XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.21.1

Bank and Other Notes Payable | 3 Months Ended
--- | ---
Mar. 31, 2021
Debt Disclosure [Abstract] |
Bank and Other Notes Payable | Bank and Other Notes Payable: Bank and other notes payable consist of the following: Line of Credit: The Company had a $1,500,000 revolving line of credit that bore interest at LIBOR plus a spread of 1.30% to 1.90%, depending on the Company's overall leverage level, and was to mature on July 6, 2020. On April 8, 2020, the Company exercised its option to extend the maturity of the facility to July 6, 2021. The line of credit could be expanded, depending on certain conditions, up to a total facility of $2,000,000. Based on the Company's leverage level as of March 31, 2021, the borrowing rate on the facility was LIBOR plus 1.65%. The Company has four interest rate swap agreements that effectively convert a total of $400,000 of the outstanding balance from floating rate debt of LIBOR plus 1.65% to fixed rate debt of 4.50% until September 30, 2021 (See Note 5—Derivative Instruments and Hedging Activities). As of March 31, 2021 and December 31, 2020, borrowings under the line of credit were $1,480,000 and $1,480,000, respectively, less unamortized deferred finance costs of $1,284 and $2,460, respectively, at a total interest rate of 2.73% and 2.73%, respectively. As of March 31, 2021 and December 31, 2020, the Company's availability under the line of credit for additional borrowings was $19,719 and $19,719, respectively. The estimated fair value (Level 2 measurement) of the line of credit at March 31, 2021 and December 31, 2020 was $1,483,027 and $1,485,598, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. On April 14, 2021, the Company terminated its existing credit facility and entered into a new credit agreement, which provides for an aggregate $700,000 facility, including a $525,000 revolving loan facility that matures on April 14, 2023, with a one-year extension option, and a $175,000 term loan facility that matures on April 14, 2024. The revolving loan facility can be expanded up to $800,000, subject to receipt of lender commitments and other conditions. Concurrently with entering into the new credit agreement, the Company drew the $175,000 term loan in its entirety and drew $320,000 of the amount available under the revolving loan facility. Simultaneously with entering into the new credit agreement, the Company repaid $985,000 of debt, which included terminating and repaying all amounts outstanding under its prior revolving line of credit facility. All obligations under the facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. As of April 14, 2021, the borrowing rate was LIBOR plus 2.75%. As of March 31, 2021 and December 31, 2020, the Company was in compliance with all applicable financial loan covenants.

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 information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + 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_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration