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DEBT | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
DEBT | DEBT At December 31, 2019 and 2018, debt consisted of the following:
|  | December 31,
|  | 2019 |  | 2018
Long-term debt |  |  |  |
Senior Unsecured Notes due through 2045, interest at 2.8% to 4.0% (net of debt issuance costs of $1,282 and $1,392 at December 31, 2019 and 2018, respectively), swapped $50,000 to variable interest rates of 2.4% to 2.6% |  | $ | 701,681 |  |  | $ | 691,877 |
Other borrowings due through 2023, interest up to 2.0% |  | 10,733 |  |  | 10,783 |
|  | 712,414 |  |  | 702,660 |
Less current portion |  | 112 |  |  | 111 |
Long-term debt, less current portion |  | 712,302 |  |  | 702,549 |
Short-term debt |  |  |  |
Amounts due banks, weighted average interest at 4.9% in 2019 |  | 34,857 |  |  | — |
Current portion long-term debt |  | 112 |  |  | 111 |
Total short-term debt |  | 34,969 |  |  | 111 |
Total debt |  | $ | 747,271 |  |  | $ | 702,660 |
At December 31, 2019 and 2018, the fair value of long-term debt, including the current portion, was approximately $721,494 and $649,714, respectively, which was determined using available market information and methodologies requiring judgment. Since 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. 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. Interest on the notes are payable semi-annually. The proceeds were used for general corporate purposes. The 2015 Notes and 2016 Notes contain certain affirmative and negative covenants. As of December 31, 2019, the Company was in compliance with all of its debt covenants. The maturity and interest rates of the 2015 Notes and 2016 Notes are as follows:
| Amount |  | Maturity Date |  | Interest Rate
2015 Notes |  |  |  |  |
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, 2035 |  | 4.02 | %
2016 Notes |  |  |  |  |
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 remaining weighted average term, inclusive of the 2015 Notes and 2016 Notes, is 3.3% and 14 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”). The Credit Agreement has a term of 5 years 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. The Company amended and restated the Credit Agreement on June 30, 2017, extending the maturity of the line of credit to June 30, 2022. 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, 2019, the Company was in compliance with all of its covenants and had $23,000 of outstanding borrowings under the Credit Agreement. Shelf Agreements On November 27, 2018, the Company entered into seven uncommitted master note facilities (the "Shelf Agreements") that allow borrowings up to $700,000 in the aggregate. The Shelf Agreements have a term of 5 years and the average life of borrowings cannot exceed 15 years. The Company is required to comply with covenants similar to those contained in the 2015 Notes and 2016 Notes. As of December 31, 2019, the Company was in compliance with all of its covenants and had no outstanding borrowings under the Shelf Agreements. Other Maturities of long-term debt, including payments for amounts due banks, for the five years succeeding December 31, 2019 are $34,969 in 2020, $119 in 2021, $105 in 2022, $10,607 in 2023, $0 in 2024 and $700,000 thereafter. Total interest paid was $24,950 in 2019, $23,790 in 2018 and $23,820 in 2017. 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 swap contract discussed in Note 16 to the consolidated financial statements.

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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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