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Financing Arrangements and Debt | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Financing Arrangements and Debt | Note H – Financing Arrangements and Debt As of December 31, 2020, the Company has a $1.6 billion revolving credit facility (RCF). The RCF is a senior unsecured guaranteed facility which expires in November 2023. At December 31, 2020, the Company had $200.0 million outstanding borrowings under the RCF and $3.8 million of outstanding letters of credit, which reduces the borrowing capacity of the RCF. At December 31, 2020, the interest rate in effect on borrowings under the facility would have been 1.84%. At December 31, 2020, the Company was in compliance with all covenants related to the RCF. In May 2019, the Company entered into a $500 million term loan credit facility (the New Term Credit Facility). The New Term Credit Facility was a senior unsecured guaranteed facility with an original maturity date of December 2, 2019. The covenants within the New Term Credit Facility were substantially consistent with those in the Company’s revolving credit facility (see RCF above), and borrowings under the New Term Credit Facility bore interest at comparable rates to those incurred under the 2018 facility. In July 2019, the Company closed the previously announced Malaysia divestiture, repaid and terminated the New Term Credit Facility. In November 2019, the Company sold $550 million of new notes that bear interest at a rate of 5.875% and mature on December 1, 2027. The Company incurred transaction costs of $7.4 million on the issuance of these new notes. The Company will pay interest semi-annually on June 1 and December 1 of each year, beginning June 1, 2020. The proceeds of the $550 million notes were used to repurchase and cancel $239.7 million of the Company’s 4.00% notes due 2022 and $281.6 million of the Company’s 4.45% notes due 2022 (originally issued as 3.70% notes due 2022, see table footnote below) (collectively the 2022 Notes) during November and December. The cost of the debt extinguishment of $32.1 million is included in Interest expense, net on the Consolidated Statement of Operations for the year ended December 31, 2019. The cash costs of $26.6 million are shown as a financing activity on the Consolidated Statement of Cash Flows for the year ended December 31, 2019.
| December 31,
(Thousands of dollars) | 2020 |  | 2019
Notes payable |  |  |
4.00% notes, due June 2022 | $ | 259,291 |  |  | 260,251 |
4.95% notes, due December 2022 ¹ | 317,067 |  |  | 318,417 |
6.875% notes, due August 2024 | 542,428 |  |  | 550,000 |
5.75% notes, due August 2025 | 548,675 |  |  | 550,000 |
5.875% notes, due December 2027 | 543,249 |  |  | 550,000 |
7.05% notes, due May 2029 | 250,000 |  |  | 250,000 |
6.375% notes, due December 2042 ¹ | 349,000 |  |  | 350,000 |
Total notes payable | 2,809,710 |  |  | 2,828,668 |
Unamortized debt issuance cost and discount on notes payable | (21,643) |  |  | (25,287) |
Total notes payable, net of unamortized discount | 2,788,067 |  |  | 2,803,381 |
Senior Unsecured Revolving Credit Facility | 200,000 |  |  | — |
Total long-term debt | $ | 2,988,067 |  |  | 2,803,381 |
1 Coupon rate may fluctuate 25 basis points if rating is periodically downgraded or upgraded by S&P and Moody’s. The amount of long-term debt repayable over each of the next five years and thereafter are as follows: nil in 2021, $576.4 million in 2022, $200.0 million in 2023, $542.4 million in 2024, $548.7 million in 2025 and $1.14 billion thereafter.

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- 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
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