Long-Term Debt

3 Months Ended

Mar. 31, 2021

(4)	Long-Term Debt

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

	March 31, 2021					December 31, 2020
	Carrying Value			Fair Value		Carrying Value			Fair Value
Revolving Credit Facility (a)	$	130,000		$	130,000	$	250,000		$	250,000
Term Loan (a)		375,000			375,000		375,000			375,000
3.29% senior notes due February 27, 2023		350,000			360,344		350,000			364,538
4.2% senior notes due March 1, 2028		500,000			546,957		500,000			581,115
Credit line due June 30, 2021		—			—		—			—
Bank notes payable		434			434		40			40
		1,355,434			1,412,735		1,475,040			1,570,693
Unamortized debt discounts and issuance costs		(6,096	)		—		(6,454	)		—
	$	1,349,338		$	1,412,735	$	1,468,586		$	1,570,693

(a)

Variable interest rate of 1.5% at both March 31, 2021 and December 31, 2020.

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):

	Three Months Ended March 31,
	2021			2020
Borrowings on bank credit facilities	$	1,107		$	582,017
Payments on bank credit facilities		(120,713	)		(97,016	)
	$	(119,606	)	$	485,001

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. Outstanding letters of credit under the Revolving Credit Facility were $5,063,000 and available borrowing capacity was $714,937,000 as of March 31, 2021.

Outstanding letters of credit under the $10,000,000 credit line were $1,299,000 and available borrowing capacity was $8,701,000 as of March 31, 2021.