XML 31 R16.htm IDEA: XBRL DOCUMENT
v3.20.4

Senior Notes, Convertible Notes and Trust Preferred Securities | 12 Months Ended
--- | ---
Dec. 31, 2020
Debt Disclosure [Abstract] |
Senior Notes, Convertible Notes and Trust Preferred Securities | Senior Notes, Convertible Notes and Trust Preferred Securities The Company had the following Senior Notes outstanding as of December 31, 2020 and 2019:
Issue Date |  | December 31, 2020 |  | December 31, 2019 |  | Interest Rate |  | Maturity Date |  | Issue Price
August 2020 |  | $ | 400,000 |  |  | $ | — |  |  | 2.70 | % |  | September 2030 |  | 99.233 | %
May 2014 |  | 198,932 |  |  | 250,000 |  |  | 4.40 | % |  | June 2024 |  | 99.883 | %
June 2013 |  | 188,756 |  |  | 250,000 |  |  | 4.25 | % |  | June 2023 |  | 99.026 | %
|  | 787,688 |  |  | 500,000 |  |  |  |  |  |  |
Unamortized debt discount |  | (3,491) |  |  | (963) |  |  |  |  |  |  |
Unamortized debt issuance cost |  | (4,922) |  |  | (2,167) |  |  |  |  |  |  |
|  | $ | 779,275 |  |  | $ | 496,870 |  |  |  |  |  |  |
Each series of the Senior Notes is unsecured and pays interest semi-annually in arrears. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus a make-whole premium. In August 2020, the Company issued $400,000 aggregate principal amount of 2.70% Senior Notes due 2030 ("2030 Senior Notes") at an issuance price of 99.233% of the principal amount. The Company issued the 2030 Senior Notes at an initial discount of $3,068 which is being recognized as additional interest expense over the term of the 2030 Senior Notes. During the third quarter of 2020, the Company used a portion of the net proceeds from the offering of the 2030 Senior Notes to repurchase $61,244 and $51,068 aggregate principal balance of its outstanding 4.25% senior notes due 2023 and 4.40% senior notes due 2024, respectively, through a tender offer. The tender offer consideration included $9,531 in prepayment costs and fees and $1,024 of accrued interest. The Company recognized a $10,119 debt satisfaction charge related to the aggregate repurchases, which included a write-off of the proportionate amount of unamortized discount and debt issuance costs related to the 2023 and 2024 senior notes. During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. The Trust Preferred Securities, which are classified as debt, are due in 2037, are open for redemption at the Company's option, bore interest at a fixed rate of 6.804% through April 2017 and thereafter bear interest at a variable rate of three month LIBOR plus 170 basis points through maturity. The interest rate at December 31, 2020 was 1.914%. As of December 31, 2020 and 2019, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,625 and $1,724, respectively, of unamortized debt issuance costs. Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows:
Year ending December 31, |  | Total
2021 |  | $ | — |
2022 |  | — |
2023 |  | 188,756 |
2024 |  | 198,932 |
2025 |  | — |
Thereafter |  | 529,120 |
|  | 916,808 |
Unamortized debt discounts |  | (3,491) |
Unamortized debt issuance costs |  | (6,547) |
|  | $ | 906,770 |

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: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration