XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.20.2

Long-Term Debt | 6 Months Ended
--- | ---
Jun. 30, 2020
Long-Term Debt [Abstract] |
Long-Term Debt |
(6) | Long-Term Debt
The Company has an amended and restated credit agreement (the “Credit Agreement”) with a group of commercial banks, with JPMorgan Chase Bank, N.A. as the administrative agent bank, allowing for an $850,000,000 unsecured revolving credit facility (“Revolving Credit Facility”) and an unsecured term loan (“Term Loan”) with a maturity date of March 27, 2024. The Term Loan is repayable in quarterly installments currently scheduled to commence September 30, 2023, with $343,750,000 due on March 27, 2024. The Term Loan is prepayable, in whole or in part, without penalty. As of June 30, 2020, the Company had outstanding borrowings of $425,000,000 and availability of $419,637,000 under the Revolving Credit Facility and borrowings of $375,000,000 under the Term Loan. The interest rates under the Revolving Credit Facility and Term Loan were each 1.6% at June 30, 2020. On February 27, 2020, upon maturity, the Company repaid in full $150,000,000 of 2.72% unsecured senior notes. The following table presents the carrying value and fair value of debt outstanding (in thousands):
|  | June 30, 2020 |  |  | December 31, 2019 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Revolving Credit Facility |  | $ | 425,000 |  |  | $ | 425,000 |  |  | $ | — |  |  | $ | — |
Term Loan |  |  | 375,000 |  |  |  | 375,000 |  |  |  | 375,000 |  |  |  | 375,000 |
2.72% senior notes due February 27, 2020 |  |  | — |  |  |  | — |  |  |  | 150,000 |  |  |  | 151,547 |
3.29% senior notes due February 27, 2023 |  |  | 350,000 |  |  |  | 366,605 |  |  |  | 350,000 |  |  |  | 353,216 |
4.2% senior notes due March 1, 2028 |  |  | 500,000 |  |  |  | 591,992 |  |  |  | 500,000 |  |  |  | 541,546 |
Bank notes payable |  |  | 7 |  |  |  | 7 |  |  |  | 16 |  |  |  | 16 |
Unamortized debt discounts and issuance costs |  |  | (7,168 | ) |  |  | — |  |  |  | (5,249 | ) |  |  | — |
|  | $ | 1,642,839 |  |  | $ | 1,758,604 |  |  | $ | 1,369,767 |  |  | $ | 1,421,325 |
The fair value of debt outstanding was determined using inputs characteristic of a Level 2 fair value measurement. The following table presents borrowings and payments under the bank credit facilities (in thousands):
|  | Six months ended June 30, |
|  | 2020 |  |  | 2019 |
Borrowings on bank credit facilities |  | $ | 582,038 |  |  | $ | 1,276,716 |
Payments on bank credit facilities |  |  | (157,047 | ) |  |  | (1,590,521 | )
|  | $ | 424,991 |  |  | $ | (313,805 | )

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + 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_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration