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LONG-TERM DEBT AND LINES OF CREDIT
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
LONG-TERM DEBT AND LINES OF CREDIT LONG-TERM DEBT AND LINES OF CREDIT
As of September 30, 2021 and December 31, 2020, long-term debt consisted of the following:
September 30, 2021December 31, 2020
(in thousands)
3.800% senior notes due April 1, 2021
$— $752,199 
3.750% senior notes due June 1, 2023
558,454 562,258 
4.000% senior notes due June 1, 2023
560,986 565,930 
2.650% senior notes due February 15, 2025
994,375 993,110 
1.200% senior notes due March 1, 2026
1,091,536 — 
4.800% senior notes due April 1, 2026
800,849 809,324 
4.450% senior notes due June 1, 2028
479,293 482,588 
3.200% senior notes due August 15, 2029
1,237,611 1,236,424 
2.900% senior notes due May 15, 2030
989,903 989,025 
4.150% senior notes due August 15, 2049
740,056 739,789 
Unsecured term loan facility1,988,789 1,985,776 
Unsecured revolving credit facility1,222,000 36,000 
Finance lease liabilities64,081 75,989 
Other borrowings21,006 65,352 
Total long-term debt10,748,939 9,293,764 
Less current portion39,148 827,357 
Long-term debt, excluding current portion$10,709,791 $8,466,407 

The carrying amounts of our senior notes and term loan in the table above are presented net of unamortized discount and unamortized debt issuance costs, as applicable. At September 30, 2021, unamortized discount on senior notes was $8.7 million, and unamortized debt issuance costs on senior notes and the unsecured term loan facility were $49.0 million. At December 31, 2020, unamortized discount on senior notes was $8.5 million and unamortized debt issuance costs on our senior notes and the unsecured term loan facility were $47.4 million. The portion of unamortized debt issuance costs related to revolving credit facilities is included in other noncurrent assets. At September 30, 2021, unamortized debt issuance costs on the unsecured revolving credit facility were $10.8 million, and at December 31, 2020, unamortized debt issuance costs on the unsecured revolving credit facility were $13.8 million.
At September 30, 2021, future maturities of long-term debt (excluding finance lease liabilities) are as follows by year (in thousands):
Year Ending December 31,
2021$12,602 
202258,403 
20231,300,000 
20242,972,000 
20251,000,000 
20261,850,000 
2027 and thereafter3,450,000 
Total$10,643,005 

Senior Unsecured Notes

On February 26, 2021, we issued $1.1 billion in aggregate principal amount of 1.200% senior unsecured notes due March 2026. We incurred debt issuance costs of approximately $8.6 million, including underwriting fees, fees for professional services and registration fees, which were capitalized and reflected as a reduction of the related carrying amount of the notes in our consolidated balance sheet at September 30, 2021. Interest on the notes is payable semi-annually in arrears on March 1 and September 1 of each year, commencing September 1, 2021. The notes are unsecured and unsubordinated indebtedness and rank equally in right of payment with all of our other outstanding unsecured and unsubordinated indebtedness. We used the net proceeds from this offering to fund the redemption in full of the 3.800% senior unsecured notes due April 2021, to repay a portion of the outstanding indebtedness under our revolving credit facility and for general corporate purposes.

As of September 30, 2021, our senior notes had a total carrying amount of $7.5 billion and an estimated fair value of $7.9 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 September 30, 2021.

Compliance with Covenants

The senior unsecured term loan and revolving credit facility contain customary conditions to funding, affirmative covenants, negative covenants, financial covenants and events of default. As of September 30, 2021, 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 September 30, 2021.

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 September 30, 2021Range of Maturity Dates at
September 30, 2021		September 30, 2021December 31, 2020
(in thousands)
Interest rate swaps (Notional of $300 million at December 31, 2020)
Accounts payable and accrued liabilities NANA$— $1,330 
Interest rate swaps (Notional of $1,250 million at September 30, 2021 and December 31, 2020)
Other noncurrent liabilities2.73%December 31, 2022$40,701 $65,490 

NA = not applicable.

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 nine months ended September 30, 2021 and 2020:
Three Months EndedNine Months Ended
September 30, 2021September 30, 2020September 30, 2021September 30, 2020
(in thousands)
Net unrealized (losses) gains recognized in other comprehensive income (loss)$(646)$194 $(62)$(53,332)
Net unrealized losses reclassified out of other comprehensive income (loss) to interest expense$9,788 $11,133 $30,288 $25,786 

As of September 30, 2021, 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 $38.5 million.

Interest Expense

Interest expense was $82.3 million and $82.1 million for the three months ended September 30, 2021 and 2020, respectively, and $242.9 million and $244.3 million for the nine months ended September 30, 2021 and 2020, respectively.