XML 27 R12.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Long-Term Debt | 12 Months Ended
--- | ---
Dec. 31, 2021
Long-Term Debt [Abstract] |
Long-Term Debt | (5) Long-Term Debt The following table presents the carrying value and fair value of debt outstanding (in thousands):
|  | December 31, |
|  | 2021 |  |  | 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) |  |  | 315,000 |  |  |  | 315,000 |  |  |  | 375,000 |  |  |  | 375,000 |
3.29% senior notes due February 27, 2023 |  |  | 350,000 |  |  |  | 358,390 |  |  |  | 350,000 |  |  |  | 364,538 |
4.2% senior notes due March 1, 2028 |  |  | 500,000 |  |  |  | 549,239 |  |  |  | 500,000 |  |  |  | 581,115 |
Credit Line due June 30, 2022 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Bank notes payable |  |  | 1,934 |  |  |  | 1,934 |  |  |  | 40 |  |  |  | 40 |
|  |  | 1,166,934 |  |  |  | 1,224,563 |  |  |  | 1,475,040 |  |  |  | 1,570,693 |
Unamortized debt discounts and issuance costs (b) |  |  | (3,567 | ) |  |  | — |  |  |  | (6,454 | ) |  |  | — |
|  | $ | 1,163,367 |  |  | $ | 1,224,563 |  |  | $ | 1,468,586 |  |  | $ | 1,570,693 |
(a) Variable interest rate of 1.5% at both December 31, 2021 and 2020. (b) Excludes $1,403,000 attributable to the Revolving Credit Facility included in other assets at December 31, 2021. 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):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Borrowings on bank credit facilities |  | $ | 6,162 |  |  | $ | 582,277 |  |  | $ | 1,351,158 |
Payments on bank credit facilities |  |  | (254,267 | ) |  |  | (332,253 | ) |  |  | (1,768,534 | )
|  | $ | (248,105 | ) |  | $ | 250,024 |  |  | $ | (417,376 | )
The aggregate payments due on the long-term debt in each of the next five years were as follows (in thousands):
2022 |  |  | 1,934 |
2023 |  |  | 350,000 |
2024 |  |  | 315,000 |
2025 |  |  | — |
2026 |  |  | — |
Thereafter |  |  | 500,000 |
|  | $ | 1,166,934 |
The Company has an amended and restated credit agreement (“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 revolving credit facility (“Revolving Credit Facility”) and an unsecured term loan (“Term Loan”) with a maturity date of March 27, 2024. The Credit Agreement provides for a variable interest rate based on the London interbank offered rate (“LIBOR”) or a base rate calculated with reference to the agent bank’s prime rate, among other factors (the “Alternate Base Rate”). The interest rate varies with the Company’s credit rating and is currently 112.5 basis points over LIBOR or 12.5 basis points over the Alternate Base Rate. The Term Loan is due on March 27, 2024 and is prepayable, in whole or in part, without penalty. During 2021 and 2020, the Company repaid $60,000,000 and $125,000,000, respectively, under the Term Loan prior to the originally scheduled installments. The Credit Agreement contains certain financial covenants including an interest coverage ratio and a debt-to-capitalization ratio. In addition to financial covenants, the Credit Agreement contains covenants that, subject to exceptions, restrict debt incurrence, mergers and acquisitions, sales of assets, dividends and investments, liquidations and dissolutions, capital leases, transactions with affiliates and changes in lines of business. The Credit Agreement specifies certain events of default, upon the occurrence of which the maturity of the outstanding loans may be accelerated, including the failure to pay principal or interest, violation of covenants and default on other indebtedness, among other events. Borrowings under the Credit Agreement may be used for general corporate purposes including acquisitions. As of December 31, 2021, the Company was in compliance with all Credit Agreement covenants. The Revolving Credit Facility includes a $25,000,000 commitment which may be used for standby letters of credit. Outstanding letters of credit under the Revolving Credit Facility were $5,063,000 and available borrowing capacity was $844,937,000 as of December 31, 2021. The Company has $350,000,000 of 3.29% senior unsecured notes due February 27, 2023 (the “2023 Notes”). No principal payments are required until maturity. The 2023 Notes contain certain covenants on the part of the Company, including an interest coverage covenant, a debt-to-capitalization covenant, and covenants relating to liens, asset sales and mergers, among others. The 2023 Notes also specify certain events of default, upon the occurrence of which the maturity of the notes may be accelerated, including failure to pay principal and interest, violation of covenants or default on other indebtedness, among others. The Company has $500,000,000 of 4.2% senior unsecured notes due March 1, 2028 (the “2028 Notes”) with U.S. Bank National Association, as trustee. No principal payments are required until maturity. Interest payments of $10,500,000 are due semi-annually on March 1 and September 1 of each year. The 2028 Notes are unsecured and rank equally in right of payment with the Company’s other unsecured senior indebtedness. The 2028 Notes contain certain covenants on the part of the Company, including covenants relating to liens, sale-leasebacks, asset sales and mergers, among others. The 2028 Notes also specify certain events of default, upon the occurrence of which the maturity of the notes may be accelerated, including failure to pay principal and interest, violation of covenants or default on other indebtedness, among others. O n February 3, 2022, the Company entered into a note purchase agreement for the issuance of $300,000,000 of unsecured senior notes with a group of institutional investors, consisting of $60,000,000 of 3.46% series A notes ("Series A Notes") and $240,000,000 of 3.51% series B notes ("Series B Notes"), each due January 19, 2033 (collectively, the "2033 Notes"). The Series A Notes are scheduled to be issued on October 20, 2022, and the Series B Notes are scheduled to be issued on January 19, 2023. No principal payments will be required until maturity. Beginning in 2 023, interest payments of $5,250,000 will be due semi-annually on January 19 and July 19 of each year, with the exception of the first payment on January 19, 2023, which will be $525,000. The 2033 Notes will be unsecured and rank equally in right of payment with the Compan y's other unsecured senior indebtedness. The 2033 Notes contain certain covenants on the part of the Company, including an interest coverage covenant, a debt-to-capitalization covenant, and covenants relating to liens, asset sales and mergers, among others. The 2033 Notes also specify certain events of default, upon the occurrence of which the maturity of the notes may be accelerated, including failure to pay principal and interest, violation of covenants or default on other indebtedness, among others. The Company intends to use the proceeds from the issuance of the 2033 Notes and cash provided by operations to repay the 2023 Notes upon maturity. The Company has a $10,000,000 line of credit (“Credit Line”) with Bank of America, N.A. (“Bank of America”) for short-term liquidity needs and letters of credit, with a maturity date of June 30, 2022. The Credit Line allows the Company to borrow at an interest rate agreed to by Bank of America and the Company at the time each borrowing is made or continued. The Company had no borrowings outstanding under the Credit Line as of December 31, 2021. Outstanding letters of credit under the Credit Line were $1,299,000 and available borrowing capacity was $8,701,000 as of December 31, 2021. The Company also had $1,934,000 and $40,000 of short-term unsecured loans outstanding, as of December 31, 2021 and 2020, respectively, related to its South American operations. On February 27, 2020, upon maturity, the Company repaid in full $150,000,000 of 2.72% unsecured senior notes. As of December 31, 2021, the Company was in compliance with all covenants under its debt instruments.

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: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration