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Long-Term Debt | 3 Months Ended
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Mar. 31, 2021
Long-Term Debt [Abstract] |
Long-Term Debt |
(4) | Long-Term Debt
The following table presents the carrying value and fair value of debt outstanding (in thousands):
|  | March 31, 2021 |  |  | December 31, 2020 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Revolving Credit Facility (a) |  | $ | 130,000 |  |  | $ | 130,000 |  |  | $ | 250,000 |  |  | $ | 250,000 |
Term Loan (a) |  |  | 375,000 |  |  |  | 375,000 |  |  |  | 375,000 |  |  |  | 375,000 |
3.29% senior notes due February 27, 2023 |  |  | 350,000 |  |  |  | 360,344 |  |  |  | 350,000 |  |  |  | 364,538 |
4.2% senior notes due March 1, 2028 |  |  | 500,000 |  |  |  | 546,957 |  |  |  | 500,000 |  |  |  | 581,115 |
Credit line due June 30, 2021 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Bank notes payable |  |  | 434 |  |  |  | 434 |  |  |  | 40 |  |  |  | 40 |
|  |  | 1,355,434 |  |  |  | 1,412,735 |  |  |  | 1,475,040 |  |  |  | 1,570,693 |
Unamortized debt discounts and issuance costs |  |  | (6,096 | ) |  |  | — |  |  |  | (6,454 | ) |  |  | — |
|  | $ | 1,349,338 |  |  | $ | 1,412,735 |  |  | $ | 1,468,586 |  |  | $ | 1,570,693 |
| (a) | Variable interest rate of 1.5% at both March 31, 2021 and December 31, 2020.
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):
|  | Three Months Ended March 31, |
|  | 2021 |  |  | 2020 |
Borrowings on bank credit facilities |  | $ | 1,107 |  |  | $ | 582,017 |
Payments on bank credit facilities |  |  | (120,713 | ) |  |  | (97,016 | )
|  | $ | (119,606 | ) |  | $ | 485,001 |
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. Outstanding letters of credit under the Revolving Credit Facility were $5,063,000 and available borrowing capacity was $714,937,000 as of March 31, 2021. Outstanding letters of credit under the $10,000,000 credit line were $1,299,000 and available borrowing capacity was $8,701,000 as of March 31, 2021.

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- 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
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