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Debt | 6 Months Ended
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Jun. 30, 2021
Debt Disclosure [Abstract] |
Debt | 11. Debt At June 30, 2021 and December 31, 2020, our long-term debt and interest rates on that debt were as follows (dollars in millions):
|  | June 30, 2021 |  |  | December 31, 2020 |
|  | Amount |  |  | Interest Rate |  |  | Amount |  |  | Interest Rate |
Revolving Credit Facility, due August 2021, terminated June 2021 |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | %
Revolving Credit Facility, due June 2026 |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — | %
4.50% Senior Notes, net of discount of $0.5 million and $0.6 million as of June 30, 2021 and December 31, 2020, respectively, due November 2023 |  |  | 699.5 |  |  |  | 4.50 | % |  |  | 699.4 |  |  |  | 4.50 | %
3.65% Senior Notes, net of discount of $0.4 million and $0.5 million as of June 30, 2021 and December 31, 2020, respectively, due September 2024 |  |  | 399.6 |  |  |  | 3.65 | % |  |  | 399.5 |  |  |  | 3.65 | %
3.40% Senior Notes, net of discount of $1.1 million and $1.2 million as of June 30, 2021 and December 31, 2020, respectively, due December 2027 |  |  | 498.9 |  |  |  | 3.40 | % |  |  | 498.8 |  |  |  | 3.40 | %
3.00% Senior Notes, net of discount of $0.6 million as of both June 30, 2021 and December 31, 2020, due December 2029 |  |  | 499.4 |  |  |  | 3.00 | % |  |  | 499.4 |  |  |  | 3.00 | %
4.05% Senior Notes, net of discount of $3.4 million as of both June 30, 2021 and December 31, 2020, due December 2049 |  |  | 396.6 |  |  |  | 4.05 | % |  |  | 396.6 |  |  |  | 4.05 | %
Total |  |  | 2,494.0 |  |  |  | 3.77 | % |  |  | 2,493.7 |  |  |  | 3.77 | %
Less unamortized debt issuance costs |  |  | 14.2 |  |  |  |  |  |  | 14.3 |  |  |  |
Total long-term debt |  | $ | 2,479.8 |  |  |  | 3.77 | % |  | $ | 2,479.4 |  |  |  | 3.77 | %
On June 8, 2021, we entered into a revolving credit agreement with various financial institutions (the "New Revolving Credit Agreement"), which replaced the old Credit Agreement, dated August 29, 2016 (the "Old Credit Agreement"). The Old Credit Agreement was scheduled to terminate on August 29, 2021. The New Revolving Credit Agreement is a $350 million unsecured revolving credit facility, which has a five-year term and is available for borrowings on a revolving basis for general corporate purposes. Except for approximately $23.5 million of letters of credit, no borrowings were outstanding under the Old Credit Agreement at the time of its replacement and no borrowings are outstanding under the New Revolving Credit Agreement. Borrowings under the New Revolving Credit Agreement are guaranteed by PCA's material subsidiaries. Loans under the New Revolving Credit Agreement bear interest at LIBOR plus an applicable margin. The applicable margin is determined based upon the public ratings of PCA's senior long-term unsecured debt or PCA's gross leverage ratio. The New Revolving Credit Agreement contains customary LIBOR successor rate provisions. The New Revolving Credit Agreement contains customary affirmative and negative covenants, including limitations on our ability to incur indebtedness at the subsidiary level and liens on our assets, and restrictions on our ability to engage in certain transactions involving mergers, consolidations, and sales of all or substantially all of our assets or the assets of a subsidiary guarantor. The New Revolving Credit Agreement has two financial covenants, a maximum leverage ratio and a minimum interest coverage ratio, each calculated on a consolidated basis. At June 30, 2021, we were in compliance with these covenants. PCA may prepay loans under the New Revolving Credit Agreement at any time without premium or penalty. For the six months ended June 30, 2021 and 2020, cash payments for interest were $47.8 million and $49.4 million, respectively. Included in interest expense, net is the amortization of financing costs. For both the three months ended June 30, 2021 and 2020, amortization of financing costs was $0.5 million, and during both the six months ended June 30, 2021 and 2020, amortization of financing costs was $1.0 million. At June 30, 2021, we had $2,494.0 million of fixed-rate senior notes outstanding. The fair value of our fixed-rate debt was estimated to be $2,741.6 million. The difference between the book value and fair value is due to the difference between the period-end market interest rate and the stated rate of our fixed-rate debt. We estimated the fair value of our fixed-rate debt using quoted market prices (Level 2 inputs) within the fair value hierarchy, which is further defined in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2020 Annual Report on Form 10-K. For more information on our long-term debt and interest rates on that debt, see Note 10, Debt, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2020 Annual Report on Form 10-K.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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