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Long-Term Debt | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Long-Term Debt | (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):
|  | March 31, 2022 |  |  | December 31, 2021 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Revolving Credit Facility due March 27, 2024 (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Term Loan due March 27, 2024 (a) |  |  | 305,000 |  |  |  | 305,000 |  |  |  | 315,000 |  |  |  | 315,000 |
3.29% senior notes due February 27, 2023 |  |  | 350,000 |  |  |  | 351,078 |  |  |  | 350,000 |  |  |  | 358,390 |
4.2% senior notes due March 1, 2028 |  |  | 500,000 |  |  |  | 512,724 |  |  |  | 500,000 |  |  |  | 549,239 |
Credit line due June 30, 2022 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Bank notes payable |  |  | 3,097 |  |  |  | 3,097 |  |  |  | 1,934 |  |  |  | 1,934 |
|  |  | 1,158,097 |  |  |  | 1,171,899 |  |  |  | 1,166,934 |  |  |  | 1,224,563 |
Unamortized debt discounts and issuance costs (b) |  |  | (3,362 | ) |  |  | — |  |  |  | (3,567 | ) |  |  | — |
|  | $ | 1,154,735 |  |  | $ | 1,171,899 |  |  | $ | 1,163,367 |  |  | $ | 1,224,563 |
(a) Variable interest rate of 1.8% and 1.5% at March 31, 2022 and December 31, 2021, respectively. (b) Excludes $1.2 million and $1.4 million attributable to the Revolving Credit Facility included in other assets at March 31, 2022 and December 31, 2021, respectively. The following table presents borrowings and payments under the bank credit facilities (in thousands):
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Borrowings on bank credit facilities |  | $ | 89,740 |  |  | $ | 1,107 |
Payments on bank credit facilities |  |  | (88,577 | ) |  |  | (120,713 | )
|  | $ | 1,163 |  |  | $ | (119,606 | )
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 million 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 prepayable, in whole or in part, without penalty. During the three months ended March 31, 2022, the Company repaid $10.0 million under the Term Loan. During April 2022, the Company repaid $5.0 million under the Term Loan. Outstanding letters of credit under the Revolving Credit Facility were $5.1 million and available borrowing capacity was $844.9 million as of March 31, 2022. Outstanding letters of credit under the $10 million credit line were $1.3 million and available borrowing capacity was $8.7 million as of March 31, 2022. On February 3, 2022, the Company entered into a note purchase agreement for the issuance of $300 million of unsecured senior notes with a group of institutional investors, consisting of $60 million of 3.46% series A notes ("Series A Notes") and $240 million 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 2023, interest payments of $5.3 million 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 $0.5 million. The 2033 Notes will be unsecured and rank equally in right of payment with the Company'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 3.29% unsecured senior notes due February 27, 2023 (the "2023 Notes") are excluded from short term liabilities because the Company intends to use the proceeds from the issuance of the 2033 Notes and availability under the Revolving Credit Facility to repay the 2023 Notes upon maturity.

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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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