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Financing Agreement | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Financing Agreement | Financing Agreements The carrying value of debt, finance lease obligations, and notes payable and the average related interest rates were as follows (in millions):
| Average interest rate as of September 30, 2021 |  | Maturity |  | September 30, 2021 |  | December 31, 2020
Revolving loan facility | 0.97% |  | June 2026 |  | $ | 210.0 |  |  | $ | — |
Term loan facility | 1.08% |  | June 2026 |  | 888.0 |  |  | 940.0 |
Senior notes—fixed rate | 4.60% |  | May 2021 |  | — |  |  | 75.0 |
Senior notes—fixed rate | 4.23% |  | July 2028 |  | 350.0 |  |  | 350.0 |
Finance lease obligations | 5.22% |  | Various through 2029 |  | 14.1 |  |  | 16.2 |
Notes payable and other | 4.24% |  | Various through 2030 |  | 68.3 |  |  | 75.0 |
Debt issuance costs |  |  |  |  | (7.1) |  |  | (5.5) |
Total debt, finance lease obligations, and notes payable |  | $ | 1,523.3 |  |  | $ | 1,450.7 |
Less: current maturities |  | 53.3 |  |  | 142.1 |
Total long-term debt, finance lease obligations, and notes payable |  | $ | 1,470.0 |  |  | $ | 1,308.6 |
In December 2010, the Company entered an unsecured Master Note Purchase Agreement, which has been amended and supplemented, under which it has issued senior notes. In May 2011, the Company issued $75 million of unsecured senior notes due May 2021. The Senior Notes were were fully repaid in May 2021. In July 2018, the Company issued $350 million of unsecured senior notes due July 2028 which remain outstanding. The Company maintains an unsecured credit facility which consists of a term loan facility (the “Term Loan Facility”) and a revolving loan facility (the “Revolving Loan Facility”). In July 2018, the Company amended its unsecured credit facility to increase its Term Loan Facility to $1,180 million, of which $888 million was outstanding as of September 30, 2021. In June 2021, the Company further amended its unsecured credit facility to increase its Revolving Loan Facility to $1.0 billion and extend the expiration date to June 2026. Interest is charged at rates based on a LIBOR or “prime” base rate. The Company is required to make principal payments under the Term Loan Facility of $45 million over the next 12 months. These payments are classified as current maturities in the consolidated balance sheets. The credit facility and the Master Note Purchase Agreement contain covenants that require the Company to maintain certain financial ratios, including minimum interest coverage and maximum leverage ratios. The agreements also require the Company to maintain an interest coverage ratio of not less than 3.00 to 1.00 and a leverage ratio of not more than 3.50 to 1.00 on a rolling four quarter basis. The Company was in compliance with all such covenants as of September 30, 2021. Debt issuance costs are recognized as a reduction in the carrying value of the related long-term debt in the consolidated balance sheets and are being amortized to interest expense in the consolidated statements of income over the expected remaining terms of the related debt. As a component of the Boat Holdings merger agreement, the Company has committed to make a series of deferred payments to the former owners following the closing date of the merger through July 2030. The original discounted payable was for $76.7 million, of which $61.0 million was outstanding as of September 30, 2021. The outstanding balance is included in long-term debt and current portion of long-term debt in the consolidated balance sheets. The Company has a mortgage note payable agreement for land, on which the Company built the Huntsville, Alabama manufacturing facility in 2016. The original mortgage note payable was for $14.5 million, of which $7.3 million was outstanding as of September 30, 2021. The outstanding balance is included in long-term debt and current portion of long-term debt in the consolidated balance sheets. The payment of principal and interest for the note payable is forgivable if the Company satisfies certain job commitments over the term of the note. The Company has met the required commitments to date.

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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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