Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Long-Term Debt [Abstract]

Carrying Values and Fair Values of Debt Outstanding

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

	December 31,
	2020					2019
	Carrying Value			Fair Value		Carrying Value			Fair Value
Revolving Credit Facility (a)	$	250,000		$	250,000	$	—		$	—
Term Loan (a)		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			364,538		350,000			353,216
4.2% senior notes due March 1, 2028		500,000			581,115		500,000			541,546
Credit Line		—			—		—			—
Bank notes payable		40			40		16			16
		1,475,040			1,570,693		1,375,016			1,421,325
Unamortized debt discounts and issuance costs (b)		(6,454	)		—		(5,249	)		—
	$	1,468,586		$	1,570,693	$	1,369,767		$	1,421,325

(a) Variable interest rate of 1.5% and 2.9% at December 31, 2020 and 2019, respectively.

(b) Excludes $2,650,000 attributable to the Revolving Credit Facility included in other assets at December 31, 2019.

Borrowings and Payments Under the Bank Credit Facilities

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

	Year Ended December 31,
	2020			2019			2018
Borrowings on bank credit facilities	$	582,277		$	1,351,158		$	2,302,433
Payments on bank credit facilities		(332,253	)		(1,768,534	)		(2,380,888	)
	$	250,024		$	(417,376	)	$	(78,455	)

Aggregate Payments due on the Long-Term Debt

The aggregate payments due on the long-term debt in each of the next five years were as follows (in thousands):

2021		40
2022		—
2023		381,250
2024		593,750
2025		—
Thereafter		500,000
	$	1,475,040