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Unsecured Indebtedness | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Unsecured Indebtedness |
7. | Unsecured Indebtedness
Senior Notes In August 2017, the Company issued $350.0 million aggregate principal amount of 3.900% senior unsecured notes due August 2024. An effective discount of $1.0 million was recorded. Total fees, including underwriting discounts, incurred by the Company were $2.9 million. In May 2017, the Company issued $450.0 million aggregate principal amount of 4.700% senior unsecured notes due June 2027. An effective discount of $0.8 million was recorded. Total fees, including underwriting discounts, incurred by the Company were $4.0 million. In September 2017, the Company repaid all of its 7.875% senior unsecured notes due September 2020 with an aggregate principal amount outstanding of $300.0 million. In connection with the redemption of the senior unsecured notes due September 2020, the Company paid a make-whole amount of $51.2 million. In July 2017, the Company repaid all of its 4.75% senior unsecured notes due April 2018 with an aggregate principal amount outstanding of $300.0 million. In connection with the redemption of the senior unsecured notes due April 2018, the Company paid a make-whole amount of $7.3 million. These make-whole amounts are included in Other income (expense), net, in the Company’s consolidated statements of operations. Unsecured Term Loan In September 2017, the Company amended its $400 million unsecured term loan with Wells Fargo Bank, National Association, as administrative agent, and PNC Bank, National Association and KeyBank National Association, as syndication agents (the “Unsecured Term Loan”). As a result, the maturity date of $200 million of Tranche A loans under the Unsecured Term Loan was extended to January 2018, with two one-year extension options upon the Company’s request, provided certain conditions are satisfied and the maturity date for the remaining $200 million of Tranche B loans under the facility was extended to January 2023. The Company may increase the amount of the facility provided that lenders agree to certain terms. The interest rate remains unchanged at variable rates based on LIBOR as defined in the loan agreements, plus a specified spread based on the Company’s long-term senior unsecured debt rating (1.1% at September 30, 2017). Scheduled Principal Repayments The Company’s scheduled principal repayments, after reflecting the 2017 refinancings and repayments, are presented in Liquidity, Capital Resources and Financing Activities section of Management’s Discussion and Analysis included herein.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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