XML 21 R11.htm IDEA: XBRL DOCUMENT v3.21.1
Long-Term Debt
3 Months Ended
Mar. 31, 2021
Long-Term Debt [Abstract]  
Long-Term Debt
(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.