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LONG-TERM DEBT AND LINES OF CREDIT
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
LONG-TERM DEBT AND LINES OF CREDIT LONG-TERM DEBT AND LINES OF CREDIT
As of March 31, 2022 and December 31, 2021, long-term debt consisted of the following:
March 31, 2022December 31, 2021
(in thousands)
3.750% senior notes due June 1, 2023
$555,918 $557,186 
4.000% senior notes due June 1, 2023
557,690 559,338 
1.500% senior notes due November 15, 2024
497,430 497,185 
2.650% senior notes due February 15, 2025
995,219 994,797 
1.200% senior notes due March 1, 2026
1,092,495 1,092,016 
4.800% senior notes due April 1, 2026
795,199 798,024 
2.150% senior notes due January 15, 2027
744,008 743,695 
4.450% senior notes due June 1, 2028
477,096 478,194 
3.200% senior notes due August 15, 2029
1,238,401 1,238,006 
2.900% senior notes due May 15, 2030
990,489 990,196 
2.900% senior notes due November 15, 2031
741,926 741,716 
4.150% senior notes due August 15, 2049
740,235 740,146 
Unsecured term loan facility1,990,797 1,989,793 
Unsecured revolving credit facility370,000 — 
Finance lease liabilities56,895 64,421 
Other borrowings226 8,601 
Total long-term debt11,844,024 11,493,314 
Less current portion120,226 78,505 
Long-term debt, excluding current portion$11,723,798 $11,414,809 

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 March 31, 2022, unamortized discount on senior notes was $11.4 million, and unamortized debt issuance costs on senior notes and the unsecured term loan facility were $57.6 million. At December 31, 2021, unamortized discount on senior notes was $11.7 million and unamortized debt issuance costs on our senior notes and the unsecured term loan facility were $60.7 million. The portion of unamortized debt issuance costs related to revolving credit facilities is included in other noncurrent assets. At March 31, 2022, unamortized debt issuance costs on the unsecured revolving credit facility were $9.0 million, and at December 31, 2021, unamortized debt issuance costs on the unsecured revolving credit facility were $9.9 million.

At March 31, 2022, future maturities of long-term debt (excluding finance lease liabilities) are as follows by year (in thousands):
Year Ending December 31,
2022$50,173 
20231,300,000 
20242,620,000 
20251,000,000 
20261,850,000 
2027750,000 
2028 and thereafter4,200,000 
Total$11,770,173 
Long-Term Debt

As of March 31, 2022, our senior notes had a total carrying amount of $9.4 billion and an estimated fair value of $9.1 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 March 31, 2022.

Compliance with Covenants

The unsecured term loan and revolving credit facility contain customary conditions to funding, affirmative covenants, negative covenants, financial covenants and events of default. As of March 31, 2022, 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 March 31, 2022.

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 March 31, 2022Range of Maturity Dates at
March 31, 2022		March 31, 2022December 31, 2021
(in thousands)
Interest rate swaps (Notional of $1,250 million at March 31, 2022 and December 31, 2021)
Accounts payable and accrued liabilities 2.73%December 31, 2022$11,765 $28,777 
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 months ended March 31, 2022 and 2021:
Three Months Ended
March 31, 2022March 31, 2021
(in thousands)
Net unrealized gains recognized in other comprehensive income (loss)$8,934 $994 
Net unrealized losses reclassified out of other comprehensive income (loss) to interest expense$9,445 $10,838 

As of March 31, 2022, 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 $16.9 million.

Interest Expense

Interest expense was $89.3 million and $81.2 million for the three months ended March 31, 2022 and 2021, respectively.