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DEBT | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
DEBT | DEBT At December 31, 2016 and 2015, debt consisted of the following:
|  | December 31,
|  | 2016 |  | 2015
Long-term debt |  |  |  |
Senior Unsecured Notes due through 2045, interest at 2.8% to 4.0% (net of debt issuance costs of $1,586 and $853 at December 31, 2016 and 2015, respectively), swapped $100,000 to variable interest rates of 1.5% to 2.7% |  | $ | 692,975 |  |  | $ | 349,147 |
Other borrowings due through 2023, interest up to 8.0% |  | 10,860 |  |  | 2,656 |
|  | 703,835 |  |  | 351,803 |
Less current portion |  | 131 |  |  | 1,456 |
Long-term debt, less current portion |  | 703,704 |  |  | 350,347 |
Short-term debt |  |  |  |
Amounts due banks, interest at 29.0% (24.1% in 2015) |  | 1,758 |  |  | 2,822 |
Current portion long-term debt |  | 131 |  |  | 1,456 |
Total short-term debt |  | 1,889 |  |  | 4,278 |
Total debt |  | $ | 705,593 |  |  | $ | 354,625 |
At December 31, 2016 and 2015, the fair value of long-term debt, including the current portion, was approximately $669,209 and $342,602, respectively, which was determined using available market information and methodologies requiring judgment. Since considerable judgment is required in interpreting market information, the fair value of the debt is not necessarily the amount which could be realized in a current market exchange. Senior Unsecured Notes On April 1, 2015, the Company entered into a Note Purchase Agreement pursuant to which it issued senior unsecured notes (the "2015 Notes") in the aggregate principal amount of $350,000 through a private placement. The proceeds were used for general corporate purposes. The 2015 Notes, as shown in the table below, have original maturities ranging from 10 to 30 years with a weighted average effective interest rate of 3.5%, excluding accretion of original issuance costs, and an initial average tenure of 19 years. Interest is payable semi-annually. The 2015 Notes contain certain affirmative and negative covenants. As of December 31, 2016, the Company was in compliance with all of its debt covenants. The maturity and interest rates of the 2015 Notes are as follows:
| Amount |  | Maturity Date |  | Interest Rate
Series A | $ | 100,000 |  |  | August 20, 2025 |  | 3.15 | %
Series B | 100,000 |  |  | August 20, 2030 |  | 3.35 | %
Series C | 50,000 |  |  | April 1, 2035 |  | 3.61 | %
Series D | 100,000 |  |  | April 1, 2045 |  | 4.02 | %
On October 20, 2016 the Company entered into a Note Purchase Agreement pursuant to which it issued senior unsecured notes (the "2016 Notes") in the aggregate principal amount of $350,000 through a private placement. The proceeds are being used for general corporate purposes. The 2016 Notes, as shown in the table below, have original maturities ranging from 12 to 25 years with a weighted average effective interest rate of 3.1%, excluding accretion of original issuance costs, and an initial average tenure of 18 years. Interest is payable semi-annually. The 2016 Notes contain certain affirmative and negative covenants. As of December 31, 2016, the Company was in compliance with all of its debt covenants. The maturity and interest rates of the 2016 Notes are as follows:
| Amount |  | Maturity Date |  | Interest Rate
Series A | $ | 100,000 |  |  | October 20, 2028 |  | 2.75 | %
Series B | 100,000 |  |  | October 20, 2033 |  | 3.03 | %
Series C | 100,000 |  |  | October 20, 2037 |  | 3.27 | %
Series D | 50,000 |  |  | October 20, 2041 |  | 3.52 | %
The Company's total weighted average effective interest rate and weighted average term, inclusive of the 2015 Notes and 2016 Notes, is 3.3% and 18 years, respectively. Revolving Credit Agreement The Company has a line of credit totaling $400,000 through the Amended and Restated Credit Agreement (the “Credit Agreement”), which was entered into on September 12, 2014. The Credit Agreement contains customary affirmative, negative and financial covenants for credit facilities of this type, including limitations on the Company and its subsidiaries with respect to liens, investments, distributions, mergers and acquisitions, dispositions of assets, transactions with affiliates, a fixed charges coverage ratio and total leverage ratio. As of December 31, 2016, the Company was in compliance with all of its covenants and had no outstanding borrowings under the Credit Agreement. The Credit Agreement has a five-year term and may be increased, subject to certain conditions, by an additional amount up to $100,000. The interest rate on borrowings is based on either the London Inter-Bank Offered Rate ("LIBOR") or the prime rate, plus a spread based on the Company’s leverage ratio, at the Company’s election. Short-term Borrowings The Company had short-term borrowings of $1,758 included in Amounts due banks at December 31, 2016 and had a balance of $2,822 at December 31, 2015. Amounts due banks included the borrowings of subsidiaries at weighted average interest rates of 29.0% and 24.1% at December 31, 2016 and 2015, respectively. Other Maturities of long-term debt, including payments under capital leases and amounts due banks, for the five years succeeding December 31, 2016 are $1,889 in 2017, $104 in 2018, $103 in 2019, $101 in 2020, $103 in 2021 and $710,712 thereafter. Total interest paid was $15,332 in 2016, $5,631 in 2015 and $2,190 in 2014. The difference between interest paid and interest expense is due to the accrual of interest associated with the Senior Unsecured Notes and adjustments to the forward contract discussed in Note 14.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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