Long-Term Debt

9 Months Ended

Sep. 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):


	September 30, 2021					December 31, 2020
	Carrying Value			Fair Value		Carrying Value			Fair Value
Revolving Credit Facility due March 27, 2024 (a)	$	—		$	—	$	250,000		$	250,000
Term Loan due March 27, 2024 (a)		360,000			360,000		375,000			375,000
3.29% senior notes due February 27, 2023		350,000			357,848		350,000			364,538
4.2% senior notes due March 1, 2028		500,000			548,893		500,000			581,115
Credit line due June 30, 2022		—			—		—			—
Bank notes payable		1,983			1,983		40			40
		1,211,983			1,268,724		1,475,040			1,570,693
Unamortized debt discounts and issuance costs (b)		(3,807	)		—		(6,454	)		—
	$	1,208,176		$	1,268,724	$	1,468,586		$	1,570,693

(a)

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

(b)

Excludes $1,559,000 attributable to the Revolving Credit Facility included in other assets at September 30, 2021.

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


	Nine Months Ended September 30,
	2021			2020
Borrowings on bank credit facilities	$	4,795		$	582,212
Payments on bank credit facilities		(252,852	)		(222,073	)
	$	(248,057	)	$	360,139

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 due on March 27, 2024 and is prepayable, in whole or in part, without penalty. During the nine months ended September 30, 2021, the Company repaid $15,000,000 under the Term Loan. During October 2021, the Company repaid $20,000,000 under the Term Loan. Outstanding letters of credit under the Revolving Credit Facility were $5,063,000 and available borrowing capacity was $844,937,000 as of September 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 September 30, 2021.