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Long-term Debt
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
(in thousands)September 30,
2022		December 31,
2021
Senior notes - 2.70% due 2031 (net of related deferred financing costs)
$392,516 $391,853 
Senior notes - 3.78% due 2029
250,000 250,000 
Senior notes - 4.10% due 2022 (net of related deferred financing costs)
0 349,434 
Revolving credit facility366,000 148,000 
1,008,516 1,139,287 
Less: Current maturity of 4.10% senior notes
0 349,434 
$1,008,516 $789,853 
Senior Notes - The outstanding 2.70% senior notes, which were issued in 2021, are unsecured with an aggregate principal amount of $400 million. The offer and sale of the notes were registered under the Securities Act of 1933, as amended.
The outstanding 3.78% senior notes are unsecured and were issued in a 2017 private placement with The Prudential Insurance Company of America and certain other purchasers.
On March 15, 2022, we redeemed the 4.10% senior notes at a redemption price of 100% of the principal amount of $350 million plus the accrued and unpaid interest on the notes and the applicable premium as outlined in the Indenture dated December 20, 2012. The 4.10% senior notes were due December 2022. We recognized a loss of $7.5 million on the early extinguishment including cash paid of $7.1 million for the premium on the early redemption and a write-off of $0.4 million of unamortized deferred financing costs.
We were in compliance with all covenants under all issuances of outstanding senior notes as of September 30, 2022 and December 31, 2021.
Revolving Credit Facility - The revolving credit facility has a borrowing capacity of $900 million, a term of five years, and matures on March 5, 2025. The obligations under the revolving credit facility are unsecured.
The average interest rate for borrowings under the credit agreement was 2.7% during the first nine months of 2022 and 1.6% during the full year of 2021. We were in compliance with all covenants under the revolving credit facility as of September 30, 2022 and December 31, 2021.
Outstanding borrowings under the revolving credit facility amounted to $366 million at September 30, 2022 and $148 million at December 31, 2021. Outstanding letters of credit amounted to approximately $2 million at both September 30, 2022 and December 31, 2021. The unused portion of the credit facility amounted to $532 million at September 30, 2022 and $750 million at December 31, 2021.