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Long-Term Debt
 9 Months Ended
Sep. 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 September 30, 2020, the Company had availability of $484,637,000 under the Revolving Credit Facility.


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):

  
September 30, 2020
    
December 31, 2019
  
   
Carrying Value
    
Fair Value
    
Carrying Value
    
Fair Value
  
Revolving Credit Facility (a)
  
$
360,000
    
$
360,000
    
$
—
    
$
—
  
Term Loan (a)
    
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
      
362,820
      
350,000
      
353,216
  
4.2% senior notes due March 1, 2028
    
500,000
      
585,096
      
500,000
      
541,546
  
Bank notes payable
    
155
      
155
      
16
      
16
  
Unamortized debt discounts and issuance costs (b)
    
(6,811
)
    
—
      
(5,249
)
    
—
  
   
$
1,578,344
    
$
1,683,071
    
$
1,369,767
    
$
1,421,325
  

(a)          Variable interest rates of 1.5% and 2.9% at September 30, 2020 and December 31, 2019, respectively.
(b)          Excludes $2,650,000 attributable to the Revolving Credit Facility included in other assets at December 31, 2019.


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):

   
Nine months ended September 30,
  
 
2020
    
2019
  
Borrowings on bank credit facilities
  
$
582,212
    
$
1,294,647
  
Payments on bank credit facilities
    
(222,073
)
    
(1,712,024
)
   
$
360,139
    
$
(417,377
)