence September 30, 2023, with $343,750,000 due on March 27, 2024.  The Term Loan is prepayable, in whole or in part, without penalty.  As of June 30, 2020, the Company had outstanding borrowings of $425,000,000 and availability of $419,637,000 under the Revolving Credit Facility and borrowings of $375,000,000 under the Term Loan.  The interest rates under the Revolving Credit Facility and Term Loan were each 1.6% at June 30, 2020.

On February 27, 2020, upon maturity, the Company repaid in full $150,000,000 of 2.72% unsecured senior notes.

The following table presents the carrying value and fair value of debt outstanding (in thousands):

	June 30, 2020					December 31, 2019
	Carrying Value			Fair Value		Carrying Value			Fair Value
Revolving Credit Facility	$	425,000		$	425,000	$	—		$	—
Term Loan		375,000			375,000		375,000			375,000
2.72% senior notes due February 27, 2020		—			—		150,000			151,547
3.29% senior notes due February 27, 2023		350,000			366,605		350,000			353,216
4.2% senior notes due March 1, 2028		500,000			591,992		500,000			541,546
Bank notes payable		7			7		16			16
Unamortized debt discounts and issuance costs		(7,168	)		—		(5,249	)		—
	$	1,642,839		$	1,758,604	$	1,369,767		$	1,421,325

The fair value of debt outstanding was determined using inputs characteristic of a Level 2 fair value measurement.

The following table presents borrowings and payments under the bank credit facilities (in thousands):

	Six months ended June 30,
	2020			2019
Borrowings on bank credit facilities	$	582,038		$	1,276,716
Payments on bank credit facilities		(157,047	)		(1,590,521	)
	$	424,991		$	(313,805	)