Long-Term Debt

6 Months Ended

Jun. 30, 2021

(5) Long-Term Debt

The following table presents the carrying value and fair value (determined using inputs characteristic of a Level 2 fair value measurement) of debt outstanding (in thousands):


	June 30, 2021					December 31, 2020
	Carrying Value			Fair Value		Carrying Value			Fair Value
Revolving Credit Facility (a)	$	55,000		$	55,000	$	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			361,800		350,000			364,538
4.2% senior notes due March 1, 2028		500,000			558,551		500,000			581,115
Credit line due June 30, 2022		—			—		—			—
Bank notes payable		1,417			1,417		40			40
		1,281,417			1,351,768		1,475,040			1,570,693
Unamortized debt discounts and issuance costs		(5,738	)		—		(6,454	)		—
	$	1,275,679		$	1,351,768	$	1,468,586		$	1,570,693

(a)

Variable interest rate of 1.5% at both June 30, 2021 and December 31, 2020.

The following table presents borrowings and payments under the bank credit facilities (in thousands):


	Six Months Ended June 30,
	2021			2020
Borrowings on bank credit facilities	$	2,365		$	582,038
Payments on bank credit facilities		(195,988	)		(157,047	)
	$	(193,623	)	$	424,991

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 $789,937,000 as of June 30, 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 June 30, 2021.