XML 28 R13.htm IDEA: XBRL DOCUMENT v3.20.4

Senior Notes

12 Months Ended

Dec. 31, 2020

Senior Notes [Abstract]

Senior Notes

6. SENIOR NOTES

The table below displays Holdings’ outstanding senior notes. Market value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy.

							December 31, 2020						December 31, 2019
							Consolidated Balance						Consolidated Balance
(Dollars in thousands)	Date Issued		Date Due		Principal Amounts		Sheet Amount			Market Value			Sheet Amount			Market Value
4.868 0% Senior notes	6/5/2014		6/1/2044		400,000		$	397,194		$	528,000		$	397,074		$	452,848
3.5% Senior notes	10/7/2020		10/15/2050		1,000,000			979,524			1,138,100			-			-

On June 5, 2014, Holdings issued $400,000 thousand of 30 year senior notes with an interest coupon rate of 4.868%, which will mature on June 1, 2044. Interest will be paid semi-annually on June 1 and December 1 of each year.

On October 7, 2020, Holdings issued $1,000,000 thousand of 30 year senior notes with an interest coupon rate of 3.50%, which will mature on October 15, 2050. Interest will be paid semi-annually on April 15 and October 15 of each year.

Interest expense incurred in connection with these senior notes is as follows for the periods indicated:

	Years Ended December 31,
(Dollars In thousands	2020			2019			2018
Interest expense incurred 4.868% senior notes	$	19,472		$	19,472		$	19,472
Interest expense incurred 3.5% senior notes		8,115			-			-

X

- 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

Name:	us-gaap_DebtDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SeniorLongtermNotesCurrentAndNoncurrentAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration